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Peter Schiff's Surprising Dive into the World of NFTs
In an unexpected move that seems too farcical to be true (but isn't), Peter Schiff, an economist, gold enthusiast, and outspoken critic of cryptocurrency, has announced a forthcoming auction of a nonfungible token (NFT) art collection based on Bitcoin.
Reactions from the cryptocurrency world have been mixed. Many are perplexed, entertained, or even supportive, particularly those who favor Ordinals, while others highlight the seeming incongruity of Schiff's action.
For years, Schiff has relentlessly criticized cryptocurrency, particularly Bitcoin, seizing every opportunity to denounce it as a Ponzi scheme without inherent value.
Despite his vitriolic stance, Schiff revealed the "Golden Triumph" collection in a Twitter thread on May 27, a collaboration with an artist he admires, known by the alias Market Price.
"Golden Triumph is a joint venture featuring the original 'Golden Triumph' painting, a range of prints, and Ordinals inscribed on the Bitcoin blockchain," Schiff explained.
Details of the "Golden Triumph" Collection
"Golden Triumph" includes a physical oil-on-linen painting of a human hand clutching a gold bar, 50 archival paper prints of the same image, and 50 digital versions recorded as Ordinal NFTs on Bitcoin.
The two-part auction, scheduled to begin on June 2 and conclude on June 9, will sell the collection. The top bidder will receive #1 of the Ordinals, and the remaining 49 top bidders will receive #2 to #50 in descending order.
Interestingly, Schiff hasn't completely revised his negative stance on Bitcoin but appears to have found a useful application for blockchain technology: certifying ownership of assets such as art via NFTs.
When @LoneStartBitcoin, a Twitter user, questioned Schiff about the value of inscribing 'gold' on Bitcoin when Bitcoin itself lacks value, Schiff simply affirmed, "Correct."
Schiff's Previous Criticisms of NFTs
Schiff's disdain isn't limited to crypto; he has also denounced NFTs on several occasions.
In a March 2021 blog post, Schiff dismissed NFTs as "fraudulent assets," stating they offer nothing more than the ownership of a digital image easily duplicated online.
"Even as the image's owner, you can't restrict access to it. The file has been copied thousands of times, allowing anyone with internet access to view it as often as you," Schiff stated.
This drastic change in attitude mirrors the trajectory of former U.S. President Donald Trump, who, despite his vocal criticism of cryptocurrencies, eventually became involved with NFTs.
In December, Trump hinted at a "significant announcement," initially believed by his MAGA supporters to be political, only to reveal a licensed collection of Trump Digital Trading Cards.
