Yuga Labs, the company behind the Bitcoin Ordinal non-fungible token (NFT) collection, has raked in $16.5 million in just 24 hours from its inaugural auction.
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
The TwelveFold collection, features a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network, attracted a total of 288 bidders, with the highest bidder paying over 7 BTC or $161,000 for one of the pieces.
The collection, which was announced in late February, is described as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”
The lucky winners of the auction are expected to receive their Ordinals in the coming week.
Despite the success of the auction, Yuga Labs received backlash from the crypto community over the weekend for flaws in how the auction was conducted.
Nevertheless, the winners of the NFTs took to social media to express their excitement about their new acquisitions.
https://twitter.com/carsonturner/status/1632888647144833024?
The success of the Yuga Labs auction is yet another example of the growing interest in NFTs and their potential to create value and drive innovation in the crypto space. As more companies and individuals explore the possibilities of NFTs, it is clear that this technology is here to stay.
