• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

A Step-by-Step Guide for Beginners

2025-06-20

Long and Short Positions in Crypto Explained for Beginners

2025-06-20

You’re Hired! North Korea’s new crypto scam starts with a job offer

2025-06-20

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    A Step-by-Step Guide for Beginners

    2025-06-20

    Long and Short Positions in Crypto Explained for Beginners

    2025-06-20

    What Is Fully Diluted Valuation (FDV) in Crypto?

    2025-06-12

    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

    2025-06-09

    What Is Crypto Staking? How to Earn Crypto by Holding It

    2025-06-05
  • Videos

    Massive 16B HACK | My New Investment Focus

    2025-06-19

    PurpleBitcoin, Sleepcoin & Fartbook secured the bloodline while BTC maintains it!!!

    2025-06-19

    SUI vs SEI: Most SAVAGE Layer 1 Showdown Ever ⚔️🔥

    2025-06-18

    Elon Musk Quits DOGE—What’s Next for Tesla Stock?

    2025-06-18

    Bitcoin Knots Defeating Coretards

    2025-06-18
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»NFT»‘Scammers dream’ — Yuga’s auction model for Bitcoin NFTs sees criticism
NFT

‘Scammers dream’ — Yuga’s auction model for Bitcoin NFTs sees criticism

2023-03-06No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


NFT


Nonfungible token (NFT) conglomerate Yuga Labs is facing some criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, over how it plans to auction its new Bitcoin NFT collection.

On Mar. 5, Yuga opened bids for its “TwelveFold” collection which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native Ordinals protocol, with 288 from the collection sent to the highest 288 bidders.

The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO

— Yuga Labs (@yugalabs) March 5, 2023

According to a Mar. 5 press release, those participating in the bidding process will be required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.

Such a plan however has earned the ire of some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.”

so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back

likely tens of millions of dollars

we’re still in the stone age

— Giancarlo (@GiancarloChaux) March 5, 2023

The user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.”

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

The post even saw a response from Bitcoin Ordinals creator himself Casey Rodarmor, who hotly weighed in on the discussion telling Yuga to “get fucked” and called the conduct of the auction “degenerate bullshit.”

See also  Base Emerges as Top NFT Platform: Ranks Third for Transfers

He added if Yuga were to conduct a similar auction he would encourage others to boycott the project.

Dear @yugalabs,@veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.”

If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o

— Casey Rodarmor (@rodarmor) March 6, 2023

Other users pointed out the shortcomings of the auction system, saying it’s possible some could overpay for a TwelveFold due to a possible significant price discrepancy between the highest and lowest bids in the top 288.

yuga is going to make a lot of money with twelvefold haha pic.twitter.com/UF7efYmN0k

— frankdegods.eth (@frankdegods) March 5, 2023

Despite the criticism from some, many were happy to see a large project such as Yuga — who rose to prominence due to multiple Ethereum-based NFT collections — bridge across to Bitcoin.

Related: Luxor Mining acquires OrdinalHub amid Bitcoin-based NFTs hype

Ordinally, who earlier criticized the collection, later tweeted appreciation of “the fact Yuga took the effort to attempt [to] go a Bitcoin route when setting up this auction.”

To give credit where credit is due – I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach …

— ordinally (@veryordinally) March 6, 2023

An Ordinals-based collection, Ordinal Pizza OG, expressed excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”

See also  Crypto Trader Breaks Down Bitcoin (BTC) Pre-Halving Trends, Anticipates More Volatility Ahead

The criticisms weren’t enough to stop cashed-up bidders from wanting to try to cement a top spot to nab Yuga’s first BTC collection.

At the time of writing the top bid was 1.11 BTC (around $25,000) according to the TwelveFold website with the lowest bid registered showing as 0.011 BTC, or around $250.


Auction Bitcoin Criticism Dream model NFTs scammers Sees Yugas
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin Knots Defeating Coretards

2025-06-18

These Could Light the Bitcoin Fuse (3 MAJOR EVENTS)

2025-06-15

How and When Do I Take Bitcoin Profits? | Top Altcoins

2025-06-14

Why Bitcoin Core Is Bitcoin

2025-06-14
Add A Comment

Leave A Reply Cancel Reply

Top Posts
DeFi

Puffer Finance news: $850 million of TVL

2024-02-12

Positive news for Puffer Finance, which has surpassed 850 million dollars in total locked value…

Regulation

Switzerland seizes $26M tied to Do Kwon, Terra

2023-06-26

Swiss authorities seized millions of dollars of crypto linked to Terraform Labs and its associates,…

DeFi

To fee or not to fee? That is the question — does Uniswap have an answer?

2023-05-19

DeFi The Uniswap governance forum is once again debating whether to activate the protocol’s ‘fee…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

A Step-by-Step Guide for Beginners

2025-06-20

Long and Short Positions in Crypto Explained for Beginners

2025-06-20

You’re Hired! North Korea’s new crypto scam starts with a job offer

2025-06-20

Massive 16B HACK | My New Investment Focus

2025-06-19
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 103,371.70
ethereum
Ethereum (ETH) $ 2,418.82
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.13
bnb
BNB (BNB) $ 643.46
solana
Solana (SOL) $ 140.39
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.27278
dogecoin
Dogecoin (DOGE) $ 0.163048
staked-ether
Lido Staked Ether (STETH) $ 2,418.23