Yuga Labs’ TwelveFold Auction Sees The Company Sell Its First Collection Of Bitcoin Ordinal Numbers Conclusion March 6th following the weekend sale.

Yuga Lab Auction Brings in $16.4 Million

At the auction, 288 winning bidders won ownership of collectible crypto assets. In total, these bidders put more than 735 BTC ($16.4 million) into 288 assets. The highest bidder put in her 7.1159 BTC ($160,000) bid for one collectible.

Auctions are notable because they are one of the first major applications for collectibles carved through Bitcoin’s new ordinal feature. This feature aims to provide an alternative to his NFT standard for the more frequently used Ethereum and other blockchains.

Yuga Labs originally announced the sale on February 28th. At that time, no exact time or date was given when the auction would begin. The sale he started on March 5th at 3pm PST and lasted 24 hours. The start time was announced just before the event.

Yuga Labs is best known for its Bored Ape Yacht Club (BAYC) collection and is currently the most popular Ethereum NFT project by trading volume. OpenSea data shows that in the last 24 hours the “ape” of 2,738 ETH ($4.3 million) has changed owners.

The Ordinal Community Condemns Trust Models

The fact that Bitcoin Ordinals is in its early stages means that bidders were sending funds directly to Yuga Labs to participate in the auction. As such, bidders had to rely on the company to return unsuccessful bids after the auction ended.

This approach was criticized by Twitter user Ordinally, who noted that while Yuga is a well-known company, it has a poor credit model that could later lead to fraud. Ordinals creator Casey Rodarmor later noted, stricter I told Yuga Labs to “get the f—d.” Rodarmor has promised to boycott any similar auctions in the future.

This issue may be resolved as ordinals are further developed and more practical transaction methods are introduced. Ordinals.com currently requires a specific wallet. some warnings About trading risk.

according to community data According to Dune Analytics, there are only 326,000 ordinal numbers registered on the Bitcoin blockchain since last month.

By Jules

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