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Peter Schiff, a long-time critic of cryptocurrencies and a vocal detractor of NFTs, is preparing to launch his own NFT art on the bitcoin blockchain.
According to a tweet sent out on May 26, the release will be done in collaboration with the artist Market Price.
Not backed by gold
Peter Schiff, the CEO and chief strategist of Euro Pacific Capital, has been known for his unwavering belief in the value of commodities such as gold, silver, and oil and has also expressed his disdain for cryptocurrencies.
In one interview with Kitco news, he reiterated his stance, asserting that the only digital currency he would support is one that is backed by gold.
Given his affinity for tangible assets, Schiff was recognized as a skeptic of most cryptocurrencies, which he categorizes as “fiat digital currency.” Drawing parallels with his distaste for fiat paper currency, he asserts that digital currencies lacking real-world value are similarly unappealing to him.
For this reason, the Twitter community had a range of responses when he revealed a collaboration with an artist who goes by the name “Market Price.”
The collaboration will result in the creation of the “Golden Triumph” collection, featuring a physical painting, 50 limited edition prints, and 50 unique digital versions recorded as ordinal NFTs on the Bitcoin blockchain.
This new category of assets, better known as ordinals, involve the inscription of digital assets onto satoshis, the smallest units of bitcoin. This surge in ordinals became possible due to the Taproot upgrade, which was implemented on the Bitcoin network in November 2021.
With Taproot, users gained the ability to inscribe various forms of content, ranging from images to video games, directly onto individual satoshis.
Support from the CEO of Binance
Shortly after making the announcement, Peter updated his Twitter profile photo to reflect this new release.
In response to the announcement, CZ, the CEO of Binance, tweeted, “Seeing Peter Schiff convert makes me happy.”
As Schiff’s announcement reverberates throughout social media and news outlets, the response from his followers and the art world at large remains uncertain.