Yuga Labs’ Bitcoin NFTs top bid is 2 BTC; draws criticism for auction model
Yuga Labs’ maximum Bitcoin NFT bet is 2 BTC; provokes criticism of the auction model
Bitcoin Ordinals NFT creator Casey Rodarmore called Yuga Labs’ auction method “degenerate crap.”
The top 288 Yuga Labs TwelveFold Bitcoin (BTC) NFT bids are topped by a bid of 2 BTC (around $50,000) and the lowest bid is 0.111222 BTC ($250) at press time.
However, the collection has drawn criticism from some members of the crypto community due to its “stone Ageauction model.
TwelveFold is a 300 satoshi-based generative artwork on the bitcoin blockchain created by Yuga Labs.
Yuga Labs auction model
Yuga Labs Auction Process requires participants deposit their BTC to the address provided by the company.
The NFT company asked bidders to provide a separate BTC address to receive their NFTs if they win the auction, adding that it will refund money to those who bid unsuccessfully.
The exchange has advised members to only bid with their own wallet, as those made by third parties such as Coinbase and other exchanges will not be able to receive a refund.
Bitcoin Ordinals Creator Issues Warning
Bitcoin Ordinals NFT by Casey Rodarmore, said The Yuga Labs method was “degenerate crap.” Rodarmor threatened to wash his hands of the creature if it did the same.
“Actions like this prove that for some organizations and people, “Once a shitcoiner is always a shitcoiner.”
Community member Ordinally noted that the model was “setting a REALLY bad priority” because attackers could replicate the same method. According to Ordinally, while Yuga Labs returned failed applications, the scammers using this method did not.
Meanwhile, several other members of the crypto community have said that NFT could find a better way to make their auctions work. According to them, there are more efficient and unreliable ways to conduct NFT auctions on the Bitcoin network.
Credit : cryptoslate.com