.yugalabs co-founder CryptoGarga says the company’s use of the Bitcoin blockchain for its TwelveFold NFT project doesn’t open the door to scammers and could only be done because the company is a “trusted party.” _franvela reports
that because Yuga Labs held bidders’ bitcoin, it is now setting a bad precedent for future projects.
Solano, however, said Yuga’s decision to use the Bitcoin blockchain is the company’s effort to be more transparent. By being explicit, the company could then “set the best precedent … given the constraints of running a trustless auction on Bitcoin that simply isn’t possible at this stage.”self-custody walletAs part of the auction, bidders also needed to have an empty wallet that would receive the NFT. More than 3,200 bidders placed their bitcoin upfront.
The auction, which Solano said is still in an “incredibly nascent” space, creates a way for Yuga to drum up developer interest, while adding to the security budget of the Bitcoin chain and experimenting on it, he said. “We're marketplace agnostic, except for the fact that we strongly believe in creative royalties and want to see marketplaces stand by creators,” Solano said.
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