Yuga Labs, creators of the blue-chip non-fundable token (NFT) collection Bored Ape Yacht Club (BAYC), announced that the team has completed the Ordinal Inscription Auction with a total of 3,246 bidders to complete the Ordinal Inscription Auction, announcing that the Twelvefold Inscription Collection generated 735.7 bitcoins and was valued at over $16 million. The highest bid was 7.1159 bitcoins, equivalent to $160,000.
Audinal Inscriptions posts record sales, but individuals complain about Yuga Labs’ auction model
Yuga Labs closed its Twelvefold auction, which was published on March 5 at 3:00 pm PST and ended on March 6 at 3:00 pm PST. Schmiffigge,” Yuga Labs’ chief content officer, recently explained that Twelvefold is a base 12 art system localized around a 12×12 grid, and the collection consists of 300 inscriptions The collection consists of 300 subscriptions. Each series maintains a theme that extends over 12 unique pieces,” explained a Yuga executivein detail. “All twelve pieces are inscribed on a satoshi ending in 12, and the ‘postage’ associated with each inscription is 12121.”
According to a representative speaking on behalf of Yuga, as detailed in a note sent to Bitcoin.com News, this collection may retain its spot as the top Ordinal Inscription collection sale ever The Twelvefold auction had 3,246 total bidders, with the highest bid being 7.1159BTCat $160,000, according to Yuga. The minimum bid to get into the top 288 was 2.2501, BTC, and the auction generated 735.7. BTCfrom the top 288, equaling roughly $16.5 million Yuga tweeted on March 7 that for every bid that did not rank in the top 288, funds were returned to the receiving address.
“Bidders who won the inscription and increased their bids after the final block of the auction must empty their receiving address before the inscription is sent.” Yuga stated.
Although the sales were strong, there were a few people who were not happy with Yuga’s auction management.” Yuga is establishing a really bad precedent by running these auctions. They keep bidders’ bitcoins with the promise of sending back bids that don’t win,” writes Ordinally , a supporter of Ordinals inscription. “Not that I doubt they will do so, but this model is a scammer’s dream and credible players need to set a better example.”
At the time of this writing,341,711 nameplatesare on the bitcoin blockchain, indicating continued demand for Ordinals. Additionally, in the past seven days, Ordinal nameplates have entered the NFT sales space, competing with NFTs minted in Ethereum and Solana. This week, Emblem Vault version 4 (v4) is the eighth-largest NFT collection in terms of seven-day sales; Emblem Vault v4 includes a handful of Ordinal inscriptions, such as Ord Rocks an
