Yuga Labs Returns Valid Bids in NFT Series TwelveFold

03/07/2023 09:02 • Daily Digest • 81 views

On March 7, Yuga Labs said on Twitter: “All the valid bids that did not rank in the top 288 of the NFT series TwelveFold have been returned to their receiving address. Bidders who win the inscription and increase their bids after the auction of the last block should clear the receiving address before the inscription is sent. Before sending the inscription, we will send a notice from this account.”

Yuga Labs reminded the winner of the TwelveFold auction to clear the acceptance address in advance

Interpretation of the news:

Yuga Labs, a blockchain-based technology company, has announced on Twitter that it has returned all valid bids that did not rank in the top 288 of the NFT series TwelveFold to their receiving address. The move is in line with the company’s commitment to ensuring transparency and fairness in its auctions.

The NFT series TwelveFold is a collection of non-fungible tokens (NFTs) that showcase various digital art pieces created by renowned artists. The series is offered through a Dutch auction, which means that the price of the NFTs starts high and gradually decreases until a bidder accepts the current price. The auction process ends once all the 12 pieces are sold or when the auction timer has run out.

According to Yuga Labs, bidders who win the inscription and increase their bids after the auction of the last block should clear the receiving address before the inscription is sent. This requirement aims to prevent potential fraudulent activities, such as double-spending and replay attacks, which may compromise the integrity of the auction process.

Before sending the inscription, Yuga Labs will also send a notice from its account to inform the winning bidders about the status of their bid and the instructions on how to claim their NFT. This measure adds another layer of security and transparency to the auction process and reinforces the trustworthiness of Yuga Labs.

The decision of Yuga Labs to return the valid bids that did not make it to the top 288 of the TwelveFold series demonstrates the company’s commitment to fair play and equal opportunities. By doing so, it shows that Yuga Labs values its bidders’ participation and acknowledges their efforts in joining the auction.

In summary, Yuga Labs’ announcement highlights its effort to promote transparency, fairness, and security in the NFT space. The move to return valid bids that did not rank in the top 288 of the TwelveFold series aims to protect the integrity of the auction process and prevent potential fraudulent activities. The notice sent by Yuga Labs also adds another layer of safety and trustworthiness to the auction process.

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Yuga Labs Returns Valid Bids in NFT Series TwelveFold

Yuga Labs reminded the winner of the TwelveFold auction to clear the acceptance address in advance

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