Yuga Labs Rakes In $16.5 Million within 24 Hours of Its First Bitcoin NFT Auction

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by Mayowa Adebajo · 2 min read
Yuga Labs Rakes In $16.5 Million within 24 Hours of Its First Bitcoin NFT Auction
Photo: Depositphotos

Yuga Labs has confirmed that the top 288 bidders will receive their inscriptions within the week.

Yuga Labs has just concluded the auction of its first-ever Bitcoin-based non-fungible token (NFT) collection – TwelveFold. The auction, which lasted for 24 hours, saw 288 successful bidders claiming as many pieces from the collection. And according to the firm, it has netted no less than $16.5 million within the short auction period.

Sharing more details about the auction, a Yuga Labs spokesperson claims that bids for the TwelveFold collection were 3,246 in total. Of those bids, the highest was placed for 7.1159 BTC (nearly $159,500), while the lowest successful bid was 2.2501 BTC (approximately over $50,000).

Recall, Coinspeaker earlier reported that the TwelveFold collection features 300 pieces of art. So, while Yuga Labs confirms that the top 288 bidders will receive their inscriptions within the week, it also shares what it intends to do with the remaining 12 pieces from the limited series. Per Yuga, some of the last pieces will be held for contributors and others distributed randomly via some of its philanthropic programs.

Additionally, the firm reassured unsuccessful bidders that they’ll get a refund within the shortest time possible. Part of the announcement reads:

“Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.”

Yuga Labs Explores New NFT Possibilities

Before launching the Bitcoin-based TwelveFold collection, the $4 billion Yuga has only ever previously released NFTs on the Ethereum blockchain. And it has released quite a number of them, including the popular Bored Ape Yacht Club (BAYC) collection, the Mutant Ape Yacht Club (MAYC) collection, CryptoPunks, and the like. In addition to this, its previous collections also usually featured at least 10,000 NFTs.

However, TwelveFold NFTs show a major deviation from the old body of work. They are generative art pieces embedded on the Bitcoin blockchain in a special manner.  That is via Ordinals, a recently launched method of committing art to Bitcoin.

Meanwhile, the auction by Yuga Labs did not go without criticism.  Over the weekend, a few crypto enthusiasts identified flaws in how Yuga conducted the auction for the special collection.

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Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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