Yuga Labs’ First BTC NFT Auction Raises $16.5M In 24 hours
One of the 288 Bitcoin Ordinals-based NFTs up for auction, the highest bidder paid just over 7 BTC.
The auction for Yuga Labs’ first collection of non-fungible Bitcoin Ordinal tokens is over, and the company made $16.5 million in just 24 hours.
One of the “TwelveFold” Bitcoin NFTs was won by 288 people who bid on it. Yuga said that the winning bidders will get their inscription within a week, and the losing bidders will get their money back within 24 hours.
The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.
The auction brought in 735 Bitcoin, which at current prices are worth about $16.5 million. The highest bid of the 288 people who wanted to buy one of the pieces was just over 7 BTC, or $161,000.
Source: TwelveFoldSource: TwelveFold
Yuga announced the collection in late February, describing it as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
Source: Yuga Labs
It’s a collection of 300 generative pieces that are written on Satoshis on the BTC network. The lucky winners couldn’t wait to post online about their new NFTs:
I was lucky enough to place a winning bid for a @yugalabs#Twelvefold#BTC ordinal. Can’t wait to see how this ages in the decades to come. Won’t ever catch me fading #yuga. Also… Massive props to @nftsupply for the help setting up a wallet etc. He’s a huge resource for us all. pic.twitter.com/g8fSDIfhzX
According to the report that the crypto community criticized Yuga Labs over the weekend because the way Yuga ran the auction for the Ordinals collection was flawed.
