‘Scammers dream’ — Yuga’s auction model for Bitcoin NFTs sees criticism
Yuga Labs' first Bitcoin NFT collection saw some backlash from the crypto community over the weekend, pointing to flaws in the way it's conducting the auction. 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 b