• Yuga Labs launched its first-ever Bitcoin NFT collection on Ordinals.
• Despite the excitement, the collection received immense backlash from both regular crypto enthusiasts and Ordinals‘ main developer Casey Rodarmor.
• Bitcoin maximalists are calling this a „cash grab,“ while others argue that „credible players need to set a better example.“
Yuga Labs Launches Bitcoin NFT Collection
Yuga Labs launched their first-ever Bitcoin Non-Fungible Token (NFT) collection on March 5th on Ordinals. The 300-generative abstract art NFT was inscribed onto Bitcoin’s blockchain, sparking much excitement amongst the crypto community.
Backlash From Crypto Community
The collection quickly came under fire not just from regular crypto enthusiasts but also from the main developer of Ordinals: Casey Rodarmor. It was discovered that Yuga Labs takes custody of all the bidders‘ BTC, even if it’s not the highest bid – something which Rodarmor deemed as ‚unethical.‘ In response, he warned Yuga Labs against perpetrating such behaviour in future or face a permanent cut off from him and those close to him.
Accusations of Being „Cash Grab“
This prompted other crypto aficionados to call it a „cash grab,“ with many criticizing Yuga Labs for their lack of transparency and ethical practices in regards to handling user funds.
Calls For Better Behaviour From Credible Players
In contrast, some argued that credible players need to set a better example when it comes to launching new products like these – stressing that trust needs be put into any entity dealing with users‘ finances.
All in all, despite there being much excitement around Yuga’s inaugural NFT collection on Bitcoin’s blockchain, it has been met with immense backlash due to its lack of transparency and ethical practices – something which could potentially damage its reputation going forward.