Peter Schiff to release Bitcoin Ordinals NFT art collection

Economist, gold advocate, and vocal critic of cryptocurrency, Peter Schiff, has created a collaborative non-fungible token (NFT) art collection on the Bitcoin network that will soon be put up for auction. While some members of the crypto community are amused or welcoming, others have pointed out the apparent hypocrisy, given Schiff’s vocal criticism of Bitcoin as a Ponzi scheme with no intrinsic value. Schiff partnered with one of his favorite artists, known as “Market Price,” to create the “Golden Triumph” NFT collection, which consists of one physical painting on an oil linen canvas, 50 prints on archival paper, and 50 digital versions inscribed as Ordinal NFTs on Bitcoin. The collection will be auctioned in two parts, starting on June 2 and ending on June 9. The highest bidder for the Ordinals will receive #1 of the collection, with the next 49 highest bidders receiving #2 to #50 in descending order. Schiff’s involvement in NFTs appears to be a change in sentiment, as he has been critical of them in the past. However, he has woken up to a use case for blockchain technology: verifiable ownership of assets such as art via NFTs. The sharp change in sentiment follows a similar vein to former United States President Donald Trump, who has also aggressively slammed crypto on multiple occasions before getting involved with NFTs.