Yuga Labs’ First Bitcoin NFT Auction Nets $16.5M In 24 Hours

Yuga Labs’ First Bitcoin NFT Auction Nets $16.5M In 24 Hours

On Monday afternoon, Yuga Labs Inc., the company behind the top nonfungible token series Bored Ape Yacht Club, held a sale for its first bitcoin-based collection, dubbed “TwelveFold,” and garnered $16.5 million. The company has announced that 288 successful bidders would receive one of the Bitcoin NFTs from the inventory within one week, while failed bidders will have their initial investment returned to them within twenty-four hours.

Late in February, Yuga released a new art series called TwelveFold, which he called “a graphic allegory for the encryption of data on the bitcoin blockchain” and which was “inspired by bitcoin.” Three hundred pieces of the collection’s generative art were created with that motif in mind. Although while NFTs can be launched on the bitcoin blockchain, this is not a common practise. Since the introduction of the project in January, the number of NFTs uploaded to the bitcoin blockchain that make use of Ordinals images that are “inscribed” on the blockchain has increased dramatically.

In contrast to other NFT collections from Yuga Labs, TwelveFold is the first to be distributed via the bitcoin blockchain. Bored Apes Yacht Club, Mutant Ape Yacht Club, Otherside virtual land plots, Cryptopunks, and Meebits are just some of the company’s other NFT collections that have been released on the Ethereum blockchain. Each of the 288 Bitcoin Ordinals-based NFTs was auctioned off, with the highest bidder paying just over 7 BTC. Tokens representing non-fungible digital assets, such as works of art, songs, video game items, concert tickets, and other intangible or tangible goods, are known as non-fungible tokens (NFTs), a subset of crypto assets based on blockchain technology. Due to the fact that NFTs are exchanged on blockchains and stored in crypto wallets, they have a market value that can be purchased, sold, and traded for cryptocurrency.

After only 24 hours, the auction for Yuga Labs’ first collection of Bitcoin Ordinal nonfungible tokens brought in $16.5 million. By using “satoshis,” the smallest unit of bitcoin named after bitcoin’s anonymous developer, Satoshi Nakamoto, it is feasible to store photos on the blockchain. In total, 288 lucky bidders took home a piece of Bitcoin NFT art from the “TwelveFold” series. Yuga promised the inscriptions to the winners will be sent out within a week, and he promised to refund the money to the losers within 24 hours. In a late February announcement, Yuga called the collection a “base 12 art system centred on a 1212 grid, a visual allegory for the mapping of data on the Bitcoin blockchain.” Yuga employed a recently released mechanism for adding NFTs to the bitcoin blockchain called Ordinals, which required a custom protocol.

Debate arises about the bidding process during an auction.

Since all bids had to be sent in bitcoin to a single address that Yuga managed, the auction’s technique was received with scepticism from the cryptocurrency community. They said that those who won would get their NFT and those who didn’t would get their money back. The idea of handing over money to a firm in the event of failure and then having to wait for a reimbursement was unsettling to the community. There were only 300 of these available, and the sale started on Sunday and lasted for 24 hours. There were 3,246 bids in total, with 288 buyers spending a total of $16.49 million in BTC to win the auction. Bidding went as high as 7.1159 BTC, or about $159,500, and as low as 2.2501 BTC, or just over $50,000.

Twitter user “ordinally,” whose account is dedicated to the Ordinals, chimed in on the debate as well, calling the situation a “scammer’s fantasy” because the Ordinals were “taking custody of bidders’ bitcoin.” He continued by saying that he had no evidence to suggest that Yuga was acting fraudulently, but that this would be a poor model for future auctions.

Complete Details on Galaxy Digital Wins Auction to Buy GK8

Complete Details on Galaxy Digital Wins Auction to Buy GK8

What is Galaxy digital?

Investment management and financial services are provided by Galaxy Digital Holdings Ltd. Trading, asset management, investment banking, mining, and principal investments are some of the Company’s business segments. It provides services in the blockchain technology, cryptocurrency, and digital asset sectors.
The Company makes investments at all levels of the capital structure, including large and small capital cryptocurrency investments, contributions to illiquid initial coin offerings (ICO) and pre-ICOs, early- and later-stage venture capital, growth equity, private equity, and all types of secured, unsecured, and structured lending.
In the area of digital assets, it offers counterparty access. Additionally, the Company provides various investment banking services during a transaction.

Founder the Company

Mike Novogratz, a former hedge fund manager and captain of Princeton University’s undergraduate wrestling team, seems well-liked by many. He may be more well-known as a risk-taker who has amassed significant victories — and substantial losses first at Goldman, then at Fortress Investments, or possibly as a result.
His merchant bank, Galaxy Digital, which bills itself as the bridge between the crypto and institutional worlds and is wholly dedicated to cryptocurrencies and the potential of emerging blockchain technology, is now his attempt to resurrect his riches. Even if it may be a considerable success, failure still seems possible. At the very least, Galaxy had lost at least $136 million in the trade as of November.
Englebardt is a veteran media and digital investor who started managing funds for Novogratz’s family business before eventually co-founding Galaxy with Novogratz. Greg Wasserman and Englebardt co-manage the Company’s significant investments division when they were both in San Francisco for the weeklong Game Developers Conference. Englebardt was in town from New York for the event. The team makes investments using two sources of funding: its balance sheet and the $325 million EOS.io Ecosystem Fund, a joint venture with Block. one that is dedicated to funding enterprises that make use of the EOS.io blockchain technology. We enquired how Galaxy would be taxed in 2018 and how Englebardt, Novogratz, and the rest of their workforce of 75 persons will be able to provide the expected returns.

Galaxy Digital won the auction.

Galaxy Digital, a financial services company with a cryptocurrency emphasis founded by Mike Novogratz, said in a press release on Friday that it had won the auction for the self-custody platform GK8 from bankrupt cryptocurrency lender Celsius Network.
Although financial details of the transaction were kept under wraps, Galaxy spokesperson Michael Wursthorn claimed the amount was much less than what Celsius spent a year earlier. According to reports, Celsius purchased GK8 in November 2021 for $115 million. Bloomberg previously covered the Galaxy-GK8 agreement.
The purchase would help Galaxy Digital Company to increase the range of its prime brokerage services. A team of about 40 professionals of cryptographers, and blockchain technologists, will be joining the Company. According to the Company, the purchase, pending regulatory clearance, will increase Galaxy’s worldwide reach by adding a new office in Tel Aviv, Israel.
As the Company’s founder and CEO, Novogratz, remarked in the statement, “Adding GK8 to our primary offering at this critical juncture for our industry also underlines our continuous determination to take advantage of the strategic opportunities to build Galaxy sustainably.”
In July, Celsius filed for bankruptcy protection and listed some of its assets for sale due to a decline in the cryptocurrency market. Galaxy, on the other hand, abandoned its plan to spend $1.2 billion for bitcoin custody specialist BitGo.
In August, Galaxy said that BitGo had yet to submit financial accounts by July 31. In September, BitGo filed a lawsuit against Galaxy for damages after the acquisition fell through.