March 28, 2023

Yuga Labs, a blockchain technology company, has made headlines with its recent auction of its first Bitcoin NFT project, TwelveFold. The auction, which ended on Monday, saw 289 successful bidders secure pieces in the limited collection, collectively spending over $16.5 million in BTC.

The TwelveFold collection attracted over 3,200 bids, with the highest and lowest successful bids being 7.1 BTC ($159,000) and 2.2 BTC ($50,000), respectively. Yuga Labs has stated that the 289 bidders will receive their Bitcoin NFTs within this week.

The remaining 11 inscriptions of the 300-count limited series will be held for contributors, while others will be distributed as part of the company’s philanthropic efforts.

Yuga Labs has previously launched its NFT collections on the Ethereum blockchain. Along with TwelveFold, other NFT projects owned by the company include Bored Ape Yacht Club and Mutant Ape Yacht Club.

The auction has sparked controversy in the cryptocurrency community, with some criticizing the high prices paid for digital art. However, others argue that NFTs represent a new form of ownership and value in the digital world.

Despite the controversy, Yuga Labs’ successful auction highlights the growing interest in NFTs and their potential as a new asset class. As more companies and individuals explore the possibilities of blockchain technology, it is likely that we will see more innovative uses of NFTs in the future.

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