Yuga Labs, the blockchain tech company that created BAYC (Bored Ape Yacht Club), announced that the auction for TwelveFold NFT, a limited edition collection has begun.
The announcement came through the official Twitter handle of Yuga Labs. The tweet said that the auction of TwelveFold would conclude on the block before 3 PM on March 6, 2023.
There are 300 limited-edition generative art pieces inscribed on satoshis, the smallest bitcoin denomination (equivalent to 100 millionth of a bitcoin) to the Bitcoin blockchain. The pieces are a combination of 3D graphics and hand-drawn features.
TwelveFold NFT collection is created by Michael Figge, the cofounder of 10KTF and the Chief Content Officer at Yuga Labs.
Greg Solano popularly known as Garga, the cofounder of Yuga Labs said that TwelveFold was a base 12 art system localized around a 12×12 grid, that would be a visual allegory for the cartography of data on the Bitcoin blockchain, a public ledger having all the Bitcoin transaction history.
Yuga Labs provided the key details of the auction. Continue reading to know more about the TwelveFold NFT collection auction.
A total of 288 pieces of the total 300 pieces would be up in the auction. The remaining 12 pieces would go to contributors, donations, and philanthropic efforts.
When the auction begins to enter a bid, the bidders would go to the website of TwleveFold, https://twelvefold.io/
The users need to have two Bitcoin wallet addresses to ensure participation in the auction.
- Bidding address – a self-custody wallet that contains Bitcoin to place a bid on it
- Receiving address – an empty self-custody Taproot Bitcoin address that is different from the bidding address.
The user should be careful when placing a bid, as to enter an empty self-custodied BTC taproot-enabled wallet address where the user wants to receive the inscription.
The empty self-custodied BTC taproot-enabled wallet address would serve as the receiving address on two occasions:
- Receiving address for the inscription if the placed bid turns out to be successful.
- Receiving address for the return of the bid if the bid does not get placed in the top 288 bids.
It is mandatory that the receiving address be a self-custody address as the inscriptions and unsuccessful bids would only be sent back to the receiving address. It is advised that the receiving address not be an address owned or controlled by a third party such as a centralized exchange as there are chances that the bid does not get returned to the bidder.
There would be an option to enter the receiving address and after entering this, a unique address would appear before the user on the screen.
The user has to use this unique address to send their bid.
A leaderboard is right now present on the official website of Twelvefold as the auction has begun. This would be there until the auction ends.
The leaderboard is to display the live status of the bid placings. The top 288 bids would win an inscription.
The user who wins the bid would receive their TwelveFold ordinal inscriptions in a period of one week of time after the end of the auction.
The inscription comes with a license which would be a personal use license and each of the ordinals would be carrying the license. It is to be kept in mind that these licenses are not to be used for any kind of commercial purposes.
Here ordinals refer to digital assets inscribed on satoshi. The concept of ordinals is used to print NFT-like assets onto the blockchain.
After the completion of the inscription and transfer to the receiving wallets of the winners, Yuga Labs would publish a note on official channels.
The user must send the bid as a Bitcoin and must send it before the end of the auction. It is recommended to place bids early owing to the uncertainty in the block completion times.
The receiving address of the bidder could not be corrected or changed after submitting the bid. Bids that get misplaced due to an incorrect receiving address would not be returned.
Everyone can participate in the auction unless the person happens to be a resident of Cuba, Iran, North Korea, Ukraine, Syria, and Russia. This is because Yuga Labs is either prohibited from issuing a refund or transferring the inscription due to a sanction law.
The bids that do not get placed in the top 288 bids would be returned to the racing address of the user after the end of the auction.
If there happen to be two bids of the same amount, then the first-placed bid would be given a higher place in the leaderboard. If both the bids were placed in the same block, the first placed bid in the block template would be placed at a higher position on the leaderboard.
If the user’s bid gets placed in the top 288 bids, then the inscription would be automatically received.
The inscriptions would be distributed following the order in the leaderboard. The first bid on the leaderboard would receive the TwelveFold 1/300, the second bid would receive TwelveFold 2/300, and the third bid would receive TwelveFold 3/300 and it would be continued accordingly.
TwelveFold Auction FAQs
When Is The Auction Taking Place?
The auction would be open for around 24 hours. The auction has already begun at 3 PM PST on March 5, 2023. The auction will end before 3 PM IST on March 6, 2023.
What Is The Need For An Empty Bitcoin Address In Order To Receive The Inscription?
An empty Bitcoin address is needed to receive the inscription, as to avoid the accidental transfer of the inscribed satoshi while using the Bitcoin. This might happen when the user keeps the digital artifacts along with other Bitcoin holdings.
As of now, the wallets do not support the transfer of individual satoshis.
It is the user’s responsibility to ensure the safety, holding, and transfer of their inscription.
How To Place A Bid?
The auction is live right now. All the user has to do to place a bid is
- Go to the homepage of the user >
- Enter the empty receiving address >
- Click on the bid button >
- A unique address would appear on the screen >
- Send the bid to this address.
What Is The Minimum Bid Amount?
The minimum bid amount is set at 20,000 satoshis. That is around 5 US dollars according to the current Bitcoin price.
Bids placed below the minimum bid amount would not be returned.
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Can The Bid Be Increased?
Yes, the bid can be increased. All one has to do to increase the bid is
- Go to the homepage of the user >
- Enter receiving address >
- Click on the bid button >
- The screen would display a unique address >
- Send the new bid to this address >
The second bid would be automatically added to the first bid.
What one has to keep an eye on is to make sure that the receiving address of the bid that one first placed matches with the receiving address of the second bid.
In case both the addresses are different, the second bid that one sends would be considered, as a new bid and would not be added to the first bid that was already placed.
Can The Bid Be Decreased?
No, the bids could not be decreased.
Can The Bid Be Canceled? / Can The Bid Be Withdrawn?
No, there is no option to cancel or withdraw the bid after sending it.
Can The Same Receiving Address Be Used To Place Multiple Bids?
No, the same receiving address could not be used to place multiple bids. All the bids that had the same receiving address would be added together and would be considered as one single collective bid.
If the user wants to place multiple bids and not increase the previous bid, a separate receiving address should be entered for each bid.
Which Are The Situations In Which The Bid Would Not Be Replaced?
- The bid was placed below the minimum bid amount
- The transaction gets prohibited by law under sanctions law.
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