•Yuga Labs’ Bitcoin (BTC) NFT TwelveFold has reached a top bid of 2 BTC, with the lowest being 0.111222 BTC.
•The auction model used by Yuga Labs has been heavily criticized by some crypto community members.
•Bitcoin Ordinals creator Casey Rodarmor warned against using this method and said it was „establishing REALLY bad precedence“.
Yuga Labs‘ Bitcoin NFTs Top Bid is 2 BTC
Yuga Labs‘ TwelveFold Bitcoin (BTC) Non Fungible Token (NFT) collection has achieved a top bid of 2 BTC, with the lowest being 0.111222 BTC ($250). The collection consists of 300 generative art pieces inscribed onto satoshis on the Bitcoin blockchain.
Auction Model Criticised
The auction model used by Yuga Labs for their NFTs has drawn heavy criticism from some crypto community members who have labelled it as “stone age”. The method requires participants to deposit their bids into an address provided by the company and requires them to provide a separate address to receive their tokens if they win. Additionally, the exchange advised participants only to make bids with self-custodied wallets as those made with third parties like Coinbase would not be able to receive refunds.
Casey Rodarmor’s Warning
The creator of Bitcoin Ordinals, Casey Rodarmor, also issued a warning against using this method saying it was “degenerate bullshit” and threatened to wash his hands off Yuga Labs if they repeated it again. He added that such actions prove that “for some entities and people: ‚Once a shitcoiner always a shitcoiner’”. Other crypto community members also agreed that there were more efficient and trustless ways available on the Bitcoin network for conducting auctions than what had been employed by Yuga Labs.
Risk of Malicious Players Copying Method
Ordinally pointed out that this method was “establishing REALLY bad precedence” because malicious players could copy the same method without returning unsuccessful bids as promised by Yuga Labs which would be detrimental to innocent participants in these auctions.
In conclusion, while Yuga Lab’s auction model seemed initially attractive due to its simplicity; however, its lack of efficiency and trustlessness makes it prone to exploitation at the hands of malicious actors who can copy its methods without adhering to any standards or promises set forth by the creators themselves.