April 1, 2023

Controversy Surrounds Yuga Labs’ Bitcoin Auction for NFT Collection

Yuga Labs, the NFT giant, has come under fire for its upcoming “Twelvefold” auction, which involves participants sending Bitcoin to a unique Bitcoin address owned by the company. The auction includes 300 NFTs, with 288 listed for auction and the remaining 12 going to contributors, donations, and philanthropic efforts.

Casey Rodarmor, the inventor of Ordinals, called the auction “degenerate” due to the risk it poses to participants’ Bitcoin holdings. Yuga Labs defended the auction process, stating that it was necessary to ensure fairness and transparency.

However, many in the NFT community have expressed concern over the auction process, with some calling for Yuga Labs to reconsider its approach. The controversy has highlighted the need for greater regulation and oversight in the NFT space, particularly when it comes to auctions and sales.

Despite the controversy, Yuga Labs’ Twelvefold auction is expected to be highly competitive, with many collectors eager to add the NFTs to their collections. The auction is set to take place in the coming weeks, and it remains to be seen how it will be received by the NFT community.

Leave a Reply

Your email address will not be published. Required fields are marked *