Crypto Community criticizes Yuga Labs’ auction model for its first Bitcoin NFT

by James · March 6, 2023

Last weekend was hot for Yuga Labs as the crypto community criticized how it modeled its first Bitcoin NFT auction. The creator of the Bitcoin NFT protocol Ordinals also expressed displeasure with the model, threatening to wash his hands of it.

Yuga Labs opened the bids on the “TwelveFold” collection which is a process to activate 300 NFT-like images on Satoshis using Ordinals. About 288 of the total entries will be sent to the highest 288 winning bidders. But the process is apparently unacceptable to the crypto community and the Ordinals creator.

Yuga Labs’ Bitcoin NFT Auction Model Draws Criticism

Yuga Labs published a press release which describes the auction process. First, the bidders will send their bid amount in BTC to an address under Yuba Labs. After the bidding, the winners will pay the amount they bid, while the firm will return the BTC to those who did not win.

But the process has not been acceptable to society. Many pointed out that such a process of returning BTC to those who failed manually is inappropriate. Giancarlo, a community membercriticized the Yuga Labs modeland asks if they are still in the Stone Age.

Another notable one chirping from an Ordinals-focused Twitter account referred to the process as a “con’s dream.” In accordance ordinary, Yuga Labs sets poor priority by holding bidders’ BTC and refunding after the auction. Ordinally believes that scammers will exploit this process to steal users’ BTC.

Most importantly, Bitcoin Ordinals creator Casey Rodarmor shared an answer also criticizes the Yuga Labs model. Rodarmor reacted more aggressively, saying that Yuga Labs is “fucking around with degenerate nonsense”.

The Ordinal creator further warned that if Yuga Labs ever conducts such an auction again, he will wash his hands of the project and encourage others to do the same.

Many others, like Ryan Kia, too pointed out the shortcomings of the auction model. Kia stated that the process would make more money for Yuga Labs, but would not favor the crypto community.

Amid the criticism, some people also pointed out the good points of Yuga Labs’ steps. Usually praised The NFT hub for its efforts to use BTC in the auction payment, but lamented that it is not good to use Bitcoin to set such a poor priority.

Yuga Labs twelvefold NFTs to increase ordinals

Yuga Labs made remarkable progress in the NFT sector through its CryptoPunks and Bored Ape Yacht Club collection. This recent auction is the first Bitcoin Ordinals NFT collection it brings to market.

The company shared a blog posts refers to the collection as an “original and experimental generative art collection of 300 pieces” on the bitcoin blockchain. It further described the collection as including hand-drawn features and highly rendered 3D elements.

The NFT hub will increase the use of the Ordinals protocol using bitcoin. Many creators will be happy to take advantage of the immutable decentralized bitcoin realm.

In particular, the Yuga Labs bidding that is set to end today, March 6, has already seen many crashed bidders. according to websitethe lowest and highest bids so far are 0.011BTC or $250 and 1.11BTC or $25,000. The criticism so far hasn’t stopped many people from trying to get Yuga’s first Bitcoin collection.