Pit avoidance guide: How to correctly rush into Yuga Labs' Bitcoin NFT auction?

TwelveFold

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At 7 a.m. Beijing time today, the highly anticipated Yuga Labs Bitcoin NFT series "TwelveFold" was officially auctioned. The TwelveFold collection features 300 limited-edition pieces of generative art, each engraved on the Bitcoin blockchain; each NFT piece is a 12 x 12 grid combining 3D graphics and hand-painted features, designed and produced by Yuga Labs' in-house art team creation.https://twelvefold.io/）。

According to the official plan, a total of 288 works have been put up for the auction (the number is really small), and the remaining 12 are temporarily reserved for future donations or charity; the auction will end at about 7:00 on March 7, Beijing time , interested users can log on to the official website to participate (Odaily checked and found that there is a large gap in the bids of participating addresses:

The address with the highest bid quoted 2 BTC, followed by 1.11 BTC (second), 0.69 BTC (third), 0.63 (fourth), and 0.59 BTC (fifth); the quotation was above 0.1 BTC (inclusive) There are a total of 112 addresses, accounting for 38.8%; the current lowest bid is 0.04 BTC. There are still 14 hours before the end of the auction, and the floor price will continue to rise.

In addition, Odaily also found that 20 addresses participating in the auction filled in the "acceptance address" starting with 3, which means that they may not be able to get TwelveFold in the end.According to the official documentation,Users must use a Taproot self-hosted BTC wallet address to receive TwelveFold, the officially recommended Ordinals wallets are Sparrow Wallet, Hiro, Xverse and Casa. Taking Xverse as an example, after the user registration is completed, two addresses will be defaulted, the Bitcoin receiving address (beginning with 3), and the Stacks address (beginning with SP); at this time

The user needs to adjust the wallet settings, find an address that supports the Ordinals protocol (starting with BC 1), and copy the address to the TwelveFold auction website.The receiving address filled in by the user has two main functions: if the bidding is successful, Yuga Labs will transfer the NFT to it; if the bidding fails, Yuga Labs will return the user's bidding funds to this address.

For those users who fill in the wrong receiving address, even if they win the auction in the end, Yuga Labs will only refund the final high probability and will not transfer the NFT. Currently, two of the top ten addresses have wrongly filled in the receiving address, and the one with the highest bid Auction 4th (0.63 BTC).Finally, regarding this auction, the official issued a reminder: 1)The receiving address is preferably an empty wallet, don't have any bitcoins, prevent mis-sending of Inscription NFT mixed with other satoshi (Satoshi). 2 )Be sure not to use third-party wallet addresses such as Coinbase, Binance, Kraken, etc. to bid, otherwise you will not be able to get a refund - the best way is to withdraw coins from the exchange to the wallet address on the chain, and then deposit coins to the Bid address given by the twelvefold website. 3) The auction result is determined according to the last block before the end of the countdown, soDon't bid at the last minute

, to prevent the transaction from being packaged.

It is understood that the "TwelveFold" auction model has also caused dissatisfaction in the encryption community, including the creator of the Ordinals protocol. Some members of the crypto community pointed out that for unsuccessful bids, refunds must be manually made, just like in the "Stone Age".@veryordinallytwitter user

Said: "Yuga Labs establishes a very bad prioritization in auctions like this. They take over bidders' bitcoins and promise to send unsuccessful bids back. No doubt they will, but this model is An ideal model that scammers like, credible players need to set a better example.” Anthony Guerrera, creator of the Bitcoin Ordinals protocol, agrees, calling Yuga Labs’ auction practices “degenerate” and if Yuga conducts a similar auction , he would encourage others to boycott the project.