Yuga Labs shares its plans and takes a great deal of pride in making its official announcement of the launching of its TwelveFold auction. This happens to be slated for the 5th of March, 2023, and be held for a period of a day.
This auction will be showcasing a total of 228 TwelveFold ordinal inscriptions. This will be on the Bitcoin blockchain. Yuga Labs came out with this experimental NFT collection, TwelveFold, by the end of the last month. There are plans to keep TwelveFold inscriptions on hold for the benefit of donations and contributors, as well as for philanthropic purposes.
However, to take part in the auction, users will be required to have with them two Bitcoin wallet addresses. The suggestion is for it to be a Taproot-enabled custodied BTC wallet address for the obtaining of an inscription. Where the two addresses are concerned, one wallet address is required to have the Bitcoin that will be utilized for bidding.
The second wallet requires it to remain empty. It is to be used as the obtaining address. In this wallet will be forwarded the ordinal inscription. In case the bid is not accepted, it will be this very wallet that will be utilized for the return of the bid. The wallet should not contain some other Bitcoin.
Once ready, the bidder, in the next step, is required to visit the official TwelveFold.io site. At the commencement of the auction, the bidder will duly receive a form for mentioning the address.
Following that, a provision will be made for a unique deposit address through which it will be made possible for the bidder to carry out the bidding. In case the bidder happens to be somewhere in the top 288 bids, the auction leaderboard, which will be on TwelveFold.io, will display the exact status of the bid.
The bidding will be in favor of the top 288 bidders. One TwelveFold piece will be forwarded to the obtaining wallet. In the case of bidders not having their bids accepted, they will find their Bitcoin coming back to them. However, this will not be possible in the case of a custodial wallet being owned by a third party, such as Coinbase, Binance, Kraken, and the like.
The procedure of inscription will be visible in the themes of the collection in order to provide the entire experience. It will take a week’s time for successful bidders to be able to get their TwelveFold ordinal inscriptions once the auction is over and done with.
Source: https://www.cryptonewsz.com/yuga-labs-announce-its-twelvefold-auction/