- Yuga Labs launched its first-ever Bitcoin NFT collection on March 5th on Ordinals.
- Yuga Labs takes custody of all the biddersโ BTC, promising to send it back.
- TwelveFold NFT auction was deemed โunethical, ‘ setting โa bad presence.โ
The Web3 behemoth Yuga Labs is getting dragged through the mud on Crypto Twitter this Monday afternoon. Despite the excitement around Yugaโs inaugural NFT collection on Bitcoinโs blockchain and a more-than-ever artistic approach to NFTs, the collection received immense backlash not just from regular crypto enthusiasts but also from the main developer of Ordinals, which are powering Bitcoinโs NFTs.
Ordinal Founder Goes Ballistic on Yuga
While some users are experiencing technical glitches on the minting page and donโt see their transactions registered, thatโs still not whatโs all the fuss about. Casey Rodarmor, the original programmer of the currently trending Ordinals NFT protocol for Bitcoin, went bananas on the Bored Apes creators after discovering that Yuga Labs takes custody of all Bitcoin (BTC) involved in the bidding process, even if itโs not the highest bid.
Sponsored
In response to the situation, Casey Rodarmor lashed out at Yuga Labs, remarking: โIf I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash my hands of you forever and encourage others, including those close to me to do the same.โ
The Ultimate Scammerโs Dream?
The extremely personal and aggressive message ends with a fiery note to the BAYC creators: โGet fucked you highly regarded morons, Casey Rodarmor.โ Further, Bitcoin maximalists on Twitter seconded that opinion, with most crypto aficionados calling it a โcash grab.โ In contrast, crypto enthusiast Ordinally argues that โcredible players need to set a better example.โ
Ironically, the 300-generative abstract art NFT collection inscribed onto Bitcoin is not doing as nearly as well as the average collection from Yuga Labs. Currently, the top bid is 2 Bitcoin (BTC), which equals $44,819 and is just a drop in the ocean if compared to multi-million dollar deals BAYC or MAYC NFT collections usually scoop up.
On the other hand, the โstone ageโ method of bidding doesnโt mean that users would lose their funds if the bid is deemed unsuccessful. Yuga Labs promised to return the money manually after the auction was done. Still, the possible damage to the crypto community goes beyond that, as fraudsters using the same auctioning technique could carry out unprecedented rug pulls and phishing attacks.
On The Flipside:
- The term โdegenโ stems from โdegenerateโ but doesnโt necessarily have a negative connotation in some crypto communities, which coined crypto slang and still call NFTs โjpegs.โ
- This results in a clash of perspectives between Bitcoin Maximalists and โdegens,โ known to pump bags of lesser-known projects.
- Google search engine is promoting a counterfeit phishing mint page as a sponsored ad above the actual Yuga Labs minting page.
Why You Should Care:
Yuga Labs is the leading blue-chip NFT company that has already made a name for itself with the Bored Apes, Crypto Punks, Meebits, and other top-selling projects in the crypto space.
Dig into the latest controversy in crypto:
Entrepreneur David Gokhshtein: Bitcoin Is Going to Zero
NFT Wash Trading: Why Is JPEG Trading Volume Falsely Inflated?