• Skip to main content
  • Skip to primary sidebar

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Tokenomics is not Economics – Digital CX -The Digital Transformation
  • Resume / CV – Michael Noel
  • Contact Us
  • Featured
You are here: Home / Blockchain / NFT Firm Yuga Labs Faces Criticism Over Bitcoin Auction Plan

Mar 06 2023

NFT Firm Yuga Labs Faces Criticism Over Bitcoin Auction Plan

Yuga Labs, the non-fungible token (NFT) firm that gained prominence due to multiple Ethereum-based NFT collections, has drawn criticism from the cryptocurrency community over its plan to auction its new Bitcoin NFT collection. The “TwelveFold” collection, which comprises 300 NFT-like images inscribed on satoshis using the Bitcoin-native Ordinals protocol, opened bids on March 5.

However, Yuga’s plan for the auction has raised concerns among some members of the crypto community. According to the company’s press release, those participating in the bidding process must send their entire bid amount in Bitcoin (BTC) to a unique BTC address controlled by Yuga. Winners would then pay up the BTC they bid, while Yuga said it would return BTC to those who were unsuccessful in placing a top bid.

Critics have pointed out that Yuga’s plan to conduct refunds for unsuccessful bids manually is outdated and inefficient. The user behind an Ordinals-focused Twitter account, “ordinally,” called the auction model a “scammer’s dream.” Although he doubted Yuga would keep the BTC from failed bids, he argued that the way the company carries out the auction sets a “REALLY bad precedence.”

The criticism escalated when Bitcoin Ordinals creator, Casey Rodarmor, weighed in on the discussion, telling Yuga to “get fucked” and calling the conduct of the auction “degenerate bullshit.” He added that if Yuga were to conduct a similar auction in the future, he would encourage others to boycott the project.

Other users also highlighted the shortcomings of the auction system. Some suggested that it’s possible for some to overpay for a TwelveFold due to a potential significant price discrepancy between the highest and lowest bids in the top 288.

Despite the criticisms, some users appreciated the fact that Yuga is attempting to bridge the gap between Ethereum and Bitcoin. The Ordinal Pizza OG collection expressed excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”

Despite the backlash, bidders are still keen to secure a top spot in Yuga’s first BTC collection. At the time of writing, the top bid was 1.11 BTC (around $25,000), with the lowest bid registered showing as 0.011 BTC, or around $250, according to the TwelveFold website.

[mailpoet_form id="1"]

NFT Firm Yuga Labs Faces Criticism Over Bitcoin Auction Plan Republished from Source https://blockchain.news/news/nft-firm-yuga-labs-faces-criticism-over-bitcoin-auction-plan via https://blockchain.news/RSS/

Written by bizbuildermike · Categorized: Blockchain · Tagged: blockchain

Primary Sidebar

https://youtu.be/Qvad1CQ9WOM

Blockchain Weekly Rebooted –

During the Blockchain Spring 2016 to 2020 I hosted Blockchain Weekly. Each week I interviewed someone who was doing interesting things in the blockchain space. At one time we had 29k subscribers and we were consistently getting over 15k views a week on the channel. All of that went away during the lockdown, including the Gmail address that controlled that channel. Recently, I found some of the original videos on some old hard drives. So I’m reposting a few of the relevant ones while I am starting to shoot new Blockchain Weekly Episodes to be aired 1st quarter 2023. Please subscribe to bless the You Tube Algorithm, and allow me to let you know about any updates! Our Sponsor – https://BlockchainConsultants.io

The Utah State Legislature has approved a new law, the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to decentralized autonomous organizations (DAOs). This legislation, also known as the “Utah LLDs,” was passed after the combined efforts of the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act defines […]

Search Here

Market Insights

  • FTX Founder Allegedly Sought Federal Regulation Before Collapse
  • DeFi Hack Linked to North Korea
  • US Banking Crisis Fuels Regulation Debate
  • HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
  • Swiss regulators consider UBS takeover of Credit Suisse to prevent collapse
  • Mid-Size Banks Ask for Deposit Insurance Extension
  • Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days
  • Binance Responds to U.S. Senators Letter, Excludes Financial Data
  • Crypto Entrepreneur Bail Package Revised
  • DeFi Hacker Returns $5.4M to Euler Finance

Tags

Advanced materials (1) AI (259) andrewchen (4) Biz Builder Mike (28) Blockchain (834) Crowd Funding (69) crowdfundinsider (2) entrepreneur (969) eonetwork (43) Front Page Featured (33) MIT AI (89) startupmindset (146) Technology (676) virtual reality (1) youngupstarts (100)
  • Twitter
  • Facebook
  • About Us
  • LinkedIn
  • ANTI-SPAM POLICY
  • Google+
  • API Terms and Conditions
  • RSS
  • Archive Page
  • Biz Builder Mike is all about New World Marketing
  • Cryptocurrency Exchange
  • Digital Millennium Copyright Act (DMCA) Notice
  • DMCA Safe Harbor Explained: Why Your Website Needs a DMCA/Copyright Policy
  • Marketing? Well, how hard can that be?
  • Michael Noel
  • Michael Noel CBP
  • Noels Law of decentralization

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in