Yuga Labs, the creators of the highly successful Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has announced the conclusion of its latest auction. The Twelvefold collection of inscriptions generated 735.7 bitcoin, worth more than $16 million, with a total of 3,246 bidders participating in the auction.

According to a representative speaking on behalf of Yuga, the collection may hold the spot as the top Ordinal Inscription collection sale to date. The Twelvefold auction saw the top bid at 7.1159 BTC, or $160,000, with the minimum bid to rank in the top 288 being 2.2501 BTC. The auction generated 735.7 BTC from the top 288 spots, which equated to roughly $16.5 million.

Yuga Labs’ Twelvefold collection consists of 300 inscriptions, each series maintaining a theme spread across 12 unique pieces. Every Twelvefold piece is inscribed onto a satoshi with a satpoint ending in the number 12, and the ‘postage’ associated with each inscription is 12121.

The auction started at 3 p.m. PST on March 5 and ended at 3 p.m. PST on March 6. Yuga tweeted on March 7 that all bids that did not rank in the top 288 saw funds returned to their receiving address.

Although the sale was successful, some individuals complained about the way Yuga Labs ran the auction. An Ordinals inscription supporter named Ordinally stated, “Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.”

Despite these complaints, the demand for Ordinals appears to be high, with over 341,711 inscriptions already existing on the Bitcoin blockchain. Additionally, over the last seven days, Ordinal inscriptions have entered the NFT sales space and competed with NFTs minted on Ethereum and Solana.

This week, Emblem Vault version 4 (v4) is the eighth-largest NFT collection in terms of seven-day sales. Emblem Vault v4 contains a swath of Ordinal inscriptions, such as Ord Rocks and Bitcoin Punks, and has generated $3,658,977 in sales. Emblem Vault v4 sales are up 59.87% from the previous week.

Yuga Labs continues to make waves in the NFT space, with its Bored Ape Yacht Club collection being one of the most successful NFT collections to date. The company’s latest auction of the Twelvefold collection of Ordinal Inscriptions has generated significant interest and sales, despite some complaints about the auction model.

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Filed under: Bitcoin - @ March 8, 2023 1:00 pm