Yuga Labs has officially finished bidding for the TwelveFold collection, which was the company’s first Bitcoin-based non-fungible token (NFT).
During the auction, which lasted for a whole day, there were 288 successful bidders who could take home as many items from the library.
In addition, the company claims (1) that it has made a profit of no less than $16.5 million during the brief period of the auction.
While providing additional information regarding the auction, a spokeswoman for Yuga Laboratories stated that the total number of bids received for the TwelveFold set was 3,246.
There were a total of those offers, and the largest one was for 7.1159 BTC, equivalent to about $159,500. The victorious bid for the lowest amount was 2.2501 BTC, approximately over $50,000.
The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.
— Yuga Labs (@yugalabs) March 6, 2023
Remember that CryptoAnnals mentioned earlier that the TwelveFold collection contains 300 individual works of art?
While Yuga Labs affirms that the top 288 potential buyers will receive their inscriptions within the next week, it also reveals what it plans to do with the leftover 12 pieces from the limited series. This is done while confirming that the top 288 bidders will obtain their inscriptions.
According to Yuga, some of the remaining pieces will be set aside for donors, while others will be given out at random through the organization’s various charitable initiatives.
In addition, the company guaranteed rejected bidders that they would receive a refund in the quickest amount of time feasible should they request one. The following can be seen in the announcement:
“During the next twenty-four hours, the sum of any valid offer that did not place among the top 288 will be refunded to the receiving address provided by the bidder.”
Yuga Laboratories is Investigating the Potential of Novel NFT Applications
The $4 billion Yuga has solely published NFTs on the Ethereum blockchain well before the debut of the Bitcoin-based TwelveFold collection.
In addition to that, it has distributed quite a few of them, such as the well-known Bored Ape Yacht Club (BAYC) collection, the Mutant Ape Yacht Club (MAYC) catalog, CryptoPunks, and other products of its like.
In addition, each of its prior collections typically included a minimum of ten thousand non-fiction texts.
The TwelveFold NFTs, on the other hand, demonstrate a significant departure from the previous body of work. These are works of generative art that have been included in the Bitcoin blockchain in a particular way. This is accomplished through Ordinals, a freshly introduced system for transferring artwork to Bitcoin.
During this time, the auction held by Yuga Labs was met with some degree of criticism. During the course of the weekend, a few crypto aficionados discovered several faults in the manner in which Yuga ran the auction for the particular collection.