Bitcoin Ordinals Launch Triggers Demand for Yuga Labs NFTs

Hours after Yuga Labs launched its TwelveFold non-fungible token on the Bitcoin blockchain, other NFTs by the issuer are seeing a push.

In the meantime, Yuga Labs concluded the TwelveFold auction with earnings of $16.5 million in a single day.

Yuga Labs Concludes Auction

The TwelveFold auction, which featured a constrained collection of 300 generative works encoded onto satoshis on the Bitcoin network, was concluded by YugaLabs on March 6.

NFT influencer tropoFarmer took to Twitter to call the sale a ‘financial success.’ The highest bidder reportedly paid $161,000 among 288 bidders who took home collections from the NFT auction. The sale made a total of a whopping 735 BTC or $16.5 million in 24 hours.

the TwelveFold auction just concluded, earning a total of 735 BTC / $16,500,000 in 24 hours, with the highest bidder paying $161k. biggest bear market drop by a mile, and it wasn’t even on Ethereum 😂
I’d say the Yuga ordinals experiment was a massive financial success. pic.twitter.com/DUC2cKrZxo
— tropoFarmer 🍌 (@tropoFarmer) March 6, 2023

Yuga Labs’ Collections Dominate the NFT Market

NFTs by Yuga Labs are dominating the top sale list on DappRadar. Collections from Bored Ape Yacht Club (BAYC) and CryptoPunk NFTs are recurring in the last at least 40 sales on the platform. DappRadar had previously noted that Yuga Labs’ BAYC, MAYC, BAKC, Otherdeeds, and Sewer Pass collections had provided an edge to the issuer.

Not only have they been among the top 10 NFT collections, but the company also managed to dominate 30% market share of the total NFT trading activity on Ethereum through them.

In the last seven days, BAYC (8.17%), CryptoPunks (8.05%), Otherdeeds (3.66%), and MAYC (3.49%) were the top four NFTs by market capitalization on NFTGo.

Six of the top ten NFT purchases in February, according to DappRadar, were of CryptoPunks. They reportedly earned a combined $5.3 million. Meanwhile, the Golden Key Sewer Pass sold for 1,000 ETH was the largest NFT transaction of the month.

TwelveFold’s launch aimed to strengthen the company’s revenue on the side of royalties. However, many from the community, including creator Casey Rodarmor, criticized the bidding procedure due to its complexity. Contrarily, others were excited about the marriage of NFTs with BTC.

This mixing of Bitcoin culture and NFT culture that is happening through ordinals is the healthiest thing that has happened to crypto in years. I’m reconsidering some of my beliefs and people are respectfully listening to my thoughts as well.
— Leonidas.og (@LeonidasNFT) March 6, 2023

That said, while sales volume has brought good news for Yuga Labs, floor prices have remained weak. According to recent research by Delphi Digital, top collections like BAYC and MAYC have failed to recover since their 2022 peaks. This coincides with the bear crypto market since the high-profile bankruptcies.

The two top collections by Yuga Labs have reportedly seen a 20% drawdown.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Source: https://beincrypto.com/bitcoin-ordinals-twelvefold-launch-success-yuga-labs-nfts/