May 27, 2023

Peter Schiff Unveils Bitcoin-Powered NFT Art Collection

Famed economist and gold proponent Peter Schiff has left the crypto community in shock after announcing the launch of a collaborative non-fungible token (NFT) art collection on the Bitcoin network. The collection, titled “Golden Triumph”, is set to go up for auction on June 2 and will feature one physical painting on an oil linen canvas, 50 prints on archival paper, and 50 digital versions inscribed as Ordinals NFTs on Bitcoin.

The announcement has been met with a mixed reaction, with some people amused and others confused by the apparent hypocrisy. After all, Schiff has been an outspoken critic of Bitcoin and crypto for years, even going so far as to call it a Ponzi scheme with no inherent value.

However, it appears that Schiff has woken up to the potential of blockchain technology and the verifiable ownership of assets such as art that NFTs can provide. When asked on Twitter if it was valuable to put his ‘gold’ inscriptions on Bitcoin, but that Bitcoin itself is not valuable, Schiff simply replied “Correct”.

The sharp change in sentiment follows in a similar vein to former United States President Donald Trump, who also slammed crypto on multiple occasions before getting involved with NFTs. In December 2022, Trump teased a “major announcement” that supporters thought was politically related before unveiling the Trump Digital Trading Cards collection.

The Golden Triumph NFT collection will be sold via a two-part auction starting on June 2 and ending on June 9. The highest bidder will receive #1 of the collection, with the next 49 highest bidders receiving #2 to #50 in descending order.

NFTs have been gaining in popularity as a way to authenticate and promote artwork, and Schiff’s move is sure to fuel the growing trend. Many are now wondering what other NFTs the economist may be launching in the near future. Nevertheless, the crypto community’s reaction to this news has been one of amusement and intrigue.

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