“Yuga Labs’ Bitcoin NFT Auction Rakes in $16.5M in Record Time”
Yuga Labs’ Inaugural Bitcoin Ordinal NFT Collection Auction Brings in $16.5 Million
Yuga Labs, Inc. has successfully concluded its first Bitcoin Ordinal Non-Fungible token (NFT) collection auction, bringing in a whopping $16.5 million in just 24 hours. The collection comprises a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network.
The collection, which was announced in late February, is described by Yuga Labs as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.” The generative NFT pieces are unique and cannot be replicated, making them highly valuable to collectors.
Yuga Labs has created several NFT collections in the past, including the popular Bored Ape Yacht Club (BAYC) and its spinoff Mutant Ape Yacht Club (MAYC), as well as virtual land plots for the metaverse.
The success of the Bitcoin Ordinal NFT collection auction is a testament to the growing popularity of NFTs and the increasing interest in cryptocurrency. Yuga Labs’ innovative approach to NFTs has captured the attention of collectors and investors alike, and the firm is expected to continue to push the boundaries of what is possible with blockchain technology.
As the NFT market continues to grow, it will be interesting to see what other unique and valuable collections Yuga Labs and other companies will create in the future. For now, the Bitcoin Ordinal NFT collection stands as a testament to the power of blockchain technology and the potential for innovation in the world of digital art and collectibles.