Yuga Labs received criticism for their NFT auction from the community
Yuga labs received criticism from the crypto community on their process of organizing the auction for the NFT collection.
On March 5, the Non-Fungible token (NFT) creators Yuga labs planned to auction their “twelvefold” collection along with the Bitcoin ordeal. Around 300 NFT-like images were built on Satoshi using the protocol of Bitcoin-native ordeals. Out of those 288 bidders already received 288 NFTs.
The process of the plan was quite as the cryptocurrency termed ‘stone age’ like. they were not appreciative of the efforts the Yuga labs were making on the auctioning process, as they were considering it a scam rather than an auction.
The yuga labs shared the process of bidding in a press release from 5th march. According to the press release in order to make bids people must send the equivalent amount to a Yuga’s Bitcoin account. Everyone must send the amount for the bidding and except for the winner, the rest of the bidders will get their bitcoin BTC amount back.
The crypto community sees this plan as a scam because they think that if they paid that amount they’ll never get a refund. Instead of refunding the bidding amount they suspect that Yuga will scam them and keep all the money to themselves. From different tweets, one would easily get that Yuga Labs received criticism immensely for their NFT auction from the crypto community.
A Twitter account named ordinally, lashed out at the auction process of yuga claiming it was a ‘scammers dreams’. He also asserted that the entire process is ‘Really bad precedence’.
Some of the responses from the bitcoin ordinal creators angrily weighed in on Yuga’s plans. They even threatened to boycott the project.
A person mocked the entire plan. Further affirmed that this was merely a money-making project as Yuga could earn a lot from this.
Despite all of that there were some who praised the efforts of Yuga for putting so many Ethereum-based NFT collections. Even the ordinally account praised Yuga for going down the bitcoin route. Not only that another ordinal-based collection – ordinal’s pizza – expressed joy over this initiative of Yuga auctioning BTC collection.
However, none of this stopped the people who wanted to bid. The highest bid received thus far was 1.11 BTC which is around $25,000 while the lowest bid was around $250.