The first collection of Bitcoin NFT by the Yuga Labs got some severe backlash since their auction. The crypto community is not pleased by the auction.
The NFT company is currently facing severe criticism from the investors of the crypto market because of the way they held the auction of their new NFT collection of Bitcoin. Even the Bitcoin ordinals creator was not pleased.
On the 5th of March, the NFT firm decided to open the bidding for their TwelveFold collection. This will see almost three hundred images on satoshis. They used the BTC-native ordinals protocols with two hundred and eighty-eight from their collection delivered to the 288 highest bidders.
As per a press release on the same date, the bdders had to send their entire amount of bidding in BTC to a BTC address that was under Yuga Labs’ control. The winners simply had to pay up the BTC that they bid while the firm said that they will return BTC to the ones who failed to place the top bid.
Yuga Labs’ Model For Bitcoin Auction Faces Backlash:
However, this plan was too drastic for a lot of people in the community. Many of them said that conduction of refunds like this is very old process and it is not the best idea to do this.
The user behind a twitter account called the model a ‘scammers dream’. However, the user of this ordinals-focused account said that they doubt Yuga Labs is going to keep the Bitcoins from these failed bids.
The post got great response from the Bitcoin Ordinals creator. Casey Rodarmor, the creator said that the user of the account @veryordinally is correct in their claims and said that if Yuga Labs is trying to do such an auction, he would discourage people to boycott the project.
