Over the weekend, people in the cryptocurrency community complained about Yuga Labs’ first Bitcoin NFT collection and pointed out problems with how the auction is being run.
The founder of Bitcoin Ordinals and other people in the cryptocurrency community have criticized Yuga Labs for how it plans to sell its latest batch of Bitcoin nonfungible tokens (NFTs) at auction.
On March 5, Yuga started taking bids for its “TwelveFold” collection, which is made up of 300 photographs that look like NFTs and are written on Satoshis using a protocol called Ordinals that is built into Bitcoin. The top 288 bidders will each get 288 of the items.
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 pic.twitter.com/xGWU9jdCoO
— Yuga Labs (@yugalabs) March 5, 2023
Participants must send their entire bid amount in Bitcoin to a specific Bitcoin wallet that Yuga controls in order to take part in the bidding process. Yuga said that those who didn’t place the highest bid would get their BTC back, while those who did would only have to pay the amount they bid.
But some people in the cryptocurrency community don’t like this plan. They say that having to manually process refunds for lost bids is like living in the “stone age.”
so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back
— Giancarlo (@GiancarloChaux) March 5, 2023
likely tens of millions of dollars
we’re still in the stone age
The owner of a Twitter account for Ordinals called the idea of the auction a “scammers’ dream” and said that even though they didn’t think Yuga would protect the BTC from losing bids, the way the auction was run sets a “REALLY bad precedence.”
Want to watch the Yuga Labs TwelveFold Ordinals bids in real-time?
— trevor.btc (@TO) March 5, 2023
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
Even Casey Rodarmor, who wrote Bitcoin Ordinals, posted on the page, telling Yuga to “get fucked” and calling the way the auction was run “egenerate nonsense.”
He went on to say that if Yuga held a similar auction, he would tell people very strongly to fight it.
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
Several people complained about the auction system, pointing out that there could be a big price difference between the highest and lowest bids in the top 288. This could cause some people to pay too much for a TwelveFold.
yuga is going to make a lot of money with twelvefold haha pic.twitter.com/UF7efYmN0k
— frankdegods.eth (@frankdegods) March 5, 2023
Even though some people didn’t like it, many people were glad to see a big project like Yuga, which became well-known because of many NFT collections based on Ethereum, switch to Bitcoin.
When setting up this auction, Yuga tried to go the Bitcoin route, which Ordinally, who had attacked the collection, later praised.
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 …
— ordinally (@veryordinally) March 6, 2023
The Ordinals-based collection Ordinal Pizza OG said that Yuga’s BTC collection was a “huge net benefit for Ordinals.”
despite the criticisms, rich people still wanted to bid for the top spot to win Yuga’s first BTC collection.
At the time of writing, the highest price on the TwelveFold website was 1.11 BTC, which is about $25,000. The lowest bid that was reported was 0.011 BTC, which is about $250.
Content Source: cointelegraph.com
