Yuga Labs is launching an auction for a Bitcoin-based generative NFT collection, which has drawn ire from the community.
In Brief
Yuga Labs is auctioning off striking 3D NFT pieces from the collection known as \"TwelveFold.\"
The current highest bid is 2 BTC.
The community, which includes Casey Rodarmor, the creator of Bitcoin Ordinals, has voiced disapproval over the auction format adopted by the studio.
Yuga Labs, the force behind the esteemed NFT lineup Bored Ape Yacht Club and the Otherside digital realm, is conducting an auction for a new generative NFT series.
This collection, named 'TwelveFold,' has been crafted by Figge, the Chief Content Officer at Yuga Labs. It includes 300 intricately designed 3D artworks that utilize the Bitcoin-native Ordinals protocol. This launch aims to explore the interconnectedness of time, mathematics, and variability. press release Importantly, owning one of these tokens won’t offer any additional perks to holders, positioning it more as a pure art collection.
Anyone interested in acquiring one of these NFTs can place their bids on a designated website. A total of 288 items from the 'TwelveFold' series will go to the highest bidders once the auction wraps on March 6.
Those wishing to join in on the auction must send a specified amount of BTC they are ready to bid to a unique Bitcoin address assigned by Yuga Labs. When the auction ends, winners will make their Bitcoin payments based on their bids, while those who don't win will have their BTC returned directly from Yuga Labs.
It's worth noting that the methods used in this auction have led to disappointment among the crypto community. Although most users trust that Yuga Labs will return unsuccessful bids, the overall organization of the auction has been criticized for lacking professionalism for a major player in the Web3 space.
Casey Rodarmor, the developer behind Bitcoin Ordinals, has also spoken out against Yuga Labs' auction setup. In a tweet, he urged the studio to refrain from launching similar projects again, threatening to rally support for a boycott if they proceed.
As of now, the top bid stands at 2 BTC, roughly translating to $44,804, while the lowest bid is 0.05 BTC, equating to about $1,120.
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