Yuga Labs successfully sold out the TwelveFold auction for Bitcoin NFTs, raking in $16.5 million amid controversies.
In Brief
On Monday, Yuga Labs announced the successful sell-out of its inaugural Bitcoin Ordinal collection.
The auction attracted 288 bidders, collectively raising an impressive $16.5 million worth of Bitcoin.
The highest bid was 7.1159 BTC (about $159,500).
This Monday marked the conclusion of Yuga Labs' inaugural venture into the NFT space with their TwelveFold offering. Bitcoin Ordinals collection TwelveFold. Despite criticism Even with criticisms from Bitcoin circles regarding the auction's structure—including comments from Ordinal developer Casey Rodarmor—the event saw 288 participants spending a combined total of approximately $16.49 million on 300 exceptional pieces of generative 3D art. A representative from Yuga Labs informed Decrypt that the auction attracted 3,246 bids within a 24-hour timeframe.
According to the auction leaderboard, the top bidder spent 7.1159 BTC (nearly $159,500), while the lowest successful bid was 2.2501 BTC (around $50,348).
The top 288 bidders will receive their inscriptions shortly, while the remaining 12 pieces from the collection will be allocated to contributors through philanthropic efforts spearheaded by Yuga Labs.
Before the auction wrapped up, Yuga Labs faced scrutiny from the Bitcoin community regarding the bidding protocols of TwelveFold. Participants were required to deposit the entire bid amount in Bitcoin to join, but Yuga assured them that unsuccessful bids would be refunded within 24 hours upon completion of the auction. All valid bids that didn’t make the top 288 were subsequently returned in full.
Concerns about the bidding model were first voiced by Twitter user @veryordinally, who argued that this could potentially pave the way for fraudulent activities. They also expressed that the secondary market for trading Bitcoin NFTs is even riskier, emphasizing that a major player like Yuga Labs should have raised the standard with a more transparent system.
Despite the controversies surrounding the auction mechanics, the enthusiastic response to Yuga’s first Bitcoin collection indicates that it did not deter participants from bidding.
The growing interest in Bitcoin Ordinals and the TwelveFold auction format reveals an urgent demand for better infrastructure in this emerging segment of the NFT market. Platforms like Scarce City are adopting similar bidding frameworks, where users must commit a portion of their bid as collateral, with refunds issued to those who don’t win.
Recently, Galaxy Research released a report forecasting that the burgeoning Bitcoin Ordinal market could escalate to a valuation of $4.5 billion by the year 2025. Analysts also predict that the necessary market infrastructure will be established by the second quarter of this year. report Innovative solutions are on the rise to meet the increasing demand for easy-to-use tools within the Bitcoin Ordinals ecosystem. wallets Animoca Brands is set to acquire Eden Games.
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Disclaimer
In line with the Trust Project guidelines Cindy is a journalist with Metaverse Post, focusing on web3, NFTs, the metaverse, and AI. She emphasizes interviews with key figures in the Web3 environment. With over 30 high-level executives interviewed so far, she brings invaluable insights to the audience. Originally from Singapore, she now resides in Tbilisi, Georgia. Cindy has a Bachelor's degree in Communications & Media Studies from the University of South Australia and boasts a decade-long career in journalism.
