Bored Ape Yacht Club (BAYC) founder Yuga Labs announced the auction of its Bitcoin Ordinals-based NFT collection “TwelveFold.”
Just last week, Yuga Labs announced the Bitcoin Ordinals Collection “TwelveFold” with finely rendered 3D elements with hand-drawn features. The TwelveFold auction began on March 5th, 2023, at 3 pm PT, and will end approximately 24 hours later, on March 6th, 2023 at 3 pm PT.
According to the announcement, “there will be 288 pieces up for auction, with 12 pieces going to contributors, donations, and philanthropic efforts. Bidders will go to the TwelveFold.io website once the auction begins to enter a bid.”
Interested users will require two Bitcoin wallet addresses in order to bid in the auction. They need to include an empty, self-custodied Bitcoin taproot-enabled wallet address where they want to receive the inscription if they are placing a bid.
If the bid is unsuccessful or does not appear among the top 288 bids, this will be the address where the user will receive the inscription or the Bitcoin refund. Users will be given a specific address to send their bid to after providing their receiving address.
The highest 288 bids will receive an inscription. Throughout the auction, a leaderboard that shows current bid standings will be present. Within a week of the auction’s conclusion, winning bidders will get their TwelveFold Bitcoin ordinal inscriptions.
Yuga Labs stated, “Once the inscribing is finished and transferred to the winners’ receiving wallets, we will publish a note on official channels.”
There will be no refunds available for bids placed using a custodial wallet held by a third party, such as Coinbase, Binance, Kraken, etc.
While a part of the community supported the TwelveFold collection, Yuga Labs is also getting criticized for its auction format. Others called out the manual refund process for unsuccessful bids, while others dubbed the auction concept as a “scammers dream.”
Bitcoin Ordinals creator Casey Rodarmor chimed in on the drama, tweeting “If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, f**k around with degenerate bullshit like this again, I will wash my hands of you forever and encourage others, including those close to me to do the same.”
According to the TwelveFold website, at the time of writing, the highest offer for TwelveFold inscription is 2 BTC, or roughly $44,000. The lowest reported bid is 0.051 BTC, or roughly $1140.
