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Yuga Labs' Auction Raises $16.5 Million

Yuga Labs' Twelvefold Bitcoin NFT Auction Sold Out

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Gannon Breslin & Von Doom
March 09, 2023

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Here is the breakdown of today's newsletter:

💰 Yuga Labs auction breakdown🐦 Tweet of the day📈 Ordinals chart

  • Gitcoin NFT pulled in millions yesterday after claiming involvement with Vitalik Buterin himself, though some still claim it to just be hearsay. The floor has skyrocketed to 0.43 ETH from 0.05 in less than 24 hours. (@metalabel_xyz)

  • Snoop Dogg unveils his newest foray into crypto and NFTs in the form of Shiller, an upcoming Web 3 live-streaming platform that he has helped co-found. (@shiller)

  • Famous streamer Dr. Disrespect hints at incorporating NFTs into the video game that he has been working on for well over a year. (@DrDisrespect)

  • Binance just added the Polygon network to its marketplace, further solidifying the potential of this often slept-on blockchain. (CT)

  • There's been a resurgence in the popularity of "On-chain" NFTs. Some may still be confused as to what this means, exactly. Here's the low down on on-chain NFTs. (B)

  • Mastercard puts another log on the crypto fire, collaborating with Bybit for crypto debit cards. (BC)

Twelvefold BTC Auction Brings Goes Live 💰

Yuga Labs recently concluded its debut Bitcoin NFT collection auction named "Twelvefold" which featured 300 generative art pieces. In total 288 auctioneers spent a combined $16.49 million worth of BTC.

If you need to get caught up to speed on what a Bitcoin NFT is we got you covered here.

Unfortunately, like any NFT mint, there was some drama about how the auction process went.

📈 But first, here are some stats about the auction:

Total bids: 3,246Highest bid: 7.1159 BTC ($159,500 USD)Lowest successful bid: 2.2501 BTC ($50,000)

❌ The Drama

The model for the auction was broken down like this:

If you wanted to participate in the TwelveFold auction you had to transfer your Bitcoin to the Yuga Labs address. Yuga Labs then was in possession of the Bitcoin until the auction ends and if your bid was too low your money was returned.

Obviously, in this case, with the notoriety that Yuga Labs has there wasn't any concern about them returning the Bitcoin to bidders. However, the precedent of this style of auction may have been set and unfortunately, this could cause a ton of issues in the future. @VeryOrdinally calls it a "scammers dream".

Needless to say, the auction went off without a hitch but now without the infrastructure that Ethereum NFTs have in place (Blur, OpenSea, etc.) it's hard to even track the floor and activity of these NFTs.

💡 How did Yuga Lab BTC NFTs even come about?

Yuga Labs, the company behind the most popular NFT collection Bored Ape Yacht Club, has so far only released NFTs on Ethereum. However, their new collection, TwelveFold, is different. These generative art pieces are inscribed to the Bitcoin blockchain using a new method called Ordinals. They are all 12x12 grids, combining 3D graphics and hand-drawn features. Despite being generated by the same code, each of the 288 pieces won at auction today will be unique and numbered according to their rank in the bidding process. @mfigge (the Chief Content Officer at Yuga Labs) breaks down the entire thought process on why Yuga embarked on TwelveFold below:

It will be interesting to see how much the Yuga Labs Bitcoin Ordinal universe will expand but for now we will just have to wait and see!

Yesterday was International Women's day. In honor of that, we made a list of our favorite female follows that push this space to be better in every way. Make sure to give it a look because they are all worth the follow!

The chart below shows how many Ordinals have been "inscribed" or created over time. There's no question that the popularity of Ordinals is growing day by day.

Sponsored Content: There is no sponsored content in this newsletter.

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking NFT/web3 news! (@TheDropNFT)

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.