The Bitcoin NFT series TwelveFold, launched by Yuga Labs, the parent company of BAYC, received a lot of attention before its release, but after the official launch of the auction this morning (6), it triggered a strong backlash from the cryptocurrency community. Many netizens believe that TwelveFold’s practice of requiring users to pay the full amount to participate in the bidding is unreasonable.
According to reports, the TwelveFold series contains 300 limited-edition generative works of art, of which 288 works are auctioned and the remaining 12 are used for donations or charity.
However, according to TwelveFold’s auction rules, all bids must be made in Bitcoin, and participating bidders must send the full bid amount to a Bitcoin address controlled by Yuga Labs, and wait until 7 a.m. tomorrow morning to confirm the top 288 bidders in the final bid before returning the Bitcoin to the unsuccessful bidder.
It is conceivable that as soon as the above auction rules were exposed, they immediately attracted criticism from the community. Some netizens pointed out that having to manually refund unsuccessful bidders is like going back to the Stone Age.
The Bitcoin NFT series TwelveFold, launched by Yuga Labs, the parent company of BAYC, received a lot of attention before its release, but after the official launch of the auction this morning (6), it triggered a strong backlash from the cryptocurrency community. Many netizens believe that TwelveFold’s practice of requiring users to pay the full amount to participate in the bidding is unreasonable.
According to reports, the TwelveFold series contains 300 limited-edition generative works of art, of which 288 works are auctioned and the remaining 12 are used for donations or charity.
However, according to TwelveFold’s auction rules, all bids must be made in Bitcoin, and participating bidders must send the full bid amount to a Bitcoin address controlled by Yuga Labs, and wait until 7 a.m. tomorrow morning to confirm the top 288 bidders in the final bid before returning the Bitcoin to the unsuccessful bidder.
It is conceivable that as soon as the above auction rules were exposed, they immediately attracted criticism from the community. Some netizens pointed out that having to manually refund unsuccessful bidders is like going back to the Stone Age.
Another Twitter user, Ordinally, commented, “Yuga Labs has established a very bad priority in such an auction. They took over the bidder’s bitcoin and promised to return the unsuccessful bid. There is no doubt that they will return, but this mode is the ideal mode that scammers like, and credible players need to set a better example.”
In response to this netizen’s view, even Casey Rodarmor, the creator of the Bitcoin NFT protocol Ordinals, forwarded a post in agreement:
In a post, Casey Rodarmor strongly condemned Yuga Labs’ approach as “depraved bullshit behavior” and said that if Yuga Labs dared to hold a similar auction, he would definitely call on others to boycott the project.
According to data from the official TwelveFold page, as of press time, there are 288 addresses participating in the auction. Among them, there were more than 0 addresses with bids between 13.0 and 03.200 BTC, the highest bids for addresses starting with “BC1PDK” with 2 BTC, and the 2nd to 10th addresses with bids between 0.5 and 1.11 BTC.
The annual industry forum event – Blockchain Application Law Summit Forum, hosted by Blocker and Argoblocks, the blockchain block consultant, and co-hosted by KryptoGO 2023—Grand debut on April 4. The Forum aims to gather legal practitioners and industry professionals of financial technology regulations to discuss the legality of blockchain applications, hoping to provide a law-friendly entrepreneurial development environment for global industry players at the beginning of the development of science and technology, and then settle in Taiwan and drive a new era of technology law.
