Summary
- Yuga Labs held its first Bitcoin NFT auction, which raised $16.5M in 24 hours.
- The auction was the first of its kind to be held in the Bitcoin blockchain, and it has set a new record for the highest-grossing NFT auction.
Yuga Labs has just concluded its inaugural Bitcoin Ordinal nonfungible token (NFT) collection auction, netting the firm a whopping $16.5 million in just 24 hours.
A total of 288 bidders won one of the Bitcoin NFTs from the “TwelveFold” collection, with the highest bidder forking out just over 7 BTC or $161,000 for one of the pieces. The auction yielded 735 BTC worth an estimated $16.5 million at current prices.
The TwelveFold collection is a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network. It is described as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
The lucky winners were eager to share their new NFTs online, with one of them tweeting, “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.”
Yuga Labs received some backlash over the weekend from the crypto community who identified flaws in how it conducted the auction for the Ordinals collection. However, the firm has said that the winners will receive their inscription within one week, while the unsuccessful bids will have their bid amount returned within 24 hours.
The TwelveFold auction has been a huge success for Yuga Labs, with the firm making a staggering $16.5 million in just 24 hours. It is a testament to the growing popularity of NFTs and the potential of blockchain technology to revolutionize the art industry.