The highest of 288 bidders gave up just over 7 BTC for one of 288 Bitcoin Ordinals-based NFTs up for auction. The auction for Yuga Labs’ first collection of non-fungible Bitcoin ordinal tokens has ended, and the firm raised $16.5 million in just 24 hours.
Yuga Labs’ First Bitcoin NFT Auction Raises $16.5M in 24 Hours
288 bidders won one of the Bitcoin NFTs from the “TwelveFold” collection. According to Yuga, the winners will receive their inscription within one week, while the unsuccessful bids will have their bid amount returned within 24 hours.
The auction sold 735 bitcoins worth about $16.5 million at current prices. The highest of 288 bidders paid just over 7 BTC, or $161,000, for one of the pieces. Yuga announced the collection in late February, describing it as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
It contains a limited collection of 300 generative pieces incsribed on Satoshi on the BTC network. As Cointelegraph reported, Yuga Labs received backlash from the crypto community over the weekend, which highlighted flaws in the way Yuga auctioned off the Ordinals collection.
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