TwelveFold Update | 2 BTC Bid, Community Criticism Gets Louder

TwelveFold Update | 2 BTC Bid, Community Criticism Gets Louder

With less than 10 hours until the completion of the TwelveFold auction, there is a 1.92 BTC spread from top to bottom, with a 2 BTC bid at the top and the last accepted bid at 0.08188 BTC, according to data from TwelveFold. Amidst the bids, the Ordinals developer and other Bitcoin NFT community members have spoken out about a dangerous precedent set by Yuga Labs. 

❗Why It Matters

Yuga Labs first NFT drop on BTC could be labeled historic for a variety of reasons, but one potential byproduct of the company's Ordinal auction was the "market-making" effect that the settled prices may have on other Ordinal inscriptions. Prices can change rather quickly given the details of the auction, but the final prices may tell an interesting story about the web3 community's perception of the event - which has been met with some strong criticisms, including from Ordinals creator Casey Rodarmor. Yuga Labs has dealt with lots of fair and unfair criticism as a leading web3 company and typically the company responds. Will it respond this time? 

🎤 Community Quotes

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

Rodarmor replied with a strong take on Yuga's misstep

🔜 What’s Next?

Bids will continue coming in until the block that directly precedes 6:00 p.m. ET. At that time, the auction will be over and the top 288 bids will receive a TwelveFold inscription, with any unsuccessful bids receiving a refund.

🧠 Learn More

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