A Concerning Incident of Repeated Engraving on NFT Series of Bitcoin
On March 14, it was reported that the NFT series of Bitcoin, TwelveFold # 205, owned by YugaLabs, was repeatedly \”engraved\”. The insertion446221 and insertion44
On March 14, it was reported that the NFT series of Bitcoin, TwelveFold # 205, owned by YugaLabs, was repeatedly “engraved”. The insertion446221 and insertion444385 are both Twelvefold 205/300. The two are currently stored in the same Bitcoin address (bc1pshdmgmkt6pgw56mz94h5y2at4ryuug0ehpz8vg3lnf90xxkr356sjcazc7). The insertion444385 timestamp is 2023-03-1312:42:57, and the insertion446221 timestamp is 2023-03-1316:45:52. According to the official documents of the Ordinals agreement, the creator or owner of the Inscription cannot modify the Inscription after it is created. At present, Yuga Labs has not responded to this matter.
TwelveFold # 205 under Yuga has been repeated" Inscription"
Analysis based on this information:
Recently, a concerning incident has been reported regarding the NFT series of Bitcoin, TwelveFold # 205, owned by YugaLabs. It has been observed that the insertion446221 and insertion444385, both belonging to the Twelvefold 205/300, have been repeatedly “engraved”. This has led to speculation about the authenticity and security of NFTs.
Furthermore, it is noteworthy that both the engravings are presently stored in the same Bitcoin address (bc1pshdmgmkt6pgw56mz94h5y2at4ryuug0ehpz8vg3lnf90xxkr356sjcazc7). The insertion444385 is timestamped at 2023-03-1312:42:57, and the insertion446221 timestamp is 2023-03-1316:45:52.
According to the official documents of the Ordinals agreement, the creator or owner of the Inscription cannot modify the Inscription after it is created. However, these repeated engravings have raised doubts about the security and authenticity of the NFT. The incident has also sparked questions about the level of control exercised by the creator of NFTs over the ownership rights of the digital assets.
At present, Yuga Labs, the owner of the TwelveFold # 205 series of Bitcoin, has not responded to the issue. There is no clarification provided by the company regarding the repeated engraving observed among its NFTs.
In conclusion, this incident has raised many questions about the security and authenticity of NFTs. The repeated engraving on the NFT series of Bitcoin owned by Yuga Labs has brought the ownership rights and control exercised by the creators of NFTs under scrutiny. It will be interesting to see how this incident is dealt with, and whether it will lead to new regulations and guidelines regarding the creation and ownership of NFTs.
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