In 2015, artist and developer Sarah Meyohas created a digital artwork called “Bitchcoin,” which is believed to be the second-ever non-fungible token (NFT) created. Unlike the first NFT, which was a digital representation of a physical artwork, “Bitchcoin” was an experiment in creating a new form of cryptocurrency based on the value of Meyohas’ artwork.
Each Bitchcoin was backed by a share in a conceptual photography project that Meyohas created. The project consisted of a series of photographs taken by Meyohas, which were intended to challenge traditional gender roles and the commodification of the female body. The photographs were shown in galleries and exhibitions, and Bitchcoins were sold in exchange for Bitcoin. Each Bitchcoin represented a share in the project, which entitled the holder to a limited-edition print of one of Meyohas’ photographs.
By creating a new cryptocurrency backed by her artwork, Meyohas aimed to explore the relationship between art, value, and the market. She saw “Bitchcoin” as a way to democratize the art market and make it more accessible to a wider audience, as well as a way to challenge the traditional power structures of the art world.
“Bitchcoin” was an early example of how blockchain technology could be used to create new forms of art and currency. The project attracted attention from both the art world and the cryptocurrency community, and it inspired other artists to explore the possibilities of NFTs.
Today, NFTs are widely used to represent all kinds of digital assets, including art, music, videos, and virtual real estate. They have enabled artists to sell unique digital works directly to collectors, without the need for intermediaries such as galleries or auction houses. While some critics have raised concerns about the environmental impact of NFTs and their potential for speculation, many artists and collectors see them as a way to create and own unique digital assets in an increasingly digital world.
Overall, “Bitchcoin” was a groundbreaking project that helped to pave the way for the explosion of NFTs in the years that followed.