Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, recently concluded its Ordinal Inscription auction, generating a whopping 735.7 bitcoin, worth over $16 million. However, despite the record-breaking sales, some individuals have expressed their dissatisfaction with Yuga Labs’ auction model.
The Twelvefold collection of inscriptions, which is composed of 300 unique pieces, was auctioned off to a total of 3,246 bidders. The highest bid was 7.1159 bitcoin, equivalent to $160,000. The successful auction has further cemented Yuga Labs’ position as a leading player in the NFT market.
However, some individuals have criticized Yuga Labs’ auction model, claiming that it favors wealthy bidders and excludes smaller investors. The high prices of the NFTs have also been a point of contention, with some arguing that they are overpriced and not worth the investment.
Despite the criticism, Yuga Labs remains confident in its auction model and the value of its NFT collections. The company has stated that it is committed to creating unique and valuable NFTs that appeal to a wide range of investors.
The success of the Ordinal Inscription auction is a testament to the growing popularity of NFTs and the potential for significant profits in the market. As more individuals and companies enter the space, it will be interesting to see how the market evolves and whether Yuga Labs’ auction model will continue to be successful.
