March 28, 2023

Yuga Labs’ Debut Bitcoin NFT Collection Sells for $16.49 Million

Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club, has successfully concluded the auction of its debut Bitcoin NFT collection, TwelveFold. The 24-hour auction, which began on Sunday, saw 288 successful bidders nabbing as many pieces in the limited series, spending a combined $16.49 million worth of BTC.

According to a Yuga spokesperson, the TwelveFold collection garnered 3,246 total bids during the auction, with the highest bid being 7.1159 BTC, or roughly $159,500. The lowest successful bid was 2.2501 BTC, or just over $50,000.

The top 288 bidders will receive their inscriptions within the week, per Yuga. The last 12 pieces of the 300-count limited series will be held for contributors and distributed as part of Yuga’s philanthropic programs.

Yuga Labs, a $4 billion company, has only ever previously released NFTs on the Ethereum blockchain. The TwelveFold collection marks the company’s first foray into the Bitcoin NFT market.

The auction was not without controversy, as some critics questioned the high prices of the NFTs and the environmental impact of Bitcoin mining. However, Yuga Labs defended the auction, stating that it was a “celebration of the intersection of art and technology.”

Despite the criticism, the success of the TwelveFold auction highlights the growing popularity of NFTs and the potential for Bitcoin to become a major player in the NFT market.

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