The auction for Yuga Labs’ inaugural collection of non-fungible tokens (NFTs) has ended, bringing the firm $16.5 million in just 24 hours.
A total of 288 applicants won one of the Bitcoin NFTs from the ‘TwelveFold’ collection. Yuga said winners will receive their entry within a week, while unsuccessful bidders will have their bids refunded within 24 hours.
The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your entry within a week. Valid bids not ranked in the top 288 will have their bid amount returned to the receiving address within 24 hours.
— Yuga Labs (@yugalabs) March 6, 2023
According to NFT collector ‘tropoFarmer’, the auction brought in 735 BTC worth around $16.5 million at current prices. The highest of 288 bidders paid just over 7 BTC or $161,000 for one of the pieces.
the TwelveFold auction just ended, earning a total of 735 BTC / $16,500,000 in 24 hours, with the highest bidder paying $161k. the biggest bear market decline by a mile and it wasn’t even on Ethereum
I would say that the Yuga ordinals experiment was a huge financial success. pic.twitter.com/DUC2cKrZxo
— tropoFarmer (@tropoFarmer) March 6, 2023
Yuga announced the collection in late February, describing it as a “base 12 art system located around a 12×12 grid, a visual allegory for the data mapping on the Bitcoin blockchain.”
It consists of a limited edition collection of 300 generative pieces entered into BTC network satoshis.
Connected: Great news: Yuga Labs is jumping on the hype for Ordinals
As reported by Cointelegraph, Yuga Labs received backlash over the weekend from the crypto community, which identified deficiencies in the way he conducted the auction for the Ordinals collection.
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