The World - The almighty dollar, or more accurately, our allegiance to it, is put under the microscope in a controversial new art series launching on OpenSea on October 31; the anniversary of the pseudonymous Satoshi Nakamoto's infamous Bitcoin White Paper. The first drops in this series, "Fiat's on Fire", will be a collection of NFT videos capturing the burning of over $10K, beginning with one hundred $100 bills, burnt from several angles until each of the bills are reduced to ash. This is part one of a larger series of thought-provoking combustion and inferno mused pieces (drops), confronting the notion of so-called intrinsic value, the fallacy of our financial systems, and the shadow banking economies that divide our societies and widen inequality.
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"40% of the total US dollar supply in existence has been printed since the start of the pandemic. Money printing is essentially financial doping, it is like pumping the economy full of steroids. Because rich people can access capital in a way that poor people can only dream about. Fiat's on fire, both figuratively and literally" - the anonymous artist explains.
According to World Bank estimates, Covid-19 drove an additional 97 million people worldwide into extreme poverty, increasing the global poverty rate from 7.8 to 9.1 percent; 163 million more people are now living on less than $5.50 a day. At the same time, America's billionaires grew $2 trillion richer thanks to the pandemic, with their fortunes skyrocketing by 70%. It is easy, then, to see why the US and its currency are generally accepted as the poster child for greed, power, and corruption. "Fiat's on Fire" is intended to fuel the conversation around how unchecked capitalism is burning the opportunities of millennials and Gen Z, destroying the planet and devaluing global currencies.
"All paper money will eventually revert to its intrinsic value - zero." The anonymous artist assures us.
In order for the artist to retain anonymity, Michael O'Sullivan, editor at Bywire News, an independent blockchain-based news outlet, was chosen as the sole witness to the collection's creation, as well as its public spokesperson.
