- It will end on March 6 at 15:00 UTC
- Participants are offered to send their bets to one BTC wallet
- Yuga “promises” to return the money if he loses
- The model faced a flurry of criticism, including from the creator of Ordinals
- He called the studio project “degenerate nonsense”
Last Tuesday, February 28, Yuga Labs announced the TwelveFold NFT collection. This is one of the first major projects based on the Ordinals protocol.
What is interesting is the way the studio chose to implement it. The authors of the collection invited users to take part in the auction, which immediately caused a flurry of criticism.
288 out of 300 tokens will go under the hammer. Another 12 NFTs will be left for project sponsors and charitable programs. The auction started yesterday, March 5, at 15:00 UTC.
To place a bet on a particular lot, the user must send a certain amount to the Yuga BTC wallet. If he wins, he will receive a token, otherwise the studio promises to return all funds.
And it is precisely this mechanism that has caused a wave of criticism. Like this, for example, commented situation of one of the NFT collectors:
“The auction from Yuga starts tomorrow. Everyone will send bitcoins to one wallet. And if your bet does not play, you are promised a refund. Apparently, we are still in the Stone Age.”
In fact, Yuga sets a dangerous trend. Such auctions in the future are a real dream for scammers. There are no guarantees or full transparency of rates.
situation commented and Ordinals creator Casey Rodardmore. According to him, the auction model from Yuga Labs is “degenerate nonsense.” He also mentioned an interesting phrase: “Shitcoiner once, shitcoiner forever.”