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Crypto community called Yuga’s Bitcoin NFT auction model “Scammers Dream”

Over the weekend, people in the cryptocurrency community complained about Yuga Labs’ first Bitcoin NFT collection and pointed out problems with how the auction is being run.

The founder of Bitcoin Ordinals and other people in the cryptocurrency community have criticized Yuga Labs for how it plans to sell its latest batch of Bitcoin nonfungible tokens (NFTs) at auction.

On March 5, Yuga started taking bids for its “TwelveFold” collection, which is made up of 300 photographs that look like NFTs and are written on Satoshis using a protocol called Ordinals that is built into Bitcoin. The top 288 bidders will each get 288 of the items.

Participants must send their entire bid amount in Bitcoin to a specific Bitcoin wallet that Yuga controls in order to take part in the bidding process. Yuga said that those who didn’t place the highest bid would get their BTC back, while those who did would only have to pay the amount they bid.

But some people in the cryptocurrency community don’t like this plan. They say that having to manually process refunds for lost bids is like living in the “stone age.”

The owner of a Twitter account for Ordinals called the idea of the auction a “scammers’ dream” and said that even though they didn’t think Yuga would protect the BTC from losing bids, the way the auction was run sets a “REALLY bad precedence.”

Even Casey Rodarmor, who wrote Bitcoin Ordinals, posted on the page, telling Yuga to “get fucked” and calling the way the auction was run “egenerate nonsense.”

He went on to say that if Yuga held a similar auction, he would tell people very strongly to fight it.

Several people complained about the auction system, pointing out that there could be a big price difference between the highest and lowest bids in the top 288. This could cause some people to pay too much for a TwelveFold.

Even though some people didn’t like it, many people were glad to see a big project like Yuga, which became well-known because of many NFT collections based on Ethereum, switch to Bitcoin.

When setting up this auction, Yuga tried to go the Bitcoin route, which Ordinally, who had attacked the collection, later praised.

The Ordinals-based collection Ordinal Pizza OG said that Yuga’s BTC collection was a “huge net benefit for Ordinals.”

despite the criticisms, rich people still wanted to bid for the top spot to win Yuga’s first BTC collection.

At the time of writing, the highest price on the TwelveFold website was 1.11 BTC, which is about $25,000. The lowest bid that was reported was 0.011 BTC, which is about $250.

Content Source: cointelegraph.com

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