Yuga Labs has been criticized in the crypto community for its “primitive” auction mechanics as part of the launch of the Bitcoin NFT TwelveFold series.
Unlike non-fungible tokens in the Ethereum network, NFTs based on the first cryptocurrency do not have an open marketplace. To participate in the auction, you need to send BTC to the Yuga Labs wallet, where they will be stored until it ends. In case of an unsuccessful bet, the assets are returned.
Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.
— ordinally (@veryordinally) March 6, 2023
“Yuga is setting a really bad precedent by launching an auction like this. They take over the custody of bidders’ bitcoins with the promise of sending back failed bids. I have no doubt that they will do it, but this model is a scammer’s dream, ”wrote a user under the pseudonym veryordinally.
He added that “authoritative players should set the best example.” Ordinals developer Casey Rodarmore agreed with him.
“Such actions prove it [утверждение] for some people: “Shitcoiner once, shitcoiner forever,” he wrote.
Dear @yugalabs,@veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.”
If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o
— Casey Rodarmor (@rodarmor) March 6, 2023
On the night of March 6, Yuga Labs launched an auction for the sale of TwelveFold NFTs on the Bitcoin blockchain. The auction will last approximately 24 hours. The starting price is 20,000 satoshi (~$5).
The studio introduced TwelveFold at the end of February. The series consists of 300 digital items, 12 of which will be reserved for charitable purposes. For Yuga Labs, this is the first collection released outside of the Ethereum blockchain.
The new NFTs are based on the Ordinals protocol. It allows you to post content on the network of the first cryptocurrency using satoshi (serialization) to write data into the signature of a bitcoin transaction.
Recall that the developers of Litecoin created an analogue of the Ordinals protocol, which allowed the release of digital artifacts on the blockchain, similar to the network of the first cryptocurrency.
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