Yuga Labs’ TwelveFold auction, where the company sold its first collection of Bitcoin ordinals, concluded on March 6 after a weekend sale.
Yuga Labs auction brings in $16.4 million
The auction saw 288 successful bidders win ownership of the collectible crypto assets. These bidders bid a total of more than 735 BTC ($16.4 million) on 288 assets. The highest bidder made a bid of 7.1159 BTC ($160,000) for one collectible.
The auction is notable for being one of the first major collectibles applications listed through Bitcoin’s new Ordinals feature. This feature aims to provide an alternative to the NFT standards of Ethereum and other blockchains that are much more commonly used.
Yuga Labs originally announced the sale of the February 28. At the time, the exact time or date the auction would begin was not given. The sale finally started on March 5th at 3pm PST and lasted for 24 hours. The start time was announced shortly before the event.
Yuga Labs is best known for its Bored Ape Yacht Club (BAYC) collection, which is currently the most popular Ethereum NFT project by trading volume. OpenSea data shows that 2,738 ETH ($4.3 million) of “monkeys” changed hands in the last 24 hours.
The common community condemns the trust model
The fact that Bitcoin Ordinals are in their infancy means that in order to participate in the auction, the bidders sent funds directly to Yuga Labs. As such, bidders had to trust the company to return unsuccessful bids after the auction closed.
This approach was criticized by Twitter user Ordinally, who noted that while Yuga is a notable company, a poor trust model could lead to later scams. Ordinals creator Casey Rodarmor later considered and harsher told Yuga Labs to “catch e-d”. Rodarmor has pledged to boycott the firm if it conducts a similar auction in the future.
This problem will probably be solved with the further development of ordinals and the introduction of more practical transaction methods. Ordinal transactions currently require specific wallets, and Ordinals.com is currently experiencing issues a few caveats on transactional risks.
According to community data by Dune Analytics, only 326,000 Ordinals have been entered into the Bitcoin blockchain since last month.
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