Crypto critic Peter Schiff has dropped a surprise on the crypto industry as he plans to launch a Non-fungible token (NFT) art collection on Bitcoin (BTC).
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The gold proponent revealed the launch of the “Golden Triumph” NFT collection via Twitter. Schiff mentioned that the collection was a product of his collaboration with one of his favourite artists known as “Market Price.”
“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,” the vocal crypto critic tweeted.
The Golden Triumph NFT Collection
The Golden Triumph is an artwork which depicts a human hand carrying a bar of gold. It consists of one physical painting, 50 prints on archival paper portraying the same image, as well as 50 digital versions inscribed as Ordinal NFTs on BTC.
Notably, the NFT collection is scheduled to be sold in a two-part auction event which will be held between Friday, June 2nd and Friday, June 9th. Th highest bidder for the Ordinals is billed to receive #1 of the collection while the next 49 highest bidders will receive the other numbers in descending order.
Schiff Takes Crypto Community by Surprise With NFT News
For someone who has made several hate statements about the leading cryptocurrency and other digital assets, his plans for the NFT have sparked mixed feelings amongst crypto community members.
While some of them have welcomed the idea, many are still baffled by the sudden supposed change in stance. Markedly, Ordinals fans suspect that it is more likely to be a hypocritical stunt being played by Schiff.
For many years, the gold-evangelist battered cryptocurrencies and advised enthusiasts against delving into the nascent industry. At every chance he got, he never failed to point out how BTC has no underlying value.
Schiff Advise Investors Against BTC Holdings
Right after the bear market of 2022 which led to the loss of over $2 trillion from the crypto ecosystem, Schiff encouraged investors to sell off their BTC holdings. This was at the time when the coin was trading at $19k having recovered slightly.
By the end of the first quarter, Bitcoin had risen considerably compared to its price in January. This time around, the crypto critic predicted that there would be a market downturn where BTC will take the list. He also emphasized that when this eventually happens, precious metals like gold will be on an upward trend.
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