• Peter Schiff, a long-time crypto skeptic and gold proponent, is set to release an NFT art collection on the Bitcoin network.
• The collection includes one physical painting, 50 prints on archival paper, and 50 digital versions inscribed as Ordinal NFTs on Bitcoin.
• A two-part auction for the collection will start June 2 and end June 9.
Peter Schiff to Drop Bitcoin Ordinals NFT Art Collection
Despite his longtime skepticism of cryptocurrencies and calling nonfungible tokens (NFTs) worthless two years ago, economist Peter Schiff has announced he will be releasing a collaborative NFT art collection on the Bitcoin network. The reaction from the crypto community has been varied.
The Golden Triumph Collection
Schiff’s collaboration with artist Market Price is titled „Golden Triumph“ and features one original painting on an oil linen canvas depicting a hand holding a bar of gold as well as 50 prints on archival paper of the same image. Additionally, there are also 50 digital versions inscribed as Ordinal NFTs to be released on the Bitcoin network.
The Golden Triumph collection will go up for auction starting June 2nd with bidding closing up on June 9th. The highest bidder will receive #1 of the collection while 49 other bidders will receive numbers #2 – #50 in descending order from highest to lowest bid price.
Schiff’s Apparent Hypocrisy?
Given that Schiff has actively bashed cryptocurrency for some time now — especially Bitcoin — many have pointed out what appears to be hypocrisy in his latest move by using blockchain technology for verifiable ownership of assets such as art via NFTs but still deeming BTC itself worthless. To this comment, he responded simply „Correct.“
It is unclear whether Peter Schiff has done a complete turnaround or not regarding his opinion of cryptocurrency but it certainly looks like he’s woken up to certain benefits it offers such as being able to use blockchain technology for verifying asset ownership via NFTs which he is now utilizing himself with this upcoming art collection auction .