NFT
Longtime crypto critic Peter Schiff has made an unexpected foray into the world of cryptocurrencies and non-fungible tokens (NFTs), much to the amusement of Binance CEO Changpeng Zhao (CZ).
In a recent tweet, CZ jovially welcomed Schiff’s conversion, stating, “It makes me happy to see Peter convert Schiff.”
This comes after Schiff, a steadfast critic of Bitcoin and the wider cryptocurrency market, announced a project to release an NFT art collection on the Bitcoin blockchain.
In his tweet, Schiff stated that he has teamed up with one of his favorite artists, Market Price, to produce a series of Ordinals, digital assets similar to NFTs. The collection includes the original “Golden Triumph” painting and a series of prints and ordinal numbers engraved on the Bitcoin blockchain.
Despite Schiff’s claim that he has not yet “arrived” in the world of crypto, his new venture suggests a recognition of the value and potential of the industry he once mocked.
Ordinals, the latest trend sweeping the Bitcoin network, are a type of digital asset subscribed to a satoshi, Bitcoin’s smallest denomination.
The increase in Ordinals is possible thanks to the Taproot upgrade launched on the Bitcoin network in November 2021. It allowed users to subscribe a wide variety of content, from images to video games, to satoshis.
This new development is driving significant user engagement, breaking the daily record for Ordinals inscriptions four times in April.
CZ’s celebratory response mirrors the wider crypto community’s reaction to Schiff’s unexpected pivot. Anthony Pompliano, a prominent Bitcoin advocate, also welcomed Schiff by tweeting, “We’ve been waiting for you to come.”