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Yuga Labs Faces Heat Over Auction of TwelveFold Bitcoin NFTs

1 min
Updated by Geraint Price
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In Brief

  • Auction for the TwelveFold, Bitcoin NFTs from Yuga Labs is live.
  • Users have criticized the bidding process.
  • Some demand that Yuga Labs should protect the IP of Crypto Punks.
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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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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.