The First Bitcoin NFT auction by Yuga Labs generates $16.5M

by Mar 7, 2023CryptoNews0 comments

The highest bidder purchased one of the 288 Bitcoin Ordinals-based NFTs, who offered slightly over 7 BTC. The first-ever Yuga Labs Bitcoin Ordinal NFT collection’s auction has finished, bringing in $16.5 million for the company in just one day.

One of the Bitcoin NFTs from the “TwelveFold” collection was won by one of 288 different bidders. According to Yuga, failed bidders will receive their bid sum back within 24 hours, while winners will receive their inscriptions within a week.

735 Bitcoin, valued at about $16.5 million at the time of the auction, were obtained. One of the items was purchased for slightly over 7 BTC ($161,000) by the highest bidder out of the 288.

Yuga Labs

By defining the collection as a “base 12 art system centered around a 1212 grid, a visual metaphor for the geography of data on the Bitcoin blockchain,” Yuga announced in late February.

There are 300 limited-edition generative artworks engraved on Satoshis on the BTC network. The fortunate recipients couldn’t wait to share their brand-new NFTs online:

Yuga Labs faced criticism from the cryptocurrency community over the weekend when faults were found in how Yuga handled the auction for the Ordinals collection.

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