"Remember the NFT market is dead, apparently it's still alive."
Yuga Labs' auction of TwelveFold's collection of Bitcoin (BTC)-backed non-fungible tokens (NFTs) or better known as Ordinals has ended with 288 bidders worth $16.49 million.
It is known that TwelveFold has received a total of 3,246 bids, with the highest bid worth $159,000 on Sunday while the lowest was around $50,000.
NFT TwelveFold is a generative artwork that inscription on the BTC blockchain through Ordinals, where it is a combination of 3D graphics including hand-drawn features and every 288 units won in today's auction will be generated by the same code.
However, the creator of BTC Ordinals named Casey Rodarmor criticized Yuga for causing some controversy when a potential holder of TwelveFold was found to have to deposit the entire amount of his bid directly to Yuga.
This is because the process can easily be manipulated by the project creators who want to steal a certain amount from the bidders for their own benefit.
The structure of TwelveFold's bidding process reflects the current disconnect between BTC Ordinal NFT and the lack of digital infrastructure that caters to the new medium.
Despite only starting its launch at the end of January, over 325,000 Ordinals have been subscribed while Galaxy Research predicts the BTC NFT market will reach $4.5 billion by 2025.
