Yuga Labs’ first Bitcoin NFT collection saw some backlash from the crypto community over the weekend, pointing to flaws in how it conducts the auction.
Cannot change dynamic password (NFT) company Yua Labs has been criticized by the digital currency community for its plan to auction a new bitcoin NFT personal collection, including the founder of the bitcoin number.
On March 5, YUGA gradually auctioned for its "12 times" personal collection, printing the bitcoin original numbering agreement with 300 images similar to NFT on Satoshis, of which 288 were sent to the highest bidders.
According to the press release on March 5, participants in the entire bidding process must send all their BTC bidding quotas to the only BTC detailed address operated by YUGA. The winning bidder only needs to pay for the bitcoin they bid, which YUGA says will return the bitcoin to the highest bidder.
However, this plan has caused exasperation among some in the password world, with some stressing that manual refund for failed tenders is like a "Stone Age M."
The customers behind the Twitter account, which cares about the serial number, "generally" called such auctions "ideal for criminals", adding that although they suspected that YUGA could stop BTC from winning the auction, the way it conducted the auction set a "very bad precedent".
Nien Rodmore, the founder of Bitcoin ordinal, even responded in this post, enthusiastically participating in the discussion, telling Yuga "piss off" and collectively called the auction "evil nonsense."
He added that if Yuga held a similar auction, he would encourage others to curb the project.
Other users described the shortcomings of the auction system software, saying that because there may be a very big price difference between the highest bid and the lowest bid in the first 288 names, some people may vacate 12 times the price.
Although criticized by some, many people are good at seeing projects like YUGA switch to bitcoin. YUGA is famous for several of Etherum's NFT collections.
Generally speaking, critics of the collection later tweeted their appreciation for "the objective fact that Yua spared no effort in trying to follow the Bitcoin route when opening the auction."
The ordinal bound Ordinal Pizza OG expresses the excitement to the BTC binding of Yua, and calls it "the net positive number with extremely large ordinal number".
This criticism is not enough to deter cash-rich bidders from tamping down a leader to get Yua's first BTC collection.
Based on the data of 12 times the page, at the time of writing, the maximum bid was 1.11BTC ($25000), and the minimum bid was 0.011 BTC, or $250,250.