Over 2 BTC For an NFT? Yuga Labs Concludes TwelveFold Auction
There’s been a lot of excitement in the space of Bitcoin ordinals lately, which saw multiple collections auction their NFTs for a lot of money.
However, one team that’s well-known in the field of non-fungible tokens managed to once again make the headlines. Yuga Labs concluded the auction of its first ordinal collection called TwelveFold, and the lowest accepted bids were quite impressive.
Yuga Labs Does it Again
Yuga Labs is the company behind the popular Bored Ape Yacht Club NFT collection and everything associated with it. It has quickly become a household name, and whatever project the team announces, the community jumps at the opportunity to get involved… regardless of the price.
That said, Yuga Labs recently announced that they will get involved with Bitcoin ordinals through a limited collection of 300 items called TwelveFold.
The auction for it was held yesterday, and the system was pretty simple – people had to bid on a single item out of 288 in total, and the highest bids would win an ordinal.
Successful buyers had to supply a self-custody wallet that contained some BTC, as well as an empty BTC address capable of receiving the art itself. The auction concluded recently, and the results didn’t disappoint.
The lowest bids, according to some reports, were 2.2501 BTC. That’s around $50K at current prices. The highest bids were for around 7.1559 BTC. According to the team, there were a total of 3,246 bidders, and the auction itself managed to generate about $16.5 million – around 735 BTC.
Those who failed to qualify have supposedly already https://twitter.com/yugalabs/status/1632878847778512898 their money back.
The Future of TwelveFold
Michael Figge is the co-founder of a popular NFT project called 10KTF and is also the artist behind the TwelveFold project.
Yuga Labs have previously specified that this particular collection will have no interaction with its other projects based on Ethereum. It also clarified that it won’t have any utility. In essence, buyers are paying over $50K for the art itself, as well as the brand name, of course.
Meanwhile, Figge said in a Twitter thread explaining the project:
… the collection isn’t so much linear but cyclical, with four different color palettes progressing throughout: winter, spring, summer, autumn. It’s not to being optimistic whether we’re in a crypto winter or a DeFi summer.
Like crypto, the collection isn’t so much linear but cyclical, with four different color palettes progressing throughout: winter, spring, summer, autumn. It’s a nod to being optimistic whether we’re in a Crypto Winter or a Defi Summer. pic.twitter.com/ZbTRdwX69E
— schmigge figge (@mfigge) March 5, 2023
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.