Yuga Labs Auctions Bitcoin-Based Generative NFT Collection, Gets Criticized by The Community
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Yuga Labs auctions generative 3D NFT artworks from the “TwelveFold” collection.
The current highest bid is 2 BTC.
The community, including Bitcoin Ordinals creator Casey Rodarmor, criticizes the studio for the auction mode.
Yuga Labs, the studio behind the blue-chip NFT collection Bored Ape Yacht Club and the Otherside metaverse, is auctioning a generative NFT collection.
Dubbed “TwelveFold,” the collection was created by Yuga Labs’ Chief Content Officer Figge. It features 300 highly-rendered generative 3D artworks based on the Bitcoin-native Ordinals protocol. The release aims to discover the “relationship between time, mathematics, and variability,” according to a press release. Notably, the tokens will not grant holders access to additional benefits and can be seen as an art-only project.
Individuals that wish to own one of the NFTs can place bids on a dedicated web page. Two hundred eighty-eight pieces from the “TwelveFold” collection will be sent to the highest bids as soon as the auction concludes on March 6.
To participate in the auction, individuals must send the amount of BTC they are willing to pay for the ordinals to a unique BTC address provided by Yuga Labs. When the auction stops, the winners will pay the amount of Bitcoin they bid. At the same time, unsuccessful bidders will receive their BTC back from Yuga Labs’ address.
It’s important to note that the crypto community is unhappy with this auction mode. Even though users do not doubt Yuga’s trustworthiness and believe the company will send back unsuccessful bids, the way the auction is organized is seen as not professional enough for such a big web3 company.
The developer of Bitcoin Ordinals, Casey Rodarmor, also criticized Yuga Labs’ auction. In a tweet, Rodarmor tells the studio not to release similar projects – and if not, he would encourage the community to boycott the company.
The highest bid at the moment of writing is 2 BTC, which is approximately $44,804. The lowest bid is currently 0.05 BTC, an equivalent of $1,120.
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