Nonfungible token (NFT) conglomerate Yuga Labs is facing some criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, over how it plans to auction its new Bitcoin NFT collection.
On Mar. 5, Yuga opened bids for its “TwelveFold” collection which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native Ординалдар протоколу, with 288 from the collection sent to the highest 288 bidders.
TwelveFold аукциону башталды жана блокто эртең, 3-март, 6-жыл, саат 2023:XNUMXгө чейин аяктайт. Ийгилик.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO
— Yuga Labs (@yugalabs) Март 5, 2023
According to a Mar. 5 press бошотуу, those participating in the bidding process will be required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.
Such a plan however has earned the ire of some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.”
Ошентип, югас аукционунун эртең кандай иштеши - ар бир адам Биткойнду бир капчыкка жөнөтөт жана эгер сиз тендерди жоготуп алсаңыз, алар аны кол менен кайра жөнөтүүгө убада беришет.
он миллиондогон доллар болушу мүмкүн
we’re still in the stone age
— Джанкарло (@GiancarloChaux) Март 5, 2023
The user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.”
Юга ушундай аукционду өткөрүүдө чындап эле жаман артыкчылыкка ээ болууда. Алар ийгиликсиз тендердик сунуштарды кайра жөнөтүү убадасы менен катышуучулардын биткойндорун камкордукка алып жатышат. Алар муну жасай аларына шек жок, бирок бул модель алдамчынын кыялы жана ишенимдүү оюнчулар жакшы үлгү көрсөтүшү керек.
— ordinally (@veryordinally) Март 6, 2023
The post even saw a response from Bitcoin Ordinals creator himself Casey Rodarmor, who hotly weighed in on the discussion telling Yuga to “get fucked” and called the conduct of the auction “degenerate bullshit.”
He added if Yuga were to conduct a similar auction he would encourage others to boycott the project.
кымбаттуу @yugalabs,@veryordinally туура. Мындай иш-аракеттер кээ бир субъекттер жана адамдар үчүн: "Бир жолу шиткоинер ар дайым шиткоинер" экенин далилдейт.
Эгерде мен, жекече, Кейси Родармор, сизди, Юга лабораториялары, ушуга окшогон бузуку шылуундар менен дагы бир жолу көрүшсөм, мен жууйм... https://t.co/COARsn4X0o
- Кейси Родармор (@rodarmor) Март 6, 2023
Other users pointed чыккан the shortcomings of the auction system, saying it’s possible some could overpay for a TwelveFold due to a possible significant price discrepancy between the highest and lowest bids in the top 288.
yuga is going to make a lot of money with twelvefold haha pic.twitter.com/UF7efYmN0k
— frankdegods.eth (@frankdegods) Март 5, 2023
Despite the criticism from some, many were happy to see a large project such as Yuga — who rose to prominence due to multiple Ethereum-based NFT collections — bridge across to Bitcoin.
байланыштуу: Luxor Mining OrdinalHub-ды Bitcoin-ге негизделген NFTs ызы-чуу учурунда сатып алды
Ordinally, who earlier criticized the collection, later tweeted appreciation of “the fact Yuga took the effort to attempt [to] go a Bitcoin route when setting up this auction.”
To give credit where credit is due – I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach …
— ordinally (@veryordinally) Март 6, 2023
An Ordinals-based collection, Ordinal Pizza OG, билдиришти excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”
The criticisms weren’t enough to stop cashed-up bidders from wanting to try to cement a top spot to nab Yuga’s first BTC collection.
At the time of writing the top bid was 1.11 BTC (around $25,000) according to the TwelveFold сайты with the lowest bid registered showing as 0.011 BTC, or around $250.
Source: https://cointelegraph.com/news/scammers-dream-yuga-s-auction-model-for-bitcoin-nfts-sees-criticism