Yuga Labs earns $16.5M from Bitcoin Ordinals NFT auction
Yuga Labs, a digital art and design studio, has earned $16.5 million in just 24 hours from its inaugural Bitcoin Ordinal NFT collection.
The auction included 288 Bitcoin-based NFTs from the “TwelveFold” collection, with the highest bidder paying just over 7 BTC, or $161,000.
Yuga Labs faced criticism from the crypto community for the way it conducted the auction, with some pointing out flaws in the process.
Bitcoin Ordinal NFTs and Yuga Labs’ “TwelveFold” collection
Yuga Labs’ “TwelveFold” collection is a unique art system based on a 12×12 grid created on the Bitcoin blockchain.
Each piece of art is generated through a unique algorithm and inscribed on Satoshis on the Bitcoin network, making it a one-of-a-kind NFT.
The collection includes 300 pieces, out of which 288 were auctioned off. The successful bidders will receive their inscriptions within a week, while unsuccessful bids will be refunded within 24 hours.
The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.
— Yuga Labs (@yugalabs) March 6, 2023
Community backlash towards Yuga Labs
Despite the auction’s success, the studio faced criticism from the crypto community. Some people identified flaws in how the company conducted the auction for the Bitcoin Ordinals NFT.
so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back
likely tens of millions of dollars
we’re still in the stone age 💀
— Giancarlo (@GiancarloChaux) March 5, 2023
It remains to be seen how Yuga Labs will respond to the backlash and whether it will affect future auctions and the company’s reputation.