In Brief
Yuga Labs’ generative NFT collection “TwelveFold” generated $16.5 million in Bitcoin.
The artworks turned out to lack differentiation, and the collection gets criticized by the community.
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Earlier this month, Yuga Labs, the studio behind the Bored Ape Yacht Club NFTs and the Otherside metaverse, auctioned a generative NFT collection.
The collection entitled “TwelveFold” was created by the Chief Content Officer of Yuga Labs, Figge. It includes 300 highly-rendered generative 3D artworks based on the Bitcoin-native Ordinals protocol. The 288 generative tokens out of 300 were auctioned on a dedicated website.
First, the auction mode offered by Yuga Labs was criticized by the NFT community. To participate, individuals had to send the amount of their bid to the organization’s public address. Unsuccessful bidders received their Bitcoin back from Yuga Labs’ address.
On March 6, the TwelveFold NFT collection was sold out despite criticism. The studio managed to generate $16.5 million worth of BTC, with the highest bid of 7.1159 BTC (about $173,243 at the moment of writing). The lowest winning bid was 2.2501 BTC (approximately $54,780).
However, as soon as the tokens were minted, the community criticized Yuga Labs again. NFT holders and non-holders called the TwelveFold NFTs “garbage” and “art-shaming,” as the collection lacks differentiation. The 288 generative artworks look very similar, with small details changed.
On a side note, Yuga Labs is one of the companies that held its deposits in Silicon Valley Bank, which was closed on Friday, March 10. PROOF Collective, the creators of the blue-chip collection Moonbirds, also kept its funds in Silicon Valley Bank.
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