Lightning Network Milestone: ‘Micro-Auction’ Art Piece Sells for $0.000000037

lightning network auction

A ‘Black Swan’ artwork piece by Cryptograffiti has auctioned to the lowest bidder for a milli-satoshi or simply $0.000000037 because of the Bitcoin Lightning Network, making the successful possible the world’s least expensive public sale. 

The ‘Black Swan’

A Reddit consumer going by the identify Cryptograffiti shared his story of making and auctioning a tiny piece of artwork known as “Black Swan.”

Black swan

The piece is strictly what you’ll anticipate it to be – a black swan sitting subsequent to what appears to be a pond of leaves. Interestingly sufficient, although, the artist solely used items from a fiat greenback invoice and counterfeit detector pen ink to create the piece.

Its dimensions are impressively tiny. The piece measures 1.44 in x 1.75 in (3.55 cm x 4.44 cm).

More curiously, although, was the best way the artist determined to promote the piece. Cryptograffiti defined:

Yesterday I auctioned this piece to the bottom bidder to assist promote the lightning community and poke enjoyable at MSM’s give attention to Bitcoin’s worth.

And so, the piece has been bought for 1 milli-satoshi or $0.000000037 by way of the Lightning Network, which makes it doable to ship a fraction of a Satoshi, the bottom doable quantity that might be transferred in any other case on the Bitcoin blockchain.

Many Reddit customers instantly acknowledged the importance of this milestone as it’s presumably the world’s least expensive public sale ever to be held.

Lightning Network’s Potential

Cryptograffiti additionally shares his pleasure for a future time the place micropayments are doable and omnipresent.

I’m excited a few future the place micropayments are omnipresent. Artists paid by the view…writers by the poem…musicians by the pay attention. Everyday interactions complemented by constructive financial reinforcement comparable to tipping somebody who allow you to merge into site visitors. […] Hopefully, this micro public sale evokes others to assume massive about the way forward for Bitcoin. – He writes.

The artist has his personal on-line merchandise retailer the place customers should purchase every kind of crypto-related designs from t-shirts to mugs. In an interview for Bitcoinist, Cryptograffity defined the inspiration for his art work, saying:

Well my artwork, as properly the merch, is all about spreading the motion…consciousness. I see every shirt as little mini billboards. And I feel it’s essential to deliver a bit humor into the combo even with one thing as essential and disruptive as cryptocurrency/blockchain.

This isn’t the primary occasion of showcasing the capabilities of the Lightning Network to efficiently perform microtransactions.

In June, Bitcoinist reported on the discharge of a brand new platform known as Poketoshi which permits customers to play the favored Pokémon recreation, paying 10 Satoshi per transfer ($0.00040447). Before that, artistic builders allowed customers to color on a digital canvas known as Satoshi’s Place. It’s comprised of 1 million pixels, every one in all which value 1 satoshi to color.

Do you just like the artwork piece? Will Lightning community change the best way customers work together and commerce on-line? Share your ideas beneath! 

Images courtesy of Shutterstock

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