{"id":18434,"date":"2023-03-07T19:14:20","date_gmt":"2023-03-07T19:14:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/yuga-labs-twelvefold-collection-of-ordinal-inscriptions-generates-735-bitcoin-worth-more-than-16-million-bitcoin-news\/"},"modified":"2023-03-07T19:14:20","modified_gmt":"2023-03-07T19:14:20","slug":"yuga-labs-twelvefold-collection-of-ordinal-inscriptions-generates-735-bitcoin-worth-more-than-16-million-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/yuga-labs-twelvefold-collection-of-ordinal-inscriptions-generates-735-bitcoin-worth-more-than-16-million-bitcoin-news\/","title":{"rendered":"Yuga Labs’ Twelvefold Collection of Ordinal Inscriptions Generates 735 Bitcoin, Worth More Than $16 Million \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Yuga Labs, the creators of the blue-chip non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), announced that the team has completed its Ordinal Inscription auction with a total of 3,246 bidders. The Twelvefold collection of inscriptions generated 735.7 bitcoin, worth more than $16 million. The highest bid was 7.1159 bitcoin, equivalent to $160,000.<\/strong><\/p>\n

Individuals Complain About Yuga Labs\u2019 Auction Model Despite Record Sales of Ordinal Inscriptions<\/h2>\n

Yuga Labs has concluded its Twelvefold auction after it went live at 3 p.m. PST on March 5 and ended at 3 p.m. PST on March 6. Schmigge Figge<\/a>, the chief content officer at Yuga Labs, recently explained that Twelvefold is a base 12 art system localized around a 12\u00d712 grid, and the collection is composed of 300 inscriptions. \u201cEach series maintains a theme spread across 12 unique pieces,\u201d the Yuga executive detailed<\/a>. \u201cEvery Twelvefold piece will be inscribed onto a satoshi with a satpoint ending in the number 12, and the \u2018postage\u2019 associated with each inscription will be 12121.\u201d<\/p>\n

\"Yuga
The top 15 Twelvefold collection bidders.<\/figcaption><\/figure>\n

According to a representative speaking on behalf of Yuga, the collection may hold the spot as the top Ordinal Inscription collection sale to date, as detailed in a note sent to Bitcoin.com News. The Twelvefold auction saw 3,246 total bidders, with the top bid at 7.1159 BTC<\/a>, or $160,000, according to Yuga. The minimum bid to rank in the top 288 was 2.2501 BTC<\/a>, and the auction generated 735.7 BTC<\/a> from the top 288 spots, which equated to roughly $16.5 million. Yuga tweeted on March 7 that all bids that did not rank in the top 288 saw funds returned to their receiving address.<\/p>\n

\u201cBidders who won an inscription and increased their bids after the final block of the auction should empty the receiving address before inscriptions are sent,\u201d Yuga said.<\/p>\n

Although the sale was successful, a few people complained<\/a> about the way Yuga ran the auction. \u201cYuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders\u2019 bitcoin with a promise to send back unsuccessful bids,\u201d an Ordinals inscription supporter named Ordinally wrote<\/a>. \u201cNot doubting they\u2019ll do that, but this model is a scammer\u2019s dream, and credible players need to set better example.\u201d<\/p>\n

At the time of writing, 341,711 inscriptions<\/a> exist on the Bitcoin blockchain, indicating continued demand for Ordinals. Additionally, over the last seven days, Ordinal inscriptions have entered the NFT sales space and competed with NFTs minted on Ethereum and Solana. This week, Emblem Vault version 4 (v4) is the eighth-largest NFT collection in terms of seven-day sales. Emblem Vault v4 contains a swath of Ordinal inscriptions, such as Ord Rocks and Bitcoin Punks, and has generated $3,658,977<\/a> in sales. Emblem Vault v4 sales are up 59.87% from the previous week.<\/p>\n

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art market<\/a>, art system<\/a>, Auction<\/a>, bidding<\/a>, Bitcoin<\/a>, Bitcoin Punks<\/a>, Blockchain<\/a>, blockchain technology<\/a>, Bored Ape Yacht Club<\/a>, Crypto<\/a>, Cryptocurrency<\/a>, Demand<\/a>, Digital Art<\/a>, Digital Assets<\/a>, Emblem Vault<\/a>, Ethereum<\/a>, Investors<\/a>, nft<\/a>, NFT collection<\/a>, Non-fungible Token<\/a>, Ord Rocks<\/a>, Ordinal Inscription auction<\/a>, sales<\/a>, sales space<\/a>, Satoshi<\/a>, satpoint<\/a>, Schmigge Figge<\/a>, Solana<\/a>, Twelvefold auction<\/a>, Twelvefold collection<\/a>, Yuga Labs<\/a><\/div>\n<\/div>\n

What are your thoughts on the success of Yuga Labs\u2019 Twelvefold auction and the continued demand for Ordinal inscriptions in the NFT space? Do you think Yuga Labs\u2019 auction model sets a bad precedent or is it a legitimate way to run an auction? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Twelvefold collection, Yuga Labs, Twelvefold leaderboard, <\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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