Renowned economist and vocal crypto skeptic Peter Schiff has made an unexpected move by announcing the release of a collaborative non-fungible token (NFT) art collection on Bitcoin, despite his long-standing criticism of cryptocurrencies and NFTs. The collection, titled “Golden Triumph,” features a physical painting, prints, and digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain.
On May 27, Peter Schiff, widely recognized for his firm stance against Bitcoin and his belief that it lacks intrinsic worth, unveiled the art collection via a Twitter thread. The collaborative artwork, crafted alongside the artist known as Market Price, portrays a human hand grasping a gold bar. The collection encompasses a tangible painting along with 50 prints on archival paper, in addition to 50 digital renditions presented as Ordinal NFTs.
The auction for the “Golden Triumph” collection will be conducted in two parts, beginning on June 2 and concluding on June 9. The highest bidder for the Ordinals NFTs will secure the coveted #1 spot, while subsequent bidders will receive numbers #2 to #50 in descending order.
Schiff’s unexpected foray into the world of NFTs has sparked mixed reactions from the crypto community, with some expressing confusion, amusement, or pointing out the apparent hypocrisy. Schiff, however, clarified that while he recognizes the value of blockchain technology for verifying ownership of assets like art, he still maintains his critical stance on Bitcoin itself.
This move by Schiff echoes the surprising involvement of former U.S. President Donald Trump, who had previously criticized cryptocurrencies but later entered the NFT space with the release of licensed Trump Digital Trading Cards. It seems that both Schiff and Trump have recognized the potential of NFTs as a means of monetizing their respective brands.