- Yuga Labs bitcoin NFT auction on Ordinals sold out in minutes.
- The 300 TwelveFold NFT collection raised more than $15 million from the auction.
- The highest bid for a single NFT was 7.1159 BTC.
Yuga Labs pounced on the surging NFT sales and the growing popularity of Bitcoin NFTs to launch the TwelveFold NFT collection on Ordinals. The auction for the bitcoin-minted NFTs closed on March 6, selling out in minutes.
The most expensive TwelveFold NFT bid stood at 7.1159 BTC or about $159,660 while the lowest bid was 2.2501 BTC ~$50,466. The collection raised more than $15 million from the auction.
The auction could not have been timed more perfectly. Last week, NFTgators published the NFT market report for February, which showed a huge resurgence in NFT sales. The industry realised a total transaction volume of nearly $2.5 billion, the highest since April last year, and at least twice as much as any single month over the past 10 months.
The huge increase was partly driven by the surging Blur NFT transactions amid its creator fee battle with OpenSea.
The industry also benefitted from the rising popularity of bitcoin NFTs, with Ordinals registering 246k in NFT sales.
TwelveFold sold 288 NFTs based on a leaderboard that ranked the highest bid to the lowest bid. The company said the accounts of bids that did not appear on the leaderboard will receive full refunds.
“The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week. Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours,” Yuga Labs posted in a Twitter post.
However, while the Auction sold out quickly, some users complained about the speed at which inscriptions were being processed.
Based on the data from the auction leaderboard, a majority of the NFTs sold for a price between 2.2501 BTC and 3 BTC.
There were two NFTs that went for 7 BTC or more, while another 23 went for a price between 3.01 BTC and 4.12347594 BTC.
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