Bitcoin NFT Auction Draws Criticism: Yuga Labs‘ Top Bid Reaches $50K

• Yuga Labs’ Bitcoin (BTC) NFT TwelveFold has a top bid of 2 BTC, with the lowest being 0.111222 BTC.
• The auction model has drawn criticism from some crypto community members.
• Bitcoin Ordinals creator Casey Rodarmor said Yuga Labs‘ method was a „degenerate bullshit.“

Yuga Labs‘ Bitcoin NFTs Top Bid

Yuga Labs’ TwelveFold Bitcoin (BTC) NFT has 288 bids led by a 2 BTC bid (around $50,000), and the lowest being 0.111222 BTC ($250).

Criticism for Auction Model

The collection has drawn heavy criticism from some crypto community members over its „stone age“ auction model. Participants are asked to deposit their BTC into an address provided by Yuga Labs and those made with third parties like Coinbase would be unable to receive refunds.

Warning from Bitcoin Ordinals Creator

Bitcoin Ordinals NFT creator Casey Rodarmor said Yuga Labs’ method was a „degenerate bullshit“ and threatened to wash his hands off if it repeated the same thing. He added that such actions prove that “once a shitcoiner always a shitcoiner“. Several other crypto community members also said there are more efficient ways to conduct NFT auctions on the Bitcoin network.

Malicious Players Warning

A community member warned that malicious players could copy this model as while Yuga Lab would return unsuccessful bids, scammers wouldn’t do so.

Better Methods Suggested

The crypto community suggested there are better trustless methods available that could have been used instead of the current auction approach adopted by Yuga Lab.