Yuga Labs’ first Bitcoin NFT collection saw some backlash from the crypto community over the weekend, pointing to flaws in the way the market was traded.
Nonfungible token (NFT) company Yuga Labs is facing criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, for how it plans to market its new Bitcoin NFT collection.
On March 5, Yuga opened bidding for its “TwelveFold” collection, in which 300 NFT images will be set in satoshis using the Bitcoin-native legal system, with 288 from the collection sent to the top 288 sellers. up.
According to the press release of March 5, those who participate in the booking process will send all their money in Bitcoin.
to a unique BTC address controlled by Yuga. Winners will only be paid the BTC they contribute, while Yuga said it will return BTC to those who didn’t invest much.
However, such a strategy has attracted the ire of some people in the crypto community, and some indicate that the use of handouts to provide financial compensation for unsuccessful contributions is like “rock time”.
The user behind the Twitter account targeted Ordinals who called the “common” type of auction “a scammer’s dream”, as they also doubted that Yuga would keep BTC through investment, the way he from conducting the auction puts “the best and the worst” .
The post also saw a response from Bitcoin Ordinals creator Casey Rodarmor, who joined the conversation heavily, telling Yuga to “shame on you” and calling the market’s behavior “horrible. ”
He added that if Yuga were to sell similar products, he would encourage others to stop the service.
Other users pointed out the weakness of the sales process, saying that it is possible that some may be overpaying for TwelveFold because of the huge price difference between the highest price and the lowest price. lowest and 288 highest.
Despite criticism from some, many were happy to see a big project like Yuga – which gained popularity thanks to its many Ethereum-based NFT collections – move to Bitcoin.
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Ordinal, who criticized the collection, later tweeted thanks to “Yuga is making an effort to try to follow the path of Bitcoin in establishing this market.”
A group based on Ordinals, Ordinal Pizza OG, expressed its excitement for Yuga’s BTC collection, calling it “a great net positive for Ordinals.”
The criticism was not enough to stop the lenders from trying to find the best place to get Yuga’s first BTC collection.
At the time of writing, the highest price is 1.11 BTC (about $25,000), according to the TwelveFold website, and the lowest price is 0.011 BTC, or about $250.