Bitrabo Editorial
Renowned economist and investor Peter Schiff, who had a long-standing distrust for blockchain technology and cryptocurrencies, surprised the world by expressing his excitement for a new art project involving blockchain and non-fungible tokens (NFTs) on Twitter on May 27. Schiff announced his collaboration with one of his favorite painters, Market Price, to combine conventional art pieces with blockchain technology.
The focus of this joint effort is the “Golden Triumph,” a unique piece of art that art collectors and enthusiasts can purchase, along with prints and ordinals that are stored permanently on the Bitcoin blockchain. This sudden support of Bitcoin and blockchain technology by Schiff highlights how his views on technology, art, and investing are shifting.
Schiff was known for his outspoken criticism toward Bitcoin and cryptocurrencies, calling them a “bubble” and lacking intrinsic value that will eventually crash. He also believed that most crypto assets are too volatile and not real currencies. However, his recent tweets on blockchain technology and NFTs contradict his past stance.
The art endeavor that Schiff is involved in is an excellent example of how blockchain technology can authenticate the originality and provenance of physical and digital art pieces. The immutability and transparency of Bitcoin’s blockchain record the authenticity of digital art pieces, which is, in turn, stored and safe from the duplicating of digital artworks that are available online.
While NFTs on Bitcoin blockchain are a cheap alternative, ordinals, the platform that allows for attachment of files on tiny satoshis, has been known to cause spamming and an increase in transaction fees on the Bitcoin network.
Schiff’s unexpected support for Bitcoin and blockchain technology shows the fluid nature of the art market and the increasing interest of creatives in blockchain technology.
-Feature Image from Canva, Chart From TradingView