Peter Schiff, an American stockbroker and CEO of Euro Pacific Capital, has managed to create an established name in the crypto world thanks to his criticism of Bitcoin (BTC). He is a well-known proponent of gold and therefore often speaks in a negative way about Bitcoin and crypto in general. Non-fungible tokens (NFTs) have also received a good dose of negativity from Schiff over the years, but this point of view seems to have changed to a certain extent.
Gold NFTs on Bitcoin
While many may have blinked twice at the announcement, the notorious Bitcoin hater tweeted on Friday that he will be launching an NFT collection on Bitcoin’s network.
I’m pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
Schiff’s collection, ‘Golden Triumph’, is in collaboration with ‘one of his favorite artists’ called ‘Market price’. Golden Triumph consists of one physical painting of a human hand holding a bar of gold, 50 archival paper prints of the same image, and 50 digital versions whose ownership will be verified on Bitcoin’s blockchain.
Through the Ordinals protocol it is possible to make inscriptions on the Bitcoin blockchain. This means that you can add all kinds of data to individual satoshis, the smallest units of Bitcoin. Where the network was originally intended exclusively for BTC transactions, NFTs and recently BRC-20 tokens have now also been included in Bitcoin’s options since the arrival of Ordinals.
The collection will be sold through a two-part auction starting June 2 and ending June 9.
Has Peter Schiff changed his mind?
Despite the fact that the well-known gold proponent will now use the Bitcoin blockchain, he has not changed his opinion on the digital currency. In a response on another Twitter user, Schiff said that he still believes that Bitcoin itself has no value, despite the fact that gold inscriptions are valuable.
By launching his own NFT collection, on the other hand, he seems to be embracing blockchain technology and NFTs in a way. In a blog post from March 2021 Schiff went on to describe NFTs as “fake assets” that offer nothing more than ownership of a digital image that can be endlessly replicated online.