Yuga Labs’ inaugural Bitcoin NFT auction nets $16.5M in just 24 hours

• Yuga Labs has concluded its first inaugural Bitcoin Ordinal NFT collection auction.
• The collection comprises a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network.
• The auction brought in $16.5 million for the firm in 24 hours.

Yuga Labs, Inc. announced its first Bitcoin Ordinal Non-Fungible token (NFT) collection auction in late February. The collection comprises a limited edition collection of 300 generative NFT pieces inscribed on Satoshis on the BTC network.

Yuga Labs described the collection as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”

Yuga Labs has created several NFT collections including Bored Ape Yacht Club (BAYC), spinoff Mutant Ape Yacht Club (MAYC), and virtual land plots for the Otherside metaverse game. It also owns CryptoPunks and Meebits, two “blue chip” Ethereum NFT projects created by Larva Labs that Yuga Labs purchased their IP rights last year.

The highest bidder paid 7 BTC

There were a total of 288 bidders for the Bitcoin Ordinal Non-Fungible token (NFT) collection auction and the highest bidder paid 7 bitcoins (BTC).

The auction which was conducted on the TwelveFold NFT marketplace has been concluded and it has netted a total of (735 Bitcoin) $16.5 million in 24 hours.

Yuga Labs in a tweet said that the bid winners of the NFTs will receive their inscription in one week’s time and the successful bidders will be refunded their bid amounts within 24 hours.

However, despite the smooth running of the auction, Yuga Labs received some backlash from the crypto community over some identified flaws in how the auction was conducted.