​Yuga Labs auction to sell Bitcoin NFT brings in $16,5 million in 24 hours

What’s new? On March 6, Yuga Labs, the developer of the Bored Ape Yacht Club (BAYC) NFT collection, announced the completion of its first auction to sell a series of non-fungible tokens or so-called “inscriptions” TwelveFold based on the Ordinal protocol on the Bitcoin network. The auction brought the firm 735 BTC (~$16,5 million in 24 hours). One bitcoin NFT each was won by the 288 participants with the highest bids. Yuga Labs said that winners will receive the assets within one week and losers will be refunded the bid amount within 24 hours.

The TwelveFold auction has ended. Congratulations to the top 288 bidders - you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours. — Yuga Labs (@yugalabs) March 6, 2023

“Inscriptions” are digital assets written on a satoshi, the smallest fraction of a BTC (0.00000001 part of a coin), and are similar to NFTs.

What is known about TwelveFold? The collection consists of 300 generative art NFTs, which are “a visual allegory for the cartography of data on the Bitcoin blockchain.” The tokens have no additional features and are unrelated to the company’s Ethereum blockchain-based collections, both those already launched and those to come.

Since the collection is released on the Bitcoin network, applications were also accepted in BTC. According to the winner’s ranking, the highest bid was 7,1159 coins, or about $160 000. The minimum winning bid was 2,2501 BTC (~$50 500).

In January, Yuga Labs announced the launch of the Dookey Dash game with rewards for activity in the form of NFTs

In February, the Ordinal protocol was launched on the Litecoin network. In the same month, Glassnode recorded a significant increase in the number of transactions on the Bitcoin network, it coincided with increased public attention to the upgraded functionality to create NFTs.

In March, Grayscale CEO Michael Sonnenshein praised the “inscriptions.” He noted the popularity of the new technology and called it “interesting.”