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Crypto artist "cryptograffiti" sold a miniscule art work in a "micro auction" in an attempt to promote the micropayments Bitcoin (BTC) Lightning Network (LN), according to a post from the Reddit handle of the artist published on December 20th
The art work – which measures only 1.44 x 1.75 "and depicts a black swan embedded in the details on the US dollar bill – was sold, against the price, to the lowest bidder, with a value of 1 millisatoshi ($ 0.000000037) A "satoshi" is the term used to baptize one hundred millionths of a Bitcoin – in honor of the mysterious inventor of cryptocurrency, Satoshi Nakamoto.
Cryptograffiti's profile on the Blockchain Art Collective website emphasizes that his work is "dedicated to the spread of the crypto / blockchain movement", and in particular to explore how crypts can "benefit artists through alternative revenue channels".
This latest work is intended to promote the use of Lightning Network micropayments, with the vision that their future "ubiquitous" use can create "positive monetary reinforcement" for everyday interactions, such as "giving tips to someone who makes you join in traffic ". sector, contests cryptograffiti, cryptographic micropayments can allow a different economy in the creative sector, with "artists paid from the point of view … writers from the poem … musicians from listening".
In an ironic touch, the artist has colored his miniscule works of art using the ink of a fiat and counterfeit detector pen; the realization of the artwork can be observed in a video here.
Screenshot from the video of the creation of the art of cryptograffiti, "Black Swan". Source: "The least expensive art work in the world?"
As reported, BTC Lightning Network is a second-level solution to the scalability problem of Bitcoin, which works by opening payment channels between users who maintain most of the transactions out of the chain, moving to the underlying blockchain only to record the net results.
The use of generic micropayments based on LN has long been discussed as an alternative business model valid in a wide range of sectors – including the distribution of content in the entertainment sector, or allowing the use of Bitcoin for small daily purchases, such as coffee, removing the burden of high transaction fees.
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