Yuga Labs’ first Bitcoin NFT collection saw some backlash from the crypto community over the weekend, pointing to flaws in how it conducts the auction.
Non-fungible token (NFT) company Yuga Labs is facing criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, for how it plans to market its new Bitcoin NFT collection.
On March 5, Yuga opened the bidding for its “TwelveFold” collection, which will see 300 NFT tokens written in satoshis using the Bitcoin Ordinals system, with 288 of the collection sent to the top 288 sellers up. According to the press release of March 5, those who participate in the referral process will send all their money in Bitcoin BTC ($22,397) to a unique BTC address controlled by Yuga.
Winners will only be paid the BTC they donate, while Yuga said it will return BTC to those who didn’t rank high enough. However, such a plan has drawn the ire of some crypto community members, and some suggest that handing out refunds for things that didn’t work out seems like the “Stone Age”.
The user behind the Twitter account targeted the “common” ordinal, calling the auction model “a scammer’s dream,” adding that they doubt Yuga will stop BTC from trading, but in the way, he runs the market he sets the “best of the worst”.
The post even saw a response from Bitcoin Ordinals creator Casey Rodarmor, who weighed in on the discussion, telling Yuga to “get out” and calling the market’s behavior “destructive.” He added that if Yuga were to sell similar products, he would encourage others to stop the service.
Other users have reported inaccuracies in the billing system, saying that some may overpay for TwelveFold due to the large price difference between the highest and lowest price above 288. Despite the criticism from some, many are happy to see a big project like Yuga – which has risen in popularity due to the many NFT collections based on Ethereum – making a bridge to Bitcoin.
Naturally, those who criticized the collection, later tweeted his appreciation for “that Yuga went to the effort of trying to [go] the way of bitcoin when solving this market.”
One group of ordinals, Ordinal Pizza OG, expressed interest in Yuga’s BTC collection and called it “a great net for ordinals.”
Those observations were not enough to stop the lenders from wanting to try and cement a higher place to get Yuga’s first BTC collection. At the time of writing, the highest price is 1.11 BTC (about $ 25,000), according to the TwelveFold website, and the minimum investment is 0.011 BTC, or about $ 250.
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