Some in the crypto community, including the creator of the Bitcoin Ordinals protocol, weren't too crash-hot about Yuga Labs’ model for auctioning its new Bitcoin-based collection.
, those participating in the bidding process will be required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.
Such a plan however has earned the ire of some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.” so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it backThe user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.”
Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yuga Labs' Bitcoin NFT collection TwelveFold to be auctioned SundayOf the 300 NFTs on offer, 288 will be available for sale. There will be 12 held back for contributors, donations and philanthropic efforts.
Read more »
Galaxy Digital Report Predicts Bitcoin NFT Market Could Reach $4.5 Billion by 2025 – Bitcoin NewsA Galaxy report on the subject says the market size of NFTs built on Bitcoin could reach $4.5 billion over the next two years.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Recent Losses to Start the Weekend – Market Updates Bitcoin NewsBitcoin consolidated recent losses on March 4, as cryptocurrency markets marginally stabilized from Friday’s sell-off.
Read more »
Nifty News: Dan Harmon’s NFT show set for season 3, NFT-friendly Square Enix CEO steps down and more…Dan Harmon’s NFT-related cartoon show Krapopolis has been renewed for a third season by Fox, and Magic Eden is offering free access to 13 blockchain games as part of “Mint Madness.”
Read more »
NFT Sales Dip by 32% in the Last Week, Ordinals Squeeze Into Top 10 Collections via Emblem Vault – Markets and Prices Bitcoin NewsAfter a significant spike in February, sales of non-fungible tokens (NFTs) in the last seven days are 32.32% lower than last week.
Read more »
EOS Soars 8% While Bitcoin Marked 18-Day Low: Weekend WatchEOS is among the few exceptions well in the green following the Friday crash.
Read more »