Bitcoin NFTs are so-called inscriptions and an ongoing success story. Most recently over 150,000 NFTs were minted on the Bitcoin blockchain. Soon after that milestone was reached, Yuga Labs announced the auction of its very first NFT collection on Bitcoin. It looks like TwelveFold is a success story even though not everybody is happy with how this auction was conducted.

What is TwelveFold? How much money did Yuga Labs raise and in what direction is the market for NFTs heading at the moment?

A controversial bidding process

The bidding process for the TwelveFold NFTs was regarded as highly controversial by some members of the broader crypto community. Yuga Labs chose to collect each bid in BTC and kept those bids in their wallets. The idea was to refund all unsuccessful bids at the end of the auction. Nobody doubted that Yuga Labs would do so, but many felt that this was some kind of encouragement to scammers. Should this bidding process become a standard sooner or later somebody would come along and steal Bitcoin in another auction the critics argued.

Aside from these considerations, the auction was a success and ran for 24 hours and achieved a total of 3,246 bids. The highest successful bid was more than 7.11 BTC which was worth over $159,000 at that time. The lowest successful bid was 2.25 BTC which places the floor price for TwelveFold somewhere in the proximity of $50,000.

The top bidders will receive their inscriptions within one week from Yuga Labs. A total of 288 NFTs were sold and another 12 are kept back for distribution among contributors at a later point in time.

The NFT market is changing

A lot of things are shifting recently in the NFT market. Bitcoin NFTs are on their way to conquering new territory by presenting a new niche. This comes with some hurdles as the critique of the bidding process shows. For instance, Ethereum NFTs are issued with smart contracts and the bidding process for auctions is also designed very differently.

It is not only Inscriptions and the Ordinals protocol that are changing the market currently. With Blur another challenger appeared on the scene and OpenSea is finally contested. These are highly interesting times because many business models in the crypto market tend to keep their pole position due to a network effect. This is the case with Bitcoin and Ethereum. Both have their own merits and both have a lot of competition that never really outshines the two leading platforms. It will be interesting to watch if the current shift is long-term development or a short-term effect.

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