{"id":46256,"date":"2023-03-06T05:27:16","date_gmt":"2023-03-06T09:27:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46256"},"modified":"2023-03-06T05:27:19","modified_gmt":"2023-03-06T09:27:19","slug":"yuga-lab-faces-criticism-over-bitcoin-nfts-collection-auction","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/yuga-lab-faces-criticism-over-bitcoin-nfts-collection-auction\/","title":{"rendered":"Yuga Lab faces criticism over Bitcoin NFTs collection auction"},"content":{"rendered":"\n

Members of the cryptocurrency community<\/a> have criticized nonfungible token (NFT) company Yuga Labs for how it intends to auction off its latest collection of Bitcoin NFTs.<\/p>\n\n\n\n

\"Yuga
Yuga Lab faces criticism over Bitcoin NFTs collection auction<\/figcaption><\/figure>\n\n\n\n

On March 5, Yuga started bids for its “TwelveFold” collection, which entails 300 NFT-like images being written on Satoshis utilizing the protocol native to Bitcoin called Ordinals. Of the collection, 288 will be given to the top 288 bidders.<\/p>\n\n\n\n

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The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https:\/\/t.co\/gvl8IHpekC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> pic.twitter.com\/xGWU9jdCoO<\/use><\/svg><\/span><\/a><\/p>— Yuga Labs (@yugalabs) March 5, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

In order to participate in the bidding process, participants must deposit their entire bid amount in Bitcoin<\/use><\/svg><\/span><\/a> to a specific Bitcoin address that is under Yuga's control. Yuga claimed it would return the BTC to those who failed to place the highest bid, while winners would just pay the amount they bid.<\/p>\n\n\n\n

However, this strategy has drawn criticism from some in the cryptocurrency community, who claim that manually processing reimbursements for lost bids is equivalent to living in the “stone age.”<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/GiancarloChaux\/status\/1632232329501622272\n<\/div><\/figure>\n\n\n\n

The owner of a Twitter account dedicated to Ordinals dubbed the auction concept a “scammers fantasy” and said that while they doubt Yuga would protect the BTC from unsuccessful bids, the manner in which the auction was conducted sets a “REALLY terrible precedent.”<\/p>\n\n\n\n

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Want to watch the Yuga Labs TwelveFold Ordinals bids in real-time?

You're in luck, Yuga built a leaderboard where you can see the top 288 bids at any given time

It's gonna appear on the TwelveFold website any minute now<\/p>— trevor.btc (@TO) March 5, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Even the author of Bitcoin Ordinals, Casey Rodarmor, commented on the page, ordering Yuga to “go fucked” and calling the way the auction was conducted “degenerate nonsense.”<\/p>\n\n\n\n

He continued by saying that if Yuga held a similar auction, he would strongly advise people to oppose it.<\/p>\n\n\n\n

\n

Dear @yugalabs<\/use><\/svg><\/span><\/a>,@veryordinally<\/use><\/svg><\/span><\/a> is right. Actions like this prove that for some entities and people: \u201cOnce a shitcoiner always a shitcoiner.\u201d

If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash\u2026 https:\/\/t.co\/OtwCrrCqRp<\/use><\/svg><\/span><\/a><\/p>— Casey (@rodarmor) March 6, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Several individuals criticized the auction mechanism, noting that there was a chance that some people may overpay for a TwelveFold because of a potentially large price difference between the highest and lowest bids in the top 288.<\/p>\n\n\n\n

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yuga is going to make a lot of money with twelvefold haha pic.twitter.com\/UF7efYmN0k<\/use><\/svg><\/span><\/a><\/p>— Frank (@frankdegods) March 5, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Despite some criticism, many people were pleased to see a significant project transition to Bitcoin, like Yuga, which became well-known because of numerous Ethereum-based NFT collections<\/a>.<\/p>\n\n\n\n

On setting up this auction, Yuga attempted to follow the Bitcoin route, which was afterward praised by Ordinally, who had earlier attacked the collection.<\/p>\n\n\n\n

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To give credit where credit is due – I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach \u2026<\/p>— ORDINALLY (@veryordinally) March 6, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Yuga's BTC collection was praised as a “huge net benefit for Ordinals” by the Ordinals-based collection Ordinal Pizza OG. Despite the critiques, wealthy bidders still wanted to compete for the top slot to win Yuga's first BTC collection.<\/p>\n\n\n\n

According to the TwelveFold website, the highest price at the time of writing was 1.11 BTC, or roughly $25,000. The lowest reported bid was 0.011 BTC, or roughly $250.<\/p>\n","protected":false},"excerpt":{"rendered":"

Members of the cryptocurrency community have criticized nonfungible token (NFT) company Yuga Labs for how it intends to auction off its latest collection of Bitcoin NFTs. On March 5, Yuga started bids for its “TwelveFold” collection, which entails 300 NFT-like images being written on Satoshis utilizing the protocol native to Bitcoin called Ordinals. Of the […]<\/p>\n","protected":false},"author":12,"featured_media":46267,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[13659,13661,8103],"class_list":["post-46256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-news","tag-bitcoin-nfts","tag-nfts-collection","tag-yuga-labs"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/image-12.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46256"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46267"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}