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Yuga Labs Co-Founder Says First Bitcoin NFT Auction Doesn’t Open Door to Scammers

Greg Solano, co-founder of Yuga Labs, doesn’t think the company’s most recent auction – its first-ever on the Bitcoin blockchain – is opening the door to scammers.

“This only works because Yuga [Labs] is a trusted party and we could be depended on in this way,” Solano told CoinDesk TV’s “First Mover” on Tuesday. “It’s not something I would recommend to others.”

On Monday, the parent company of popular non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC) closed its 24-hour TwelveFold auction in which it generated $16.5 million and awarded 288 NFTs to its top bidders.

Miami-based Yuga Labs, however, is now facing pushback after users criticized the company’s tailored bidding process. Some argued that because Yuga Labs held bidders’ bitcoin, it is now setting a bad precedent for future projects.

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