A plebiscite. Announced a week ago, Bitcoin Ordinals, considered the equivalent of non-fungible tokens (NFTs), have apparently found their audience at Yuga Labs. Sales reached $16.5 million within 24 hours. We decipher the phenomenon.
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Yuga Labs’ Bitcoin Ordinals have found their audience
Yuga Labs turned around last week. The company had initially been rather wary of Ordinals inscriptions, which allow pseudo-NFTs to be stored on the Bitcoin (BTC) blockchain. But the heavyweight in the sector had changed its mind, explaining that it would release a first collection a week ago.
It is now done, and the Ordinals of Yuga Labs, which already manages the prestigious collections of Bored Apes and Cryptopunks, have torn off. Sales reached 735.7 BTC, more than 16.5 million dollars at the current price, in less than 24 hours. A total of 3,246 offers were made, and 288 of the participants will walk away with an artifact from the TwelveFold collection.
👉 To go further – What are Bitcoin Ordinals and how do they differ from NFTs?
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The cheapest coin traded for $50,000, and the most expensive one sold for nearly $160,000. The sale was therefore a resounding success for a first test by Yuga Labs. No doubt, therefore, that the company will offer other collections of Bitcoin Ordinals in the future. Note, however, that the collection of TwelveFold is not intended to be integrated into the growing ecosystem of Yuga Labs : it will work outside of other projects.
Yuga Labs had received criticism for the way she conducted this sale – including from the creator of the Ordinals protocol, Casey Rodarmor. The company has indeed used a rather dated protocol to conduct the auctions. Interested parties had to send their BTC to Yuga Labs before being reimbursed if their bid was not accepted. An unreliable process, which raised questions from the community.
Still, this first breakthrough by Yuga Labs in the Bitcoin Ordinals sector is a marked success, and could well herald the start of a new era… Despite the debates that still currently surround the protocol.
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Source: Yuga Labs via Twitter
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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