Bored Ape Yacht Club (BAYC) collection developer Yuga Labs which recently unveiled the launch of its Non-Fungible Tokens (NFTs) collection designed on Bitcoin has come under criticism for the choice of its auction model for TwelveFold.
The auction bid for TwelveFold, an in-house creation of Yuga Labs’ art team went live on March 5. However, many in the crypto community including the founder of Bitcoin Ordinals have condemned the bid auction model adopted by Yuga Labs describing it as a Stone age approach.
According to the firm, all bids for the 300 NFT-like images inscribed on Satoshi are expected to be made in Bitcoin. Interested participants are to send the entire bid amount to a unique wallet address owned and controlled by Yuga Labs.
At the end of the process winners of the bid will then pay the amount indicated in their bid after which a TwelveFold Inscription will be sent to the receiving address while Yuga Labs says it would return the funds of participants with unsuccessful bids.
Community Reactions to TwelveFold’s Auction Model
In response to Yuga Labs’ bid process, a Twitter user said the bid process sets a bad precedent. He described Yuga Labs’ plan to hold onto the bidder’s asset with a promise to refund unsuccessful bidders as a “scammer dream” adding that Yuga ought to set a better example as a credible player.
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.
— ordinally (@veryordinally) March 6, 2023
Interestingly, Casey Rodarmor, the creator of Bitcoin Ordinals also weighed in on the post, he called the process a “degenerate bullshit”. Furthermore, Casey says it would encourage others to boycott the project if Yuga conducts a similar auction process.
Recall that last year, the ApeCoin-powered Web3.0 company announced its plans to release a new collection of NFTs by the end of 2022. While the prospective NFT collection dubbed Mecha Apes remains undisclosed, a piece of it was discovered to be promoted as one of the artifacts in the Otherdeeds NFT collection sales.
In the same vein, Yuga Labs which is known to be quite secretive about the launch of any of its NFT collectibles introduced a twist to the minting of NTFs which kicked off in January. The creator plans to turn the process of minting NFTs into an online game where players would have to steer through a sewer to earn rewards in the form of NFTs.
Apes, stretch your eyeballs and warm up your scroll muscles — lots of new info about next week. Short version: monkey butthole, Sewer Pass January 17, skill-based mint begins January 18, new power sources. Video explainer coming soon, more at https://t.co/h8JXeLkC57, and the 🧵 pic.twitter.com/bF1h2qAXrM
— Bored Ape Yacht Club (@BoredApeYC) January 12, 2023
