Bitcoin worth 2.2 billion yen gathers at the auction of NFT art 'TwelveFold', criticism is also made on the method of transferring the bid amount before bidding
Yuga Labs, known for working on monkey icon NFT art '
Twelve Fold
https://twelvefold.io/
Yuga Twelvefold Bitcoin NFT Auction Raises $16.5 Million - Decrypt
https://decrypt.co/122836/yuga-twelvefold-bitcoin-nft-auction-raises-16-million
The Block: Yuga Labs bitcoin NFT auction concludes amid complaints about its method
https://www.theblock.co/post/217460/yuga-labs-bitcoin-nft-ordinals-auction
The auction of “TwelveFold”, which Yuga Labs started on March 5, 2023, collected a total of 3246 bids and about 735 BTC before closing on March 6, 24 hours later. Among them, 288 people with the highest bid amount won the work, the lowest bid price was 2.2501 BTC (about 6.87 million yen), and the highest price was 7.1159 BTC (about 21.74 million yen).
In addition to BAYC, Yuga Labs has worked on other projects such as Metaverse's Otherside and NFT art's CryptoPunk , but 'TwelveFold' is a generative art work that combines 3D graphics and hand-drawn features. It stands apart from the illustration-like NFT art.
The TwelveFold auction will begin tomorrow March 5th, 2023 at 3PM PT and and will conclude 24 hours later on the block immediately before 3PM PT on March 6th, 2023. pic.twitter.com/ElKhupaKqo
— Yuga Labs (@yugalabs) March 4, 2023
All of the 'TwelveFold' works consist of a 12 x 12 grid, which is a tribute to the way data is stored on the Bitcoin blockchain. The 288 works that were put up for auction this time are generated with numbers assigned according to the winning bid order, but since the code to be generated is the same, works with high bids are essentially the same as works with low bids. It is said to be visible. In addition, the 'TwelveFold' collection has a total of 300 items, and the 12 items that were not auctioned will be presented to those involved as a commemoration.
And the biggest feature of 'TwelveFold' is that it is a Bitcoin NFT. In the first place, Bitcoin itself is a substitutable virtual currency, but TwelveFold gives non-fungibility like NFT by writing individual art work files to Satoshi , the smallest unit of Bitcoin.
This method called 'inscription' is realized by a technology called Ordinals Protocol , and the NFT created by this is called 'Ordinals'.
The technology to store data on the Bitcoin blockchain has existed for a long time, but Ordinals suddenly became a hot topic because it became cheaper and easier to store with an update.
On the other hand, the 'TwelveFold' auction held this time has been criticized for having to deposit the entire bid amount directly with Yuga Labs. Yuga Labs claims to return bitcoin within 24 hours to those who fail to bid, but it is easy to imagine that a project intended to defraud will disappear without returning the bid amount. It was pointed out that it is a 'dangerous precedent' because it can be done.
Ordinals technical fellow said on Twitter, 'Yuga Labs set a really bad precedent by holding an auction like this. It promises to send back the Bitcoins of those who fail, but this is a dream business model for scammers, and players who should be trusted must set a better example.' rice field.
Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders' bitcoin with a promise to send back unsuccessful bids. Not doubting they'll do that, but this model is a scammer's dream, and credible players need to set better example.
— ordinally (@veryordinally) March 6, 2023
Casey Rodarmor, developer of the Ordinals Protocol, said, 'Ordinally is right. If I ever see Yuga Labs throw out decadent garbage like this again, I, Casey Rodarmor, will cut ties with them forever.' And I would encourage my closest friends to do the same.
Dear @yugalabs , @veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.”
— Casey Rodarmor (@rodarmor) March 6, 2023
If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o
According to the blockchain analysis site Dune Analytics, although Ordinals appeared in late January 2023, more than 325,000 works have already been registered at the time of writing the article.
Regarding the debate surrounding the auction, cryptocurrency news site Decrypt said, 'The controversy surrounding the 'TwelveFold' bidding process lies between the overwhelming popularity of Ordinals' bitcoin NFTs and the inadequacy of the digital infrastructure for this new medium. It reflects the discontinuity that lies down.'
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