In what seems like a parody but isn’t, Economist, gold proponent and avid crypto skeptic Peter Schiff has unveiled a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon go up for auction.
The reaction from the crypto community has been mixed, with people generally baffled, amused, welcoming — especially Ordinals proponents — or keen to point out the apparent hypocrisy.
its a hack right?
did i just teleport to a different timeline?
im so confused
— Deezy (@CryptoDmack) May 26, 2023
For years, Schiff has actively bashed crypto — especially Bitcoin (BTC) — at any chance he gets, with his arguments essentially revolving around BTC being a Ponzi-scheme that has no inherent value.
Despite all of that, Schiff unveiled the “Golden Triumph” collection via a May 27 Twitter thread, in collaboration with one of his “favorite artists” who goes by the pseudonym Market Price.
“This collaboration features the original painting ‘Golden Triumph’ as well as a series of prints and Ordinals inscribed on the Bitcoin blockchain,” he wrote.
— Eric Wall ♂️ Taproot Wizard #2 (@ercwl) May 26, 2023
Golden Triumph consists of one physical painting on an oil linen canvas depicting a human hand holding a bar of gold, 50 prints on archival paper depicting the same image and 50 digital versions inscribed as Ordinal NFTs on Bitcoin.
The collection will be sold via a two-part auction starting on June 2 and ending on June 9. For the Ordinals, the highest bidder will receive #1 of the collection, with the next 49 highest bidders receiving #2 to #50 in descending order.
It appears however that Schiff hasn’t done a full turnaround on BTC, and has instead woken up to a use case for blockchain technology; verifiable ownership of assets such as art via NFTs.
Commenting on Schiff’s Twitter post, user @LoneStartBitcoin asked: “So… it’s valuable to put your ‘gold’ inscriptions on Bitcoin, but bitcoin [BTC] itself is not valuable?.”
“Correct,” Schiff responded.
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Alongside his disdain for crypto, Schiff has also criticized NFTs on several occasions in the past.
For example, in a blog post from March 2021, Schiff described NFTs as “fake assets” that offer nothing other than ownership of a digital image that can be “replicated endlessly” online.
“But even as the owner of the image, you won’t be…
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