Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Yuga Labs’ First-Ever Bitcoin Ordinal NFT Sale Pulls In $16.5M

Bitcoin Ordinal NFT

Yuga Labs’ first-ever Bitcoin Ordinal NFT sale has netted the organization $16.5million within 24 hours. 228 bidders won one of the Bitcoin Ordinal NFTs from Yuga’s “TwelveFold” collection. 

The firm said winners will receive their NFT within one week – while unsuccessful bidders will receive a refund on their bid and transaction fee within 24 hours.

Yuga announced the collection towards the end of February, and described it as a “visual allegory for the cartography of data on the Bitcoin blockchain” in the form of a “base 12 art system localized around a 12×12 grid”

Related: Billionaire buys Yuga Lab’s “Dookey Dash’ NFT for $1.63 million in Ethereum

Yuga’s Bitcoin Ordinal NFTs are a 300 piece limited edition generative art collection inscribed on the Bitcoin Network. The NFTs look something like this:

Bitcoin Ordinal NFTs Top Bids

As mentioned, the auction earned 735 Bitcoin (BTC) worth around $16.5  million. The highest bid amongst the 228 topped at 7 BTC or $161,000 for one Bitcoin Ordinal NFT.  The Top 10 Bids are shown below:

Yuga Faces Backlash

However, Yuga Labs’ “refund policy” is facing major backlash from the NFT community who say that it “sets a bad precedent” since Yuga keeps user’s Bitcoin in custody until the coins are sent back. Community leaders are also concerned that Yuga’s auction model will be copied by scammers who’ll never refund bids on their collections.

Share Post: