Bitcoin NFTs have suddenly risen to fame. Yuga Labs, after the launch of Bored Ape Yacht Club [BAYC], decided to stay low until the big release of Bitcoin Ordinal NFTs. The auction for this collection amassed significant interest after the firm pocketed $16.5 million within a period of 24 hours.
In a recent Twitter thread, Yuga Labs revealed that the “TwelveFold” auction had ended. The auction had a total of 288 bidders, who garnered one Bitcoin NFT from the collection. An astounding 735 BTC, which is worth around $16.5 million, was acquired during the event. The highest bidder paid $161,000 or 7 BTC for their NFT.
According to the firm, the event winners will receive their inscription within one week. However, those who have had unsuccessful bids will be able to recover their amount within a span of 24 hours. The bottom ten bidders invested around 2 Bitcoins into the auction. The lowest bid was for 2.2501 BTC.
This was further touted as the most significant drop for Ordinals NFT to date. Yuga Labs introduced the Bitcoin Ordinals collection back in February. It entailed a limited edition collection of 300 generative pieces inscribed on Satoshis on the BTC network.
Did Bitcoin put NFTs back on the map?
After a successful run for a couple of months, NFTs soon started losing fervor. Several began suggesting that NFTs were dead. However, Bitcoin Ordinals seemed to bring back the hype around the NFT space. Several others began noting that these digital collectibles were here to stay.
Additionally, others quickly shared the NFTs they won on social media.
Despite the successful auction, bad blood around Yuga Labs continues to surface. Back in February, the firm garnered immense backlash about how the auction would be carried out.
Furthermore, since Ordinals are so new, there isn’t currently a marketplace where users can readily trade them like there is for Ethereum-based NFTs on OpenSea and Blur. Even without the ability to support smart contracts, Bitcoin cannot yet be used to implement OpenSea-style transactions.
Another factor was that Yuga Labs is currently being investigated for their BAYC collection. Therefore, many fear that Bitcoin could be dragged into that mess.