Peter Schiff, a well-known economist and investor, is now backing blockchain technology and non-fungible tokens (NFTs). Given his past stance on digital assets, especially Bitcoin, Schiff unexpectedly took to Twitter on May 27 to express his excitement about a planned technical endeavor.
Peter Schiff collaborates to release an art project on Bitcoin
Tweet May 27, Schiff she expressed His passion is to work with one of his favorite illustrators, Market Price, on a collaborative artwork that will combine traditional elements of art with blockchain.
This collective effort focuses on a unique artwork called “Golden Victory”. Art lovers and collectors will also be able to purchase a range of prints and ordinal numbers that are permanently registered on the Bitcoin blockchain.
With Schiff’s longtime distrust of blockchain technology and cryptocurrencies, this news came as a shock to many. His support for Bitcoin shows how his views on the convergence of art, technology, and investment are changing.
In many cases, Schiff said, Bitcoin is a “bubble” with no intrinsic value that will soon collapse. The economist asserts that Bitcoin and most crypto assets are not real currencies and are highly volatile.
Schiff’s recent tweets appear to be on blockchain and NFTs conflict his previous position. In 2021, he questioned the value of owning a digital NFT photo.
His tweet drew attention to the blurring of the lines between legitimate ownership of a non-fungible token-authenticated digital artwork and the easy copying of the image itself on the Internet.
Adoptive and ordinal
The fact that Schiff is now involved in a piece of art that uses blockchain technology is evidence that he has developed an appreciation for the technology’s unique properties and practical applications.
In this collaboration, the immutability and transparency of the Bitcoin blockchain is used to ensure the authenticity and provenance of both the physical and digital artworks involved. Specifically, the authenticity of digital artworks will be determined by the Bitcoin blockchain.
It remains to be seen how Schiff’s followers and the art world will respond. However, his move illustrates the changing nature of the art market and the growing interest in bitcoin and blockchain among creators.
While Bitcoin NFTs are seen as a cheaper option, Ordinals, the platform that enables file attachments on the smallest satoshi, has been blamed for spamming Bitcoin blocks and making transactions on the network expensive.
Feature image from Canva, chart from TradingView