The first ever NFT auction in the history of the Bitcoin blockchain using the new Bitcoin Ordinals protocol, held by Yuga Labs who created Bored Apes Yacht Club, has closed with a generous earnings of $16.5 million in 24 hours. The online auction allowed users to purchase collectibles using the BTC cryptocurrency.
NFTs are a new way to own digital art that cannot be duplicated or copied. They’re unique and this auction was created by Yuga Labs, who also own Bored Apes Yacht Club–who also created the world’s first NFT-based virtual reality game where you can play alongside your favorite celebrities like Leonardo DiCaprio and Mark Wahlberg.
The highest bidder in the auction paid just over 7 BTC for one of the 288 Bitcoin Ordinals-based non-fungible tokens. Yuga said 288 bidders won one of the Bitcoin NFTs from the “TwelveFold” collection, and all winners will receive their inscription within one week. Unsuccessful bids will have their bid amount returned within 24 hours. One of the 288 bidders paid 7 BTC or $161,000 for one of the pieces. The limited edition collection had only 300 generative pieces inscribed on the BTC network using the new Ordinals NFT protocol.
What is a non-fungible token (NFT)?
A non-fungible token (NFT) is a type of digital asset that represents ownership or proof of authenticity of a unique item, such as a piece of art, music, or even a tweet. NFTs use blockchain technology, which is the same technology that underlies cryptocurrencies like Bitcoin and Ethereum.
We’re excited to see what the future holds for NFTs and how they can be used by consumers. The new Bitcoin Ordinals NFT protocol is also interesting and adds a new twist to the prominent cryptocurrency.