Yuga Labs’ 12-Fold Collection of Ordinal Inscriptions Generates 735 Bitcoin Worth More Than $16 Million
Yuga Labs, the creators of the non-fungible blue chip tokens (NFT) Collection Bored Ape Yacht Club (BAYC), announced that the team has closed their Ordinal Inscription auction with a total of 3,246 bidders. The Twelvefold Collection of Inscriptions generated 735.7 Bitcoin valued at more than $16 million. The highest bid was 7.1159 bitcoin, which equals $160,000.
Individuals complain about Yuga Labs’ auction model despite record sales of ordinal inscriptions
Yuga Labs has closed its Twelvefold auction after it went live on March 5th at 3pm PST and ended on March 6th at 3pm PST. Schmigge Figge, the chief content officer at Yuga Labs, recently explained that Twelvefold is a base 12 art system localized around a 12×12 grid, and the collection consists of 300 inscriptions. “Each series has a theme spread across 12 unique pieces,” says the Yuga executive detailed. “Each twelvefold piece is inscribed on a satoshi with a satpoint ending in the number 12, and the ‘postage’ associated with each inscription is 12121.”
According to a representative speaking on behalf of Yuga, the collection could take the spot as the best-ever sale of the Ordinal Inscription collection, as detailed in a note sent to Bitcoin.com News. The Twelvefold auction saw a total of 3,246 bidders, according to Yuga, with the highest bid being 7.1159 BTC, or $160,000. The minimum bid for a spot in the top 288 was 2.2501 BTC, and the auction generated 735.7 BTC from the top 288 spots, equivalent to approximately $16.5 million. Yuga tweeted on March 7 that all bids that did not rank in the top 288 had their funds refunded to their receiving address.
“Bidders who have won an opt-in and increased their bids after the last block of the auction should clear the receiving address before opt-ins are sent,” Yuga said.
Although the sale was successful, a few people complained about the way Yuga conducted the auction. “Yuga gets himself a REALLY bad priority by conducting an auction like this. They take custody of bidders’ bitcoin with a promise to return unsuccessful bids,” a supporter of the Ordinals inscription named Ordinally wrote. “I don’t doubt they will, but this model is a scammer’s dream and credible players need to lead by better example.”
At the time of writing this article, there are 341,711 entries in the BitcoinBlockchain, indicating continued demand for ordinal numbers. Additionally, in the last seven days, ordinal inscriptions have entered the NFT salesroom and competed with minted NFTs Ethereum and Solana. This week, Emblem Vault Version 4 (v4) is the 8th largest NFT collection in terms of seven-day sales. Emblem Vault v4 features a number of ordinal inscriptions such as Ord Rocks and Bitcoin Punks and has generated sales of $3,658,977. Emblem Vault v4 sales are up 59.87% over the previous week.
What do you think of the success of Yuga Labs Twelvefold auction and the continued demand for ordinal inscriptions in the NFT range? Do you think the Yuga Labs auction model sets bad precedent or is a legitimate way to conduct an auction? Do share your thoughts in the comment section below.
photo credit: Shutterstock, Pixabay, Wiki Commons, Twelvefold Collection, Yuga Labs, Twelvefold Leaderboard,
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Source: Crypto News Deutsch
