Announced a week ago, Bitcoin Ordinals, considered the equivalent of non-fungible tokens (NFTs), seem to have found their audience at Yuga Labs. Sales reached $16.5 million in 24 hours.
Yuga Labs had a great nose
It has not escaped you that ordinals, the NFT of the Bitcoin blockchain, have become an early 2023 phenomenon, and according to some reports, their market could reach $5 billion by 2035.
Flying with the wind, web 3 giant Yuga Labs held its first ever Bitcoin NFT auction called “Twelvefold”. And, not surprisingly, it was a jackpot for the creators of non-fungible tokens.
Initially, the company was rather skeptical about the existence of ordinals, which allow you to register a kind of NFT on the bitcoin (BTC) blockchain. But the heavyweight of the industry changed his mind, explaining that he would release the first series a week earlier.
The Yuga Labs Ordinals sold like hot cakes. As a reminder, Yuga Labs is the company behind the famous Bored Apes and Cryptopunks series.
Over 735 BTC in 24 hours
In less than 24 hours, sales reached 735.7 BTC, or more than $16.5 million at current prices. A total of 3246 proposals were made, of which 288 participants were able to leave with an artifact from the TwelveFold collection.
“The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your bid within a week. Valid bids that do not make it into the top 288 will be returned to the recipient’s address within 24 hours. »
However, the difficulty of the TwelveFold NFT auction has been heavily criticized by crypto investors, including Bitcoin Ordinals founder Casey Rodarmore.
To participate in the TwelveFold auction, investors had to send bitcoins (BTC) to a Yuga Labs address via a crypto wallet.
At the same time, they had to use another empty, Taproot-compatible, self-hosted (non-custodial) wallet to receive their NFTs.
Unsuccessful bidders must wait for Yuga to return the funds to their wallet. “Stone Age process,” according to crypto influencer Giancarlo.
Similarly, some NFT investors have become impatient because the Bitcoin blockchain is relatively slower than other blockchains.
However, other players consider TwelveFold to be the cheapest way to enter the Yuga ecosystem.
Count on the ordinals in the future
However, Yuga Labs’ first attempt at creating the Bitcoin Ordinals universe was a notable success. This may well herald the beginning of a new era… despite the ongoing debate over protocol.
The cheapest coin sold for $50,000, while the most expensive sold for almost $160,000. Thus, the sale was a huge success for Yuga Labs’ first test.
A total of 3246 bids were made, of which 288 bidders will walk away with an artifact from the TwelveFold collection. Therefore, there is no doubt that the company will offer other sets of ordinals on Bitcoin in the future.
However, please note that the TwelveFold series is not intended to be integrated into the growing Yuga Labs ecosystem: it will work outside of other projects. Which also calls into question the viability and future of the ordinals.
Thus, the Ordinals protocol, created in early 2023, seems to confirm that it will have to be relied upon in the future. Yuga Labs, as a major player in the NFT industry, has just realized this, and with it, the whole sector of the industry. In any case, NFTs are not dead, as proof, a recent poop sold for $28,000 in bitcoin.