The top 288 bids for Yuga Labs’ TwelveFold Bitcoin (BTC) NFT are led by a bid of 2 BTC (around $50,000) and the lowest is 0.111222 BTC ($250).

However, this collection has received feedback from some members of the cryptocurrency community that its “stone age]It is an auction model.

TwelveFold is 300 generative artworks carved into satoshi on the Bitcoin blockchain created by Yuga Labs.

Yuga Labs Auction Model

Yuga Labs Auction Flow need Participants deposit BTC to the address provided by the company.

The NFT company asked participants to provide another BTC address to receive their NFTs if they won the auction, adding that they would refund the money if the bids were unsuccessful.

The exchange advises participants to bid only with wallets created by third parties such as Coinbase, other exchanges are not eligible for refunds.

Creator of Bitcoin Ordinals Issues Warning

Bitcoin Ordinals NFT creator Casey Rodarmor said: Said Yuga Labs’ method was “depraved bullshit”. Rodarmor threatened to wash his hands off the entity if they repeated the same thing.

Rodarmor added:

“Actions like this prove that for some entities and people, the once shitcoiners will always be shitcoiners.”

Community member Ordinally pointed out that this model “establishes very bad priorities” as malicious players can copy the same methods. According to Ordinally, Yuga Labs returns unsuccessful bids, but scammers who employ this method do not.

Meanwhile, several other crypto community members said the NFT company may have found a better way to make the auction work. According to them, there are more efficient and trustless ways to conduct his NFT auctions on the Bitcoin network.

By Jules

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