Nonfungible token (NFT) conglomerate Yuga Labs is facing some criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, over how it plans to auction its new Bitcoin NFT collection.
On Mar. 5, Yuga opened bids for its “TwelveFold” collection which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native ពិធីការ Ordinals, with 288 from the collection sent to the highest 288 bidders.
ការដេញថ្លៃសម្រាប់ TwelveFold បានចាប់ផ្តើម ហើយនឹងបញ្ចប់នៅលើប្លុកភ្លាមៗមុនម៉ោង 3 រសៀល PT ថ្ងៃស្អែក ថ្ងៃទី 6 ខែមីនា ឆ្នាំ 2023។ សូមសំណាងល្អ។https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO
— Yuga Labs (@yugalabs) ខែមីនា 5, 2023
According to a Mar. 5 press ចេញផ្សាយ, those participating in the bidding process will be required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.
Such a plan however has earned the ire of some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.”
ដូច្នេះវិធីដែលការដេញថ្លៃ yugas នឹងដំណើរការនៅថ្ងៃស្អែក គឺអ្នកគ្រប់គ្នាផ្ញើ Bitcoin ទៅកាន់កាបូបមួយ ហើយប្រសិនបើអ្នកចាញ់ការដេញថ្លៃ ពួកគេសន្យាថានឹងផ្ញើវាមកវិញដោយដៃ។
ទំនងជារាប់សិបលានដុល្លារ
we’re still in the stone age
— Giancarlo (@GiancarloChaux) ខែមីនា 5, 2023
The user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.”
យូហ្កា កំពុងបង្កើតអាទិភាពដ៏អាក្រក់ដែលដំណើរការការដេញថ្លៃដូចនេះ។ ពួកគេកំពុងទទួលបន្ទុកលើ bitcoin របស់អ្នកដេញថ្លៃជាមួយនឹងការសន្យាថានឹងបញ្ជូនការដេញថ្លៃដែលមិនបានជោគជ័យត្រឡប់មកវិញ។ មិនសង្ស័យថាពួកគេនឹងធ្វើបែបនោះទេ ប៉ុន្តែគំរូនេះគឺជាសុបិនរបស់អ្នកបោកប្រាស់ ហើយអ្នកលេងដែលអាចជឿជាក់បានត្រូវធ្វើជាគំរូល្អជាង។
- ធម្មតា (@veryordinally) ខែមីនា 6, 2023
The post even saw a response from Bitcoin Ordinals creator himself Casey Rodarmor, who hotly weighed in on the discussion telling Yuga to “get fucked” and called the conduct of the auction “degenerate bullshit.”
He added if Yuga were to conduct a similar auction he would encourage others to boycott the project.
ជាទីគោរព @យូហ្គាបាស,@ជាធម្មតា គឺត្រឹមត្រូវ។ សកម្មភាពបែបនេះបង្ហាញថាសម្រាប់អង្គភាព និងមនុស្សមួយចំនួន៖ "ពេលមួយ shitcoiner តែងតែជា shitcoiner" ។
ប្រសិនបើខ្ញុំផ្ទាល់ Casey Rodarmor ធ្លាប់ឃើញអ្នកមន្ទីរពិសោធន៍យូហ្គា អង្គភាពនេះ ជួបរឿងអាក្រក់បែបនេះម្តងទៀត ខ្ញុំនឹងលាងសម្អាត... https://t.co/COARsn4X0o
— Casey Rodarmor (@rodarmor) ខែមីនា 6, 2023
Other users pointed ចេញ the shortcomings of the auction system, saying it’s possible some could overpay for a TwelveFold due to a possible significant price discrepancy between the highest and lowest bids in the top 288.
yuga is going to make a lot of money with twelvefold haha pic.twitter.com/UF7efYmN0k
— frankdegods.eth (@frankdegods) ខែមីនា 5, 2023
Despite the criticism from some, many were happy to see a large project such as Yuga — who rose to prominence due to multiple Ethereum-based NFT collections — bridge across to Bitcoin.
ដែលទាក់ទង: Luxor Mining ទទួលបាន OrdinalHub ចំពេលមានការឃោសនាបំផ្លើស NFTs ផ្អែកលើ Bitcoin
Ordinally, who earlier criticized the collection, later tweeted appreciation of “the fact Yuga took the effort to attempt [to] go a Bitcoin route when setting up this auction.”
To give credit where credit is due – I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach …
- ធម្មតា (@veryordinally) ខែមីនា 6, 2023
An Ordinals-based collection, Ordinal Pizza OG, សម្តែង excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”
The criticisms weren’t enough to stop cashed-up bidders from wanting to try to cement a top spot to nab Yuga’s first BTC collection.
At the time of writing the top bid was 1.11 BTC (around $25,000) according to the TwelveFold គេហទំព័រ with the lowest bid registered showing as 0.011 BTC, or around $250.
Source: https://cointelegraph.com/news/scammers-dream-yuga-s-auction-model-for-bitcoin-nfts-sees-criticism