- Yuga Labs launched its first-ever Bitcoin NFT collection on March 5th on Ordinals.
- Yuga Labs takes custody of all the bidders’ BTC, promising to send it back.
- TwelveFold NFT auction was deemed ‘unethical, ‘ setting ‘a bad presence.’
The Web3 behemoth Yuga Labs is getting dragged through the mud on Crypto Twitter this Monday afternoon. Despite the excitement around Yuga’s inaugural NFT collection on Bitcoin’s 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 Bitcoin’s NFTs.
Ordinal Founder Goes Ballistic on Yuga
While some users are experiencing technical glitches on the minting page and don’t see their transactions registered, that’s still not what’s 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 it’s not the highest bid.
In response to the situation, Casey Rodarmor lashed out at Yuga Labs, remarking: “If 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.”
The Ultimate Scammer’s Dream?
The extremely personal and aggressive message ends with a fiery note to the BAYC creators: “Get fucked you highly regarded morons, Casey Rodarmor.” Further, Bitcoin maximalists on Twitter seconded that opinion, with most crypto aficionados calling it a “cash grab.” In contrast, crypto enthusiast Ordinally argues that “credible players need to set a better example.”
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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 ‘stone age’ method of bidding doesn’t 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 ‘degen’ stems from ‘degenerate’ but doesn’t necessarily have a negative connotation in some crypto communities, which coined crypto slang and still call NFTs ‘jpegs.’
- This results in a clash of perspectives between Bitcoin Maximalists and ‘degens,’ 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.
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