Yuga Labs’ Bitcoin NFT Auction Sale A Huge Success, Rakes In $16.5M

Yuga Labs has completed the first Bitcoin NFT auction sale. Over 10,000 bidders participated in the Yuga Labs auction, which featured 10,000 unique NFTs and raked in 735 BTC worth almost $16.5 million at market price.

In a Twitter post, Yuga Labs congratulated the 288 winners and promised to send their Bitcoin NFTs within seven days. The company also assured the other bidders who lost of returning their BTCs to their wallets within 24 hours.

The company has promised to return the BTCs of the unsuccessful bidders to their wallets within 24 hours. The highest bidder among the winners paid slightly over 7 BTC, equivalent to $161,000 for a single Bitcoin NFT. The winners are thrilled to receive their NFTs and eagerly share news of their victory on social media.

Bitcoin NFT Auction: Criticisms And Concerns

Yuga Labs faced criticisms and concerns despite the success of its Bitcoin NFT auction. Some critics raised concerns over the company’s decision to have bidders send their BTCs to its wallet before the auction, warning of potential fraud in the future.

Yuga Labs received criticism from Casey Rodarmor, the creator of the Ordinals protocol, who warned against repeating its process. He threatened to distance himself from the project and influence others to do the same. Another Twitter user, Giancarlo, questioned Yuga Labs’ practices, suggesting the company was outdated by manually returning lost BTCs.

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Twitter users expressed concerns that Yuga Labs’ model could set a dangerous precedent for future fraudulent acts. While Yuga Labs may keep its promise to return BTCs to those who lost, other scammers may still need to, according to some users.

The Yuga Labs auction successfully set a precedent for adopting the Ordinals protocol in the NFT sector. However, Critics and Twitter users have raised concerns that cannot be ignored, and Yuga Labs may need to review its model to address these concerns. It is unclear whether fraudsters will use the Yuga Labs model to deceive buyers, as the skeptics were concerned.

The author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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