{"id":18410,"date":"2023-03-07T08:42:21","date_gmt":"2023-03-07T08:42:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/yuga-labs-inaugural-bitcoin-nft-auction-nets-16-5m-in-just-24-hours\/"},"modified":"2023-03-07T08:42:21","modified_gmt":"2023-03-07T08:42:21","slug":"yuga-labs-inaugural-bitcoin-nft-auction-nets-16-5m-in-just-24-hours","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/yuga-labs-inaugural-bitcoin-nft-auction-nets-16-5m-in-just-24-hours\/","title":{"rendered":"Yuga Labs\u2019 inaugural Bitcoin NFT auction nets $16.5M in just 24 hours"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678172997813-e79d2386-e586-4a08-a3c6-85ff7c7fb8f5-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678172997813-e79d2386-e586-4a08-a3c6-85ff7c7fb8f5-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678172997813-e79d2386-e586-4a08-a3c6-85ff7c7fb8f5-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678172997813-e79d2386-e586-4a08-a3c6-85ff7c7fb8f5-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul class=\"decimal_type\">\n<li>Yuga Labs has concluded its first inaugural Bitcoin Ordinal NFT collection auction.<\/li>\n<li>The collection comprises a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network.<\/li>\n<li>The auction brought in $16.5 million for the firm in 24 hours.<\/li>\n<\/ul>\n<p>Yuga Labs, Inc. announced its first Bitcoin Ordinal Non-Fungible token (NFT) collection auction in late February. The collection comprises a limited edition collection of 300 generative NFT pieces inscribed on Satoshis on the BTC network.<\/p>\n<p>Yuga Labs described the collection as a <em>\u201cbase 12 art system localized around a 12\u00d712 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.\u201d<\/em><\/p>\n<p>Yuga Labs has created several NFT collections including Bored Ape Yacht Club (BAYC), spinoff Mutant Ape Yacht Club (MAYC), and virtual land plots for the <a href=\"https:\/\/coinjournal.net\/news\/yuga-labs-reimburses-transaction-cost-for-failed-bayc-land-sale\/\">Otherside metaverse game<\/a>. It also owns <a href=\"https:\/\/coinjournal.net\/news\/cryptopunk-and-meebits-holders-get-full-commercialisation-rights\/\">CryptoPunks and Meebits<\/a>, two \u201cblue chip\u201d Ethereum NFT projects created by Larva Labs that Yuga Labs purchased their IP rights last year.<\/p>\n<h2>The highest bidder paid 7 BTC<\/h2>\n<p>There were a total of 288 bidders for the Bitcoin Ordinal Non-Fungible token (NFT) collection auction and the highest bidder paid 7 bitcoins (BTC).<\/p>\n<p>The auction which was conducted on the TwelveFold NFT marketplace has been concluded and it has netted a total of (735 Bitcoin) $16.5 million in 24 hours.<\/p>\n<p>Yuga Labs in a <a href=\"https:\/\/twitter.com\/yugalabs\/status\/1632878847778512898?s=20\">tweet<\/a> said that the bid winners of the NFTs will receive their inscription in one week\u2019s time and the successful bidders will be refunded their bid amounts within 24 hours.<\/p>\n<p>However, despite the smooth running of the auction, Yuga Labs received some backlash from the crypto community over some <a href=\"https:\/\/cointelegraph.com\/news\/scammers-dream-yuga-s-auction-model-for-bitcoin-nfts-sees-criticism\">identified flaws<\/a> in how the auction was conducted.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/yuga-labs-inaugural-bitcoin-nft-auction-nets-16-5m-in-just-24-hours\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Yuga Labs has concluded its first inaugural Bitcoin Ordinal NFT collection auction. The collection comprises a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network. The auction brought in $16.5 million for the firm in 24 hours. Yuga Labs, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":18411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18410"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18410"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18411"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}