Yuga Labs' bitcoin NFT auction, the startup's first, has concluded.
The startup’s approach drew criticism from some quarters as the auction played out.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Yuga Labs' experiment with Bitcoin Ordinals drew 288 winning bids, with one reaching nearly $160,000 for a single NFT.
The 24-hour auction of the collection, named TwelveFold, ended at around 3 p.m. PT. It marks Yuga Labs'with Bitcoin NFTs, having so far dominated the market on Ethereum with blockbuster collections Bored Ape Yacht Club and CryptoPunks. The top bid was worth 7.1159 BTC, equal to roughly $159,600. The lowest was 2.2501, or about $50,400.
"The TwelveFold auction has ended. Congratulations to the top 288 bidders - you will receive your inscription within one week," Yuga Labs tweeted."Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours." Through this minting method, Bitcoin NFTs are inscribed onto satoshis on the Bitcoin blockchain. Inscriptions, also known as digital artifacts, are created when a file, such as an art image like those created for TwelveFold, is written units of Bitcoin called satoshis, the smallest individually identifiable units of Bitcoin.
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