Peter Schiff, a prominent Bitcoin sceptic and gold advocate, has taken an unexpected detour into the realm of Bitcoin-based NFTs.
On May 26, 2023, Schiff tweeted about a new art piece he was a part of called Golden Triumph. Each print in the series represents a different Ordinal recorded in the Bitcoin ledger.
This requires some background on Bitcoin Ordinals to make sense of. Binance Academy claims that Bitcoin Ordinals were created in January 2023 as a way to create Bitcoin NFTs by “inscribing” data into Bitcoin’s smallest unit, the satoshi. Because of this, the Ordinals project was born, and it has been expanding ever since thanks to users’ contributions of various media files.
Each satoshi may be tracked and transacted with its own unique data using the Ordinals protocol. This has made Bitcoin NFTs possible, expanding Bitcoin’s use beyond monetary transactions. Ordinals are entirely blockchain-based and don’t need a separate coin or sidechain. Ordinal inscriptions are therefore like Bitcoin in that they are straightforward, unalterable, secure, and long-lasting.
In reference to Schiff’s work again, “Golden Triumph” is a signed and numbered limited edition art print series based on a painting created in collaboration with the artist. Each print represents a distinct Ordinal recorded in the Bitcoin distributed ledger. On June 9, 2023, a two-part auction will bring the project to a close.
The original “Golden Triumph” artwork, as well as an Ordinal picture from the painting, will be up for sale for the very first time. Fifty prints on archival paper, each paired with an Ordinal from 1 to 50, will be up for sale in the second round. Number one goes to the highest bidder, and the other numbers are auctioned off in decreasing order to the following 49 highest bids.
Schiff’s unexpected foray into Bitcoin NFTs comes from his position as a longtime Bitcoin sceptic. It demonstrates the increasing weight and potential of Bitcoin Ordinals and the NFT industry as a whole. It’s unclear if Schiff’s foray into Bitcoin painting signifies a shift in his views or whether he’s just trying out a new creative outlet.
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