Yuga Labs Launches Auction of Bitcoin Ordinals NFT Collection
Yuga Labs is facing backlash from the crypto community after releasing its TwelveFold non-fungible tokens (NFTs) on the Bitcoin blockchain.
The Bitcoin NFTs, built using the Ordinals theory, are gaining in popularity, and Yuga Labs wanted to leverage this with an official collection, TwelveFold.
However, the complexity of the bidding process has brought criticism from the community and Bitcoin Ordinals’ creator, Casey Rodarmor.
Yuga Labs Using Stone Age Methodology?
The auction process is such that the bidders must send Bitcoin (BTC) to Yuga Labs’ address through one wallet. At the same time, they must keep another taproot-enabled self-custodied wallet empty to receive TwelveFold inscriptions.
For users who do not win the auction, Yuga Labs will refund the BTC to the receiving wallet. The NFT influencer Giancarlo criticizes the process by saying, “We’re still in the Stone Age.”
Also, as Bitcoin is relatively slower than other blockchains, some NFT enthusiasts have expressed frustration. However, others believe that TwelveFold is the cheapest way to enter the Yuga ecosystem.
IP Rights of Crypto Punks Questioned
Twitter users also criticized Yuga Labs for not protecting the intellectual property (IP) rights of the Crypto Punks. The Bitcoin NFTs became popular last month after someone launched 10,000 Crypto Punks clones, calling them the Bitcoin Punks.
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Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
