Art sold for less than 1c on LN

[marckenigsberg]

I saw the Black Swan art piece was sold yesterday by Cryptograffiti on LN for $0.000000037.
Firstly super cool piece made from a 1 dollar bill.
Secondly this is one of the best real world examples of micro payments in Bitcoin I've seen.
Highly recommended to check it out blog post about the black swan art piece

[Lanatsa]

I saw the Black Swan art piece was sold yesterday by Cryptograffiti on LN for $0.000000037.
Firstly super cool piece made from a 1 dollar bill.
Secondly this is one of the best real world examples of micro payments in Bitcoin I've seen.
Highly recommended to check it out blog post about the black swan art piece

Its really good on the feels that theres already some recognition for LN and it do proves out on making transaction as smallest as possible.

This is actually a nice way of advertising in regards how this thing works which would possibly waking up some interest for those people who able to see such artwork.
We would see more adoption for sure and its clear that adoption is on the process.

[sunsilk]

Actually, I have seen that use case of this before but not with this one. The cost of cup of coffee suits the payment of LN but with this you're right that this is one good example of the use for LN/micro transactions.

But why is it that art work costs not that much? looking at the picture of the painting, I think it costs more.

[LTU_btc]

$0.000000037? How much it's in Bitcoin? I'm not very familiar with Lightning Network yet, so I didn't knew that's possible to send such tiny payments using it.
And it would be interesting to know dimensions of this artwork. It looks so tiny and requires a lot of precision and patience to make it. Probably it's worth at least few hundreds bucks.

[1Referee]

This happened in 2018; https://bitcoinist.com/lightning-network-black-swan-cryptograffiti/

It's more like a solid piece of marketing, because if such an auction was to be held today, with Lightning being much more adopted, it potentially would fetch a couple of hundred dollars.

[marckenigsberg]

Its really good on the feels that theres already some recognition for LN and it do proves out on making transaction as smallest as possible.

This is actually a nice way of advertising in regards how this thing works which would possibly waking up some interest for those people who able to see such artwork.
We would see more adoption for sure and its clear that adoption is on the process.

I agree completely! Explaining LN possibilities is a bit ethereal for most people. Real world use case is the best explanation.

[marckenigsberg]

Actually, I have seen that use case of this before but not with this one. The cost of cup of coffee suits the payment of LN but with this you're right that this is one good example of the use for LN/micro transactions.

But why is it that art work costs not that much? looking at the picture of the painting, I think it costs more.

It's definitely worth more. And in time will probably become an expensive collectible. It's the fact that it was so cheap that got the publicity. And the publicity is worth a lot more to the artist than the 100s or 1000s he could have got for it.
Great marketing!

[marckenigsberg]

$0.000000037? How much it's in Bitcoin? I'm not very familiar with Lightning Network yet, so I didn't knew that's possible to send such tiny payments using it.
And it would be interesting to know dimensions of this artwork. It looks so tiny and requires a lot of precision and patience to make it. Probably it's worth at least few hundreds bucks.

A bit larger than a postage stamp!

[marckenigsberg]

This happened in 2018; https://bitcoinist.com/lightning-network-black-swan-cryptograffiti/

It's more like a solid piece of marketing, because if such an auction was to be held today, with Lightning being much more adopted, it potentially would fetch a couple of hundred dollars.

Thanks for the correction. I totally missed that. It even says 2018 on the LN invoice
Still a very cool piece and great piece of marketing for LN.

[sunsilk]

Actually, I have seen that use case of this before but not with this one. The cost of cup of coffee suits the payment of LN but with this you're right that this is one good example of the use for LN/micro transactions.

But why is it that art work costs not that much? looking at the picture of the painting, I think it costs more.

It's definitely worth more. And in time will probably become an expensive collectible. It's the fact that it was so cheap that got the publicity. And the publicity is worth a lot more to the artist than the 100s or 1000s he could have got for it.
Great marketing!

Okay I get it why it's so cheap and the publicity that it took was much more than enough to pay the amount of the piece. And that became effective which it really took the attention of the people why this kind of piece was sold at that price but it's not only that.

Because the payment method used was LN as mentioned by 1referee for marketing, thanks for clarity.

[Duzter]

I saw the Black Swan art piece was sold yesterday by Cryptograffiti on LN for $0.000000037.
Firstly super cool piece made from a 1 dollar bill.
Secondly this is one of the best real world examples of micro payments in Bitcoin I've seen.
Highly recommended to check it out blog post about the black swan art piece

Enriching micro Payments through the lightening network will make bitcoin transactions used much more than the present. These days the transaction confirmation serves to be a big factor in the day to day life spending of bitcoin. More the real world more will be the growth of cryptocurrency.

[buwaytress]

Pretty, pretty cool, if people look past that it's crypto, and look past that it was almost a sort of marketing stunt for LN/Bitcoin, but seriously, how would anyone have ever paid anyone else a symbolic fractions of a US cent, without either using tokens worthless anywhere else in the world, or using national currencies which dwindle in value every day it isn't used?

Great advertisement, and not quite a demonstration of practical real world use of sub-cent payments, but proof it is possible in a true scenario. Pretty cool still.

[marckenigsberg]

I've been thinking about this more and it has really got me going down the rabbit hole.
For years I thought about how to make small DOLLAR payments using Bitcoin. But start valuing Bitcoin more we will see a world of sub-dollar payments emerge. Essentially creating more spending power not just in price increase terms vs USD but in a new found appreciation of money in general. Just a thought

[ChrisPop]

All I can say is brilliant! All the Bitcoin > Fiat statements made using a single minimal artistic creation is amazing.

Kudos for sharing the article and congratulations to the artist for the talent and inspiration!

[Images21]

Nice transaction. LN is slowly getting traction. Very soon, it will really be put into use in such transactions as buying a cup of coffee.

By the way, why is the art only priced very cheap at 37 Sats?