Yuga Labs’ first Bitcoin NFT auction brought in $16.5 million in 24 hours

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.

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.

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.”

TwelveFold #1 – Source: Yuga Labs

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.