Peter Schiff, a well-known critic of Bitcoin and a staunch supporter of gold, has taken an unexpected turn into the world of Bitcoin-based non-fungible tokens (NFTs). Schiff announced his involvement in an art project named “Golden Triumph” on May 26, 2023, via a tweet. The project involves a series of prints, each corresponding to a unique Ordinal inscribed on the Bitcoin blockchain.
To understand what this means, we must delve into the Bitcoin Ordinals concept. According to a guide by Binance Academy, Bitcoin Ordinals were introduced in January 2023 as a method of creating Bitcoin NFTs by attaching information to individual satoshis, the smallest unit of Bitcoin, through a process called “inscribing.” This has led to the emergence of the Ordinals project, which has been steadily growing as users contribute by uploading different types of content, such as images, audio, and videos.
The Ordinals protocol allows for each individual satoshi to be identified and transacted with additional data attached. This has created another use case for Bitcoin beyond the simple transfer of value, making Bitcoin NFTs a reality. Ordinals reside fully on the blockchain and do not require a sidechain or separate token. In this sense, ordinal inscriptions inherit the simplicity, immutability, security, and durability of Bitcoin itself.
Coming back to Schiff’s project, “Golden Triumph” is a collaborative art project that includes an original painting and a set of numbered prints, each signed by Schiff and the artist. Each print corresponds to a unique Ordinal inscribed on the Bitcoin blockchain. The project will conclude with a two-part auction on June 9th, 2023.
The first auction will feature the original “Golden Triumph” painting and will include an unnumbered Ordinal of the image on the painting. The second auction will consist of 50 prints on archival paper and accompanying respective Ordinals numbered 1-50. The highest bidder will win number 1, and the next 49 bidders in descending order will win 2-50.
This move by Schiff, a long-time Bitcoin skeptic, into the realm of Bitcoin NFTs is indeed surprising. It highlights the growing influence and potential of Bitcoin Ordinals and the broader NFT market. Whether this marks a change in Schiff’s stance towards Bitcoin or is merely an exploration of a new art medium remains to be seen.
Featured Image Credit: Photo / illustration by “WorldSpectrum” via Pixabay
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