Yuga Labs, a leading NFT marketplace, has raised an astounding $16.5 million in just 24 hours through the auction of its inaugural Bitcoin Ordinal nonfungible token collection.
In a recent announcement via Twitter, Yuga Labs declared the conclusion of The TwelveFold auction. The top 288 bidders will be pleased to learn that they will receive their inscription within the next seven days.
Meanwhile, those whose bids were deemed valid but failed to make it to the top 288 will have their bid amount returned to their receiving address within 24 hours.
The TwelveFold auction was a huge success, with a total of 735 BTC sold and the highest bidder shelling out $161k for one of the 300 generative pieces inscribed on Satoshis on the BTC network.
According to Yuga Labs, the collection is an “art system” that is based on the number 12 and is centered around a 12×12 grid. It serves as a visual representation of how data is mapped on the Bitcoin blockchain, with each piece of art serving as an allegory for this process. The pieces are finely rendered in 3D with hand-drawn features, making them unique and collectible.
The auction winners were ecstatic about their new NFTs, sharing their excitement on social media. Despite the recent bear market drop, the Yuga Ordinals experiment has been a massive financial success, and it wasn’t even on Ethereum.
Yuga Labs has set a new standard for NFT auctions and has demonstrated its ability to create unique and valuable digital art. With the success of the TwelveFold auction, Yuga is likely to continue experimenting with new art systems and create more valuable collections for the NFT market.
Nevertheless, Yuga Labs has once again proven its dominance in the NFT market by raising an incredible $16.5 million in just 24 hours through the auction.
The success of the TwelveFold auction is a testament to the creativity and innovation of Yuga Labs and its ability to create unique and valuable digital art. As the NFT market continues to grow, it will be exciting to see what Yuga Labs has in store for the future.
Bitcoin Ordinal NFTs Auction & Community Response
The community has been buzzing with excitement and curiosity in response to the recent bid for Bitcoin Ordinals NFTs by Yuga Labs. Some members have expressed concern for the intern who may have to process refunds for losing bids, while others have speculated on the potential use of the mint funds.
One individual suggested that Yuga should invest the funds in buying up APE and mutants, while another questioned whether the winners could resell their Ordinals. Many members congratulated Yuga on their success, with one stating that the company was ahead of everyone else in the industry.
Despite some skepticism about the bid being a mere money grab, many community members believe that the Bitcoin Ordinals NFTs will hold significant value. Some even compared the experience to the hype surrounding NFTs in 2020-2021, expressing excitement for the future of the TwelveFold project.
The community response to Yuga’s bid highlights the growing interest and investment in NFTs, particularly in the Bitcoin space.
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