Art Micro Auction Brings To Focus Bitcoins Lightening Network
Art is expressive of its times, a certain je ne sais quoi that the artist wants to highlight. And that is exactly what was achieved when a recent auction was held for the artwork by Cryptograffiti, simply named the ‘Black Swan’.
The piece is exactly what you would expect it to be – a black swan sitting next to what seems to be a pond of leaves. Interestingly enough, though, the artist only used pieces from a fiat dollar bill and counterfeit detector pen ink to create the piece.
What Is So Special About It?
The artist who goes by the moniker Cryptograffiti on Reddit forums, shared the journey, from conceptualizing to realizing and auctioning of his art. The rather diminutive piece has the tiny dimensions of 1.44 in x 1.75 in (3.55 cm x 4.44 cm).
However, the thing that grabbed every one attention was the fact that he auctioned this work to the lowest bidder. The winner reportedly paid one milli-satoshi. This works out to be about $0.000000037, making this the world’s cheapest win at an auction.
Bitcoin Lightning Network [LN]
The idea was clearly not monetary gains, but in fact to highlight the capabilities of Bitcoin LN. In his blog, Cryptograffiti noted that
“Yesterday I auctioned this piece to the lowest bidder to help promote the lightning network. The piece has been sold for 1 milli-satoshi or $0.000000037 through the Lightning Network, which makes it possible to send a fraction of a Satoshi, the lowest possible amount that could be transferred otherwise on the Bitcoin blockchain.”
The potential offered by such a low-cost bid clearly showcases the potential of the network. The artist added to this by commenting on his take, about a future where such micropayments are not only a reality but are ubiquitous. He exclaims
“I’m excited about a future where micropayments are omnipresent. Artists paid by the view, writers by the poem, musicians by the listen.”
He hopes that this will eventuate into a society where mundane interactions allow for positive monetary reinforcement. He wants to be able to use Bitcoin to “tip someone who let you merge into traffic.”The hope being that this auction will display the possibilities that can be achieved by using Bitcoin.
Bitcoin LN has already been carrying out successful microtransaction. Earlier in the year, Poketoshi allowed gamers to pay 10 Satoshi(approx $0.0004) per move when playing the Pokemon game. Another endeavor let people paint on a digital canvas for 1 Satoshi per pixel.
Who Is Cryptograffiti
While not much is known about the person behind the sobriquet, cryptograffiti, he is considered one of the pioneers in the crypto space. He is dedicated to spreading the blockchain movement.
He also explores the avenues of alternative revenue channels that this technology offers. In a curious mix of capitalism and cyberpunk, the artist explains
“Well my art, as well the merch, is all about spreading the movement. I see each shirt as little mini billboards. And I think it’s important to bring a little humor into the mix even with something as important and disruptive as cryptocurrency/blockchain.”
A revolution is only as good as its leaders, it is heartening to note that there are plenty of artists, writers, and traders who still have faith in the possibilities offered by the Blockchain.