YugaLabs’ New Bitcoin NFT Collection Auction Is A “Very Good” Environment For Scammers

Have you come across TwelveFold yet? This Bitcoin NFT project from Yuga Labs, the same mastermind behind Bored Ape Yacht Club, is a revolutionary way to collect assets on the company’s BTC network. Although many anticipated it, Twitter users have unfortunately been criticizing Yuga Labs after their auction launch due to its setup.

Fierce Criticism About Bitcoin NFT Auction

Yuga Labs is offering an incredibly rare opportunity to own a piece of history with their 300 NFT Collection and auction off the collection in 288 parts. By sending BTC bids to the given Bitcoin address, you can enter for your chance to win this amazing asset. The highest bid will be rewarded with ownership; however, all other losing bidders won’t go away empty-handed as Yuga Labs guarantees that they will manually refund them – something critics are calling “comparable to the Stone Age”!

Even though Yuga Labs could opt not to return the million dollars worth of Bitcoin from failure bids, this is unlikely due to their well-known standing in the NFT sector. Their choice of how to organize the auction, however, is highly questionable and has caused a backlash on social media – with many people tweeting out that they need to set a better example or risk being a “scammers dream.”

Since the start of 2021, Ordinals has enabled NFTs to be generated on the Bitcoin network. Unfortunately, their founder Casey Rodarmor was far from pleased with Yuga Labs‘ auction and implored people to boycott them should they repeat anything similar in the future.

Criticisms Aside, There Are Those Who Find YugaLabs “Brave”

Despite their critiques, the Twitter user acknowledges that it’s bold of Yuga Labs to utilize Bitcoin for the auction. Even though Ethereum (ETH) could have been a simpler choice, excitement has only continued to build around TwelveFold, currently setting a record-high bid of 2 whole Bitcoin with an estimated value of nearly $42 thousand!