Peter Schiff, a longtime cryptocurrency critic and outspoken critic of NFT, is getting ready to release his NFT art on the bitcoin blockchain.
According to a tweet sent on May 26, the release will take place in collaboration with artist Market Price.
Not backed by gold
Peter Schiff, CEO and Chief Strategist at Euro Pacific Capital, is known for his firm belief in the value of commodities like gold, silver, and oil, and has expressed his disdain for cryptocurrency.
In one interview with Kitco NewsHe reiterated his stance, emphasizing that the only digital currency he will support is gold-backed.
Due to his affinity for tangible assets, Schiff has been recognized as a skeptic of most cryptocurrencies, which he classifies as a “fiat digital currency.” Parallel to his distaste for fiat currency, he maintains, digital currencies that lack real-world value similarly do not appeal to him.
Because of this, the Twitter community had a range of responses when he revealed a collaboration with an artist dubbed Market Price.
This collaboration will result in the creation of the “Golden Triumph” collection, which includes a physical painting, 50 limited edition copies, and 50 unique digital copies registered as an ordinal NFT on the Bitcoin blockchain.
Known as ordinal, this new asset class involves listing digital assets as satoshis, the smallest units of bitcoin. This rank increase was made possible by the Taproot upgrade, which was implemented on the Bitcoin network in November 2021.
With Taproot, users have gained the ability to record various forms of content, ranging from photos to video games, directly to individual satoshi.
Support from the CEO of Binance
Shortly after the announcement was made, Peter updated his Twitter profile picture to reflect this new version.
In response to the declaration, CZ, and Binance CEO, on Twitter“,” Seeing Peter Schiff’s transformation makes me happy.
(embed) https://www.youtube.com/watch?v=QAYnqW1MlZ0 (/embed)
With Schiff’s announcement reverberating across social media and the media, the reaction of his followers and the art world in general remains uncertain.