Business News Report
March 06, 2023

Yuga Labs Auctions Bitcoin-Based Generative NFT Collection, Gets Criticized by The Community

yuga labs

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.

TwelveFold

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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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related.Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities.You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related.Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities.You can contact her at [email protected]

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