Peter Schiff, a well-known critic of cryptocurrencies and a vocal opponent of NFTs, is preparing to make his foray into the world of non-fungible tokens (NFTs) by launching his own NFT art on the Bitcoin blockchain.
In a tweet posted on May 26, Schiff announced that he would be collaborating with the artist Market Price for the release of his NFT collection.
Notably, Schiff, who is the CEO and chief strategist of Euro Pacific Capital, has long advocated for the value of tangible assets like gold, silver, and oil, while expressing his disdain for cryptocurrencies.
During an interview with Kitco News, Schiff reiterated his position, emphasizing that he would only support a digital currency if it were backed by gold.
Given his preference for physical assets, Schiff has been critical of most cryptocurrencies, which he considers to be “fiat digital currency.” Drawing parallels with his distaste for fiat paper currency, he argues that digital currencies without real-world value hold little appeal to him.
The collaboration with Market Price will result in the creation of the “Golden Triumph” collection, which will include a physical painting, 50 limited edition prints, and 50 unique digital versions recorded as ordinal NFTs on the Bitcoin blockchain.
Ordinals represent a new category of assets that involve inscribing digital content onto satoshis, the smallest units of Bitcoin. This surge in ordinals became possible with the implementation of the Taproot upgrade on the Bitcoin network in November 2021.
Thanks to Taproot, users now have the capability to embed various forms of content, ranging from images to video games, directly onto individual satoshis, opening up new possibilities for creative expression and asset representation on the blockchain.
