Although Peter Schiff has hated cryptocurrencies for years and called NFTs useless and easy to reproduce two years ago, he is ready to release a Bitcoin NFT art collection.
In a parody of sorts, economist, gold advocate and cryptocurrency skeptic Peter Schiff has unveiled a collaborative art collection of non-fungible tokens (NFTs) that will soon be released at auctions on the Bitcoin network.
Reactions from the crypto community were mixed. People were generally confused, amused, or friendly, especially the followers of the Ordinals, some of whom were happy to point out their obvious hypocrisy.
Is this a trick or not?
Did I teleport myself to another timeline?
I am very confused
Schiff has been an active critic of cryptocurrency, particularly Bitcoin (BTC), for years, but his arguments on BTC are a worthless Ponzi scheme.
Despite all this, Schiff took to Twitter on May 27 to reveal the Golden Victory NFT collection in collaboration with one of his “favorite artists,” which goes by the name “Market Price.”
"This collaboration includes the original painting 'Golden Victory' as well as a series of prints and atomic numbers written on the Bitcoin blockchain," he said.
pic.twitter.com/wgCUVQ1WIz
The Golden Triumph consists of a physical oil painting on canvas depicting a human hand holding a gold bar, 50 archival paper prints of the same image, and 50 digital versions written as NFTs common to Bitcoin.
The collection will be sold in a two-part auction from June 2nd to June 9th. For ordinal numbers, the highest bidder receives the collection number. 1 and the next 49 highest bidders will receive collections 2 to 50 in descending order. I order.
However, it appears that Schiff has not fully embraced BTC, but has identified a use case for blockchain technology: provable ownership of art assets via NFTs.
Commenting on Schiff's tweet, Twitter user LoneStartBitcoin asked: "So... is it valid to invest 'gold' in Bitcoin, but not Bitcoin [BTC] itself?"
“Exactly,” Shifi replied.
Related: Peter Schiff blames 'excessive government regulation' for worsening financial crisis
In addition to his disdain for cryptocurrencies, Schiff has criticized NFTs several times in the past .
In a March 2021 blog post, Schiff described NFTs as “fake assets” that offer nothing more than having an “infinitely reproducible” digital image online.
“But even if you own the image, you can’t control access to it. The file has been copied thousands of times so anyone with internet access can view it like you,” he wrote.
1) What pic.twitter.com/TsBqaRJnPI
The abrupt change in sentiment is similar to that of former US President Donald Trump, who aggressively criticized cryptocurrencies on several occasions before embracing NFTs.
In December 2022, Trump announced a "big announcement" that his supporters believed was politically connected, before unveiling a collection of digital Trump trading cards.
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