Key Takeaways
- Yuga Labs’ TwelveFold Bitcoin NFT collection has been auctioned off, with 288 successful bidders spending a combined $16.5 million worth of BTC.
- The bidding process for TwelveFold has attracted criticism from the community and Bitcoin Ordinals’ creator, Casey Rodarmor, due to its complexity and potential for manipulation.
- A recent report from Galaxy Research forecasts the Bitcoin NFT market will hit $4.5 billion by 2025, and predicts that a full ecosystem of Bitcoin NFT-supporting products and services should emerge by this summer.
Yuga Labs has concluded the auction of its debut Bitcoin non-fungible token (NFT) collection, TwelveFold, with 288 successful bidders purchasing pieces in the limited series for a total of $16.5 million worth of Bitcoin. The pieces are all 12×12 grids inscribed to the Bitcoin blockchain via Ordinals, a method of committing art to Bitcoin by permanently inscribing media on individual Satoshis. The 288 pieces obtained through the auction will all be created using identical code, with no discernible differences between pieces acquired at higher or lower bids.
Yuga received 3,246 total bids during the 24-hour action. The highest bid was 7.1159 BTC and Lowest bid was 2.2501 BTC.
However, the TwelveFold bidding process has come under criticism from the community and the creator of Bitcoin Ordinals, Casey Rodarmor, for taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Yuga has promised to return rejected bids within 24 hours of the auction’s conclusion.
The structure of TwelveFold’s bidding process reflects the current disconnect between the outsize popularity of Bitcoin Ordinal NFTs and the lack of digital infrastructure that caters to the nascent medium. Despite only debuting in late January, over 325,000 Ordinals have already been inscribed.
Yuga Labs, a company valued at $4 billion, has previously only launched NFT collections on the Ethereum blockchain, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Otherside virtual land plots, CryptoPunks, and Meebits, all of which had a minimum of 10,000 NFTs.
The Bitcoin NFT market is forecasted to hit $4.5 billion by 2025, according to a report from Galaxy Research. The same report anticipated that a full ecosystem of Bitcoin NFT-supporting products and services should emerge by first half of 2023.
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