NEWSLETTER
Yuga Labs, the makers of the world-class Bored Ape Yacht Club (BAYC) collection of non-fungible tokens (NFTs), announced that the team has completed its Ordinal Enrollment auction with a total of 3,246 bidders. The Twelvefold collection of entries generated 735.7 bitcoins, worth more than $16 million. The highest bid was 7.1159 bitcoins, equivalent to $160,000.
People Complain About Yuga Labs Auction Model Despite Record Ordinal Enrollment Sales
Yuga Labs wrapped up its Twelvefold auction after it went live at 3pm PST on March 5 and ended at 3pm PST on March 6. schmigge figge, the director of content for Yuga Labs, recently explained that Twelvefold is a base 12 art system located around a 12×12 grid, and the collection is made up of 300 inscriptions. “Each series maintains a theme divided into 12 unique pieces”, the Yuga executive detailed. “Each twelve-fold piece will be inscribed on a satoshi with a satpoint ending in the number 12, and the ‘postage’ associated with each inscription will be 12121.”
According to a representative speaking on behalf of Yuga, the set may take the place as the top Ordinal Inscription set sale to date, as detailed in a note sent to Bitcoin.com News. The Twelvefold auction saw a total of 3,246 bidders, with the highest bid at 7,1159 BTC, or $160,000, according to Yuga. The minimum bid to qualify in the top 288 was 2.2501 BTCand the auction generated 735.7 BTC of the first 288 places, which was equivalent to approximately $16.5 million. Yuga tweeted on March 7 that all deals that did not rank in the top 288 saw funds returned to their receiving address.
“Bidders who won an entry and increased their bids after the final auction block must clear the receiving address before submitting the entries,” Yuga said.
Although the sale was a success, some people She complained about the way Yuga conducted the auction. “Yuga is setting a VERY bad precedence by running an auction like this. They are taking custody of bidders’ bitcoins with a promise to return failed bids,” said Ordinally, a supporter of Ordinals listings. wrote. “I have no doubt they will, but this model is a con artist’s dream, and credible players need to set a better example.”
At the time of writing, 341,711 registrations they exist on the Bitcoin blockchain, indicating a continued demand for ordinals. Also, over the past seven days, ordinal signups entered the NFT sales space and competed with NFTs minted on Ethereum and Solana. This week, Emblem Vault version 4 (v4) is the eighth largest NFT collection in terms of seven-day sales. Emblem Vault v4 contains a swath of Ordinal Inscriptions, such as Ord Rocks and Bitcoin Punks, and has spawned $3,658,977 on sale. Emblem Vault v4 sales were up 59.87% from the previous week.
What are your thoughts on the success of Yuga Labs’ Twelvefold auction and the continued demand for ordinal signups in the NFT space? Do you think the Yuga Labs auction model sets a bad precedent or is it a legitimate way to run an auction? Share your thoughts in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons, Twelve Times Collection, Yuga Labs, Twelve Times Leaderboard,
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