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Crypto artist âcryptograffitiâ has sold a tiny artwork in a âmicro auctionâ in a bid to promote Lightning Network (LN) micropayments.
Crypto artist âcryptograffitiâ has sold a tiny artwork in a âmicro auctionâ in a bid to promote Bitcoin (BTC) Lightning Network (LN) micropayments, according to a post from the artistâs Reddit handle published Dec. 20.
The artwork â which measures just 1.44 x 1.75â and depicts a black swan collaged from details on the United States dollar bill â Â was sold, counterintuitively, to the lowest bidder, at a value of 1 millisatoshi ($0.000000037). A âsatoshiâ is the term used to christen one hundred millionth of one Bitcoin â in honor of the cryptocurrencyâs mysterious inventor, Satoshi Nakamoto.
Cryptograffitiâs profile on the Blockchain Art Collective website outlines that his work is âdedicated to spreading the crypto/blockchain movement,â and in particular to exploring how crypto can âbenefit artists through alternative revenue channels.â
This latest work is intended to promote use of Lightning Network micropayments, with the vision that their future âomnipresentâ use can create âpositive monetary reinforcementâ for everyday interactions, such as âtipping someone who let you merge into traffic.â In the artistic sector, cryptograffiti contends, crypto micropayments can enable a different economy in the creative industry, with âartists paid by the viewâŠwriters by the poemâŠmusicians by the listen.â
In an ironic twist, the artist colored his miniscule artwork using ink from a fiat and counterfeit detector pen; the artworkâs making can be observed in a video here.
Screenshot from the video of the making of cryptograffitiâs artwork, âBlack Swan.â Source: "The Worldâs Least Expensive Artwork?"
As reported, the BTC Lightning Network is a second-layer solution to Bitcoinâs scalability problem, which works by opening payment channels between users that keep the majority of transactions off-chain, turning to the underlying blockchain only to record the net results.
The use of general LN-enabled micropayments has long been discussed as a viable alternative business model across a range of industries â including the distribution of content in the entertainment industry, or enabling Bitcoinâs use for small everyday retail purchases, such as coffee, by removing the burden of high transaction fees.
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