27 May 2023 00:14, UTC
Reading time: ~2 m
- Peter Schiff is co-launching an NFT art collection using the Bitcoin blockchain.
- The NFT collection will be open for bidding on June 2 and will close on June 9.
- Schiff has always been a supporter of gold as a store of value and is critical of Bitcoin.
Peter Schiff has always maintained his animosity with Bitcoin (BTC) supporters and is one of the most vocal critics of the top cryptocurrency to this day. However, it appears Schiff has found a compromise and has now dipped his toes in Bitcoin — in the BTC blockchain, at least.
In a recent tweet, Schiff announced his collaboration with a digital artist Market Price to launch his own set of Ordinals. The collection is named Golden Triumph, which affirms his undying devotion to gold as a store of value.
I’m pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
The Ordinal collection is slated for bidding on June 2, although it will become a two-part bidding, according to the website. Interested bidders have up to June 9 to get their hands on an Ordinal in this collection.
Just like any other NFT art, each piece sold in the Golden Triumph collection will contain a unique Ordinal inscribed in the Bitcoin blockchain.
For those who know little about Ordinals, these function similar to NFTs, just like the ones on Proof of Stake (PoS) blockchains like Ethereum and Tezos. Ordinals are a relatively new technology implemented on Proof of Work (PoW) networks like Bitcoin, Litecoin, Dogecoin, and more.
At the moment, PoS-based NFTs reign supreme in terms of market share and popularity, although Ordinals are starting to get traction as well. In fact, Ordinals were the reason the Bitcoin network was reported to have been charging people a lot of money just to prioritize their transactions due to issues with Bitcoin’s block size and processing time.
Read the full article here