Yuga Labs’ Twelvefold Collection of Ordinal Inscriptions Generates 735 Bitcoin, Worth More Than $16 Million

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Yuga Labs, the makers of blue-chip non-fungible token (NFT) collectible Bored Ape Yacht Club (BAYC), announced that the team has completed its Ordinal Inscription auction with a total of 3,246 bidders. The twelvefold collection of inscriptions generated 735.7 bitcoins, worth over $16 million. The highest bid was 7.1159 bitcoin, equivalent to $160,000.

Despite record sales of simple inscriptions, people complain about Era Labs’ auction model

Yuga Labs has completed its Twelvefold auction, which went live on March 5th at 3PM PST and ended on March 6th at 3PM PST. Schmig figureYuga Labs’ chief content officer, recently explained that Twelvefold is a base 12 art system localized around a 12×12 grid, and the collection is made up of 300 inscriptions. “Each series maintains a theme spread across 12 unique pieces,” The Era executive Detailed, “Every twelvefold piece will be inscribed Satoshi, ending with the number 12, and the ‘postage’ associated with each inscription will be 12121.”

Era Labs' Twelve-fold Collection of Simple Coins Generated 735 Bitcoins, Worth Over $16 Million
Top 15 Twelve Fold Collection Bidders.
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According to a representative speaking on behalf of the era, the collection could rank as the top Ordinal Inscription collection sale to date, as detailed in a note sent to Bitcoin.com News. The twelvefold auction saw a total of 3,246 bidders, with a top bid of 7.1159 B T c, or $160,000, according to The Era. Minimum bid to rank in top 288 was 2.2501 B T cand the auction generated 735.7 B T c from the top 288 spots, which equated to roughly $16.5 million. Yug tweeted on March 7 that all bids that did not rank in the top 288 were returned to their receiving addresses.

“Bidders who won an inscription and raised their bids after the last block of auctions should vacate the receiving address before the inscription is shipped,” Yuga said.

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Although sales were successful, some Complained The way Yug auctioned off. “Yuga is setting a really bad precedent by running an auction like this. They are taking bidders’ bitcoins into custody with the promise of sending back unsuccessful bids,” Ordinals supporter Ordinly writes. wrote, “No doubt they will do it, but this model is a scammer’s dream, and credible players need to set a better example.”

while writing, 341,711 inscription Bitcoin exists on the blockchain, indicating a continued demand for ordinals. Additionally, over the past seven days, Simple Inscription has entered the NFT sales space, competing with NFTs built on Ethereum and Solana. This week, Emblem Vault Version 4 (v4) is the eighth largest NFT collection in terms of seven-day sales. Symbol Vault v4 contains a set of ordinal inscriptions, such as Ord Rocks and Bitcoin Punks, and has generated $3,658,977 in sales. Emblem Vault v4 sales are up 59.87% from last week.

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What are your thoughts on the success of Yuga Labs’ TwelveFold auction and the continued demand for Ordinal Inscription in the NFT space? Do you think Yuga Labs’ auction model sets a bad precedent or is it a valid way to run an auction? Share your thoughts in the comments section below.

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Credit : news.bitcoin.com

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