Crypto News
Ryan Koopmans – An Interview Regarding “The Origin” Inscription Artwork
In the evolving landscape of contemporary art, few artists capture the essence of change and permanence as powerfully as Ryan Koopmans and Alice Wexell. Their artwork bridges the gap between the natural world and urban decay. They delve into the heart of abandoned places and transform them into digital masterpieces that question the boundaries between reality and digital artificiality. Together they explore the concept of legacy and preservation in the digital age by inscribing their work into the immutable ledger of Bitcoin. Their latest work, ‘The Origin’, is a demonstration of their innovative approach to digital art. It combines photography, digital manipulation and Bitcoin ordinal technology to create a dynamic on-chain artwork that reflects the passage of time in the ruins of an Italian building. As pioneers in this field, Koopmans and Wexell challenge us to rethink the value and permanence of art in the digital age and invite us to question our concepts of time, memory and heritage.
Steven Reiss: Many people will know you from your series ‘The Wild Within’, which you do together with Alice Wexell. Perhaps you could briefly explain how you came up with the idea of creating works of art with and through abandoned architecture.
Ryan Koopmans: The Wild Within is a series of digital artworks that bring new life into abandoned buildings from a bygone era. After 15 years of working as a documentary photographer, I felt the urge to create work that involved more of an imaginative intervention rather than purely as a ‘real world witness’.
After photographing a series of abandoned buildings in the country of Georgia, we realized that there was more conceptual work that could be done to enhance the images and truly emphasize the feelings and mood we experienced while exploring these crumbling ruins.
The result was a project that my wife Alice Wexell and I began, The Wild Within, whereby real-world physical spaces, in countries that have undergone dramatic transitions such as Georgia, Lebanon, Armenia, Italy and Poland, are photographed and then transformed into conceptual works of art.
Upon returning, we digitally introduce vegetation and modify the structure and lighting with the intention of reviving the empty spaces, essentially bringing life back into the rooms.
The results are a surreal collision between the past and future, natural and manmade, physical and digital, and the real and imaginary.
Furthermore, many of the buildings depicted in The Wild Within have been demolished in recent years or continue to deteriorate, emphasizing the theme of time passing in the cycle of growth and decay.
We chose to inscribe the artwork [Ryan refers to ‘The Origin’, SR] on a satoshi mined on March 24, 2021, a tribute to the day that the first artwork from ‘The Wild Within’ was minted on Ethereum.
SR: What is the fascination and how do you go about it? When is a scene the right one and how do you process the image?
RK: We have long been inspired to travel to remote locations and discover places that have not yet been extensively photographed.
Especially fascinating to us are buildings that were abandoned and left to deteriorate without intervention. They act as time capsules, especially rooms that have been sealed off from outside visitors for decades.
It takes a long time to research, discover, and photograph these buildings, and then to create an artwork. Thus we are very selective with what we actually release into the world. Sometimes when we are shooting a particular room, we get a feeling in our core that this will be an image that belongs in the project.
By exploring and then carefully composing images that are then turned into artworks, our interests related to architecture, nature, creative expression and the human condition are all activated.
The structures that we like to base pieces on are inherently rare as many are deteriorating or have already disappeared since we first discovered them.
Whether due to fires, demolition, looting or the natural elements, in many cases the buildings cease to exist in the form they once were as our world rapidly modernizes.
Importantly, the artwork immortalizes and preserves not only itself but also its subject matter on the blockchain, functioning as an act of artistic, interpretive architectural preservation.
SR: Why did you choose this particular location for ‘The Origin’?
RK: It was important to us to enter the world of inscriptions on Bitcoin with a concept that not only embraced the technology’s potential but also stayed true to the inherent themes of our work.
Given that the theme of time is a recurring element, we collaborated with the Inscribing Atlantis team to create a dynamic time-based artwork. This piece seamlessly transitions between day and night modes, synchronized with the Bitcoin clock.
In order to achieve this, using an interior with expansive windows connecting to the external surroundings was crucial. Situated in the forest just outside a small town in Northern Italy, this particular architectural space occupies the top floor of a tower. Accessing it posed a challenge, requiring climbing into a window and carefully navigating along precarious hanging wooden floors.
The distinctive patterns on the walls and circular forms within the space made it an ideal setting for the construction of this artwork, since it felt like a nucleus or an encapsulated hub for a grand idea.
SR: In your announcement of ‘The Origin’, you intriguingly describe both abandoned buildings and digital artifacts inscribed on Bitcoin as anthropological markings. Could you elaborate on how this concept influences your work, particularly in terms of contributing to the broader discourse on digital heritage and cultural preservation? Furthermore, how do you reconcile the juxtaposition between the physical decay of buildings and the enduring nature of Bitcoin in your artistic process?
RK: Architecture serves as anthropological markings on the landscape, albeit temporary ones. Within the structures themselves, one finds markings left by people and the passage of time, whether by inhabitants, vandals, or the forces of nature. The concept of impermanence and the eventual disappearance of these markings inspire the idea to photograph, creatively intervene, and then preserve the visuals on the blockchain.
Exploring these buildings often reveals intriguing artifacts, creating a sense of discovery that evokes the feeling of uncovering forgotten eras.
Inscriptions on ordinals, albeit more permanent, are also digital artifacts scattered throughout the network. Over time it will be interesting to go back and see the evolution of these markings, which range in quality and intention, but reflect a distinct moment in time and cultural context from which they were created.
While creating digital artwork is a form of preserving this experience and idea, inscribing it on a secure and immutable blockchain elevates it to a higher level of permanence.
Our goal is not to create historically accurate representations or documentations of architecture. Instead, we aim to preserve our interpretation of this fleeting subject matter by crafting artwork that depicts the decaying buildings in an imaginatively overgrown state.
Ultimately, our objective is for the artwork to outlive us, and utilizing this technology provides a solid medium to secure the digital legacy of the artwork.
SR: With the intention that your artwork will outlive you, how do you see the role of digital art in the future? Do you believe that digital artworks can achieve the same emotional and cultural significance as physical artworks once the physical impact is completely removed?
RK: Absolutely. Digital artwork is being created in an era where the future display methods are not fully realized yet. We are yet to know what kinds of frictionless screens or immersive perspectives will become integrated into our daily visual landscape.
In the present approaches to showcasing digital art, the appeal of printing it out or presenting it on a wall screen lies in the residual value attributed to the tangible nature of art. However, these methods are far from ideal for showing digital artworks at their highest potential, and directly ‘competes’ with traditional art in the realm of physical display which it shouldn’t have to.
As tools for creating and distributing art become more widely accessible, there will be an unprecedented surge in digital art production. In my opinion, it’s inevitable that certain digital works will attain the same status as some of the world’s most treasured physical assets.
I anticipate a continued transition towards a more digital future, particularly with the rise of younger generations who are already digitally native.
While the preference for collecting either physical or digital works may fluctuate over time, as cultural tastes often do, digital artworks are undoubtedly progressing towards achieving similar, if not greater, cultural significance, even without a physical impact.
SR: For many artists, bitcoin as an art medium is still new. What made you decide to release a work on bitcoin in the first place? And what were the particularities? Were there any difficulties or new opportunities?
RK: Being innovative and embracing new techniques is a core value of The Wild Within project. We love the crossover between traditional and timeless art, whilst integrating innovative technologies, which we’ve done in several instances. We were the inaugural collaborator with the AI artist Botto whereby we created a unique collaborative artwork in partnership with the Botto DAO. Additionally, we’ve created an immersive 3D space for another one of our pieces, allowing viewers to virtually ‘walk into’ a painting that led into an animated overgrown room.
While Ethereum has fewer file size limitations when minting than Bitcoin, the development of recursion has been a game changer for us by enabling the creation of larger artworks through multiple inscriptions.
Each blockchain presents a cost-benefit analysis, with both compromises and advantages in releasing artwork. Ordinals, functioning as digital artifacts, evokes a sense of preserving these deteriorating architectural ruins, and the artwork, on the blockchain.
Reaching new audiences is integral to being an artist, and the Bitcoin art community has been welcoming, supportive and enthusiastic.
Furthermore, having the opportunity to work with such talented developers at Inscribing Atlantis meant that an artwork could be created which was customized and true to our artistic vision.
SR: The name ‘The Origin’ suggests that there is more to come. Can you reveal anything about it yet?
The ability to create a structure of provenance that organizes one’s presence on ordinals is truly exciting. The Ancestor, Parent, and Child structure of provenance is very appealing, as it establishes the foundations for growth into the future. We have left the possibility open to add another 1 of 1 artwork under the Parent in the future, and the structure allows for the potential release of editions under their own category.
What we release next and when is still to be determined, but one thing is certain: now is an opportune time to leave one’s mark on Bitcoin. However, it should be done with respect, an understanding of the culture, and with creative intent and meaning because once your mark is made, there is no going back!
This is a guest post by Steven Reiss interviewing Ryan Koopsman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
An interview of Ryan Koopsman by art historian Steven Reiss, regarding Ryan’s latest digital art piece ‘The Origin’ created using Inscriptions.
Crypto News
You Should Not Wear This Bitcoin Shirt — Here’s Why
Everyone has their own unique sense of style, but if you are wearing Bitcoin merch like the shirt in the X post below out in public — you should probably stop doing so.
This Bitcoin shirt is cringe as fuck.
Have fun getting 7 dollar wrench attacked. pic.twitter.com/zRlT2CFrIg
— Breadman (@BTCBreadMan) January 11, 2025
I agree with this post in that this shirt is cringe as fuck and will only bring unwanted attention.
Most people don’t understand Bitcoin and the lingo adjacent to it. If you’re wearing this out in public, the majority of people are not even going to understand it and will move on with their day, completely forgetting about it. So if you’re wearing the shirt, you’re not really flexing as hard as you think.
But some who will see you wearing it will know what it means, and this may lead to bad consequences.
Wearing a shirt that broadcasts to everyone that you own a full bitcoin (or basically $100,000, at the time of writing, in the form of a bearer asset) will likely just put a target on your back.
Don’t believe me?
This past November, the CEO of the Canadian company WonderFi was kidnapped and held for ransom. And more recently, a Pakistani crypto trader was kidnapped and forced to pay $340,000 to the kidnappers from his Binance account.
I’m not trying to scare anyone, but these things can happen, and you should at least avoid putting yourself in such a situation.
These criminals may or may not know how Bitcoin works, and it’s probably worse if they don’t. Because they might think you have it all on one exchange, or that you have your private keys located in one place that is easy to obtain, therefore thinking you are probably an easy target. And if you tell them you physically cannot give up your coins, and they don’t believe you, things could get ugly quick.
I’m not saying to never talk to anyone about Bitcoin ever or to be 100% secretive about it — I mean, I’m a public figure in this space and have thought through how to best limit the chances of something bad like this happening to me. The security of your bitcoin is important, but also is your personal security. Luckily for me, I am an American and have my second amendment rights. Protecting my Bitcoin from a potential $5 wrench attack is a lot easier with a firearm.
Upgraded my bitcoin security today by buying a Glock 19
— Nikolaus (@nikcantmine) December 26, 2020
If you are a proud owner of one full bitcoin, it’s fine to celebrate it, as that is a feat that most people on the planet will never be able to achieve.
My advice to you, though, is to celebrate it in a way that is more private, like with no one more than your family and very close friends that you trust. You can post online on X or Reddit anonymously about it if you really want to have a deeper conversation about it or to get the dopamine from all the other anons congratulating you on the accomplishment.
Don’t tell people how much bitcoin you own, and definitely don’t wear shirts that disclose it. Just stay humble and stack more bitcoin.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
You are putting a target on your back by wearing merch like this.
Crypto News
Bitcoin DeFi Is Finding Product-market Fit With Runes
Over the past year, the Bitcoin Renaissance has brought significant attention to BTCfi, or “Bitcoin DeFi” applications. Despite the hype, very few of these applications have delivered on their promises or managed to retain a meaningful number of “actual” users.
To put things into perspective, the leading lending platform for Bitcoin assets, Liquidium, allows users to borrow against their Runes, Ordinals, and BRC-20 assets. Where does the yield come from, you ask? Just like any other loan, borrowers pay an interest rate to lenders in exchange for their Bitcoin. Additionally, to ensure the security of the loans, they are always overcollateralized by the Bitcoin assets themselves.
How big is Bitcoin DeFi right now? It depends on your perspective.
In about 12 months, Liquidium has executed over 75,000 loans, representing more than $360 million in total loan volume, and paid over $6.3 million in native BTC interest to lenders.
For BTCfi to be considered “real,” I would argue that these numbers need to grow exponentially and become comparable to those on other chains such as Ethereum or Solana. (Although, I firmly believe that over time, comparisons will become irrelevant as all economic activity will ultimately settle on Bitcoin.)
That said, these achievements are impressive for a protocol that’s barely a year old, operating on a chain where even the slightest mention of DeFi often meets with extreme skepticism. For additional context, Liquidium is already outpacing altcoin competitors such as NFTfi, Arcade, and Sharky in volume.
Bitcoin is evolving in real time, without requiring changes to its base protocol — I’m here for it.
After a rocky start, Runes are now responsible for the majority of loans taken out on Liquidium, outpacing both Ordinals and BRC-20s. Runes is a significantly more efficient protocol that offers a lighter load on the Bitcoin blockchain and delivers a slightly improved user experience. The enhanced user experience provided by Runes not only simplifies the process for existing users, but also attracts a substantial number of new users that would be willing to interest on-chain in a more complex way. In contrast, BRC-20 struggled to acquire new users due to its complexity and less intuitive design. Having additional financial infrastructure like P2P loans is therefore marking a step forward in the usability and adoption of Runes, and potentially other Bitcoin backed assets down the line.
The volume of loans on Liquidium has consistently increased over the past year, with Runes now comprising the majority of activity on the platform.
Ok so Runes are now the dominant asset backing Bitcoin native loans, why should I care? Is this good for Bitcoin?
I would argue that, regardless of your personal opinion about Runes or the on-chain degen games happening right now, the fact that real people trust the Bitcoin blockchain to take out decentralized loans denominated in Bitcoin should make freedom lovers stand up and cheer.
We’re winning.
Bitcoiners have always asserted that no other blockchain can match Bitcoin’s security guarantees. Now, others are beginning to see this too, bringing new forms of economic activity on-chain. This is undeniably bullish.
Moreover, all transactions are natively secured on the Bitcoin blockchain—no wrapping, no bridging, just Bitcoin. We should encourage and support people who are building in this way.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
BTCfi is on track to compete with other ecosystems.
Crypto News
We’re Repeating The 2017 Bitcoin Bull Cycle
The 2017 Bitcoin bull market was a wild ride, with prices soaring from under $200 to nearly $20,000. As we look at the current market, many are wondering if we might see a similar surge again. In this article, we’ll explore the data and trends that suggest we could be on the brink of another massive bull cycle.
Key Takeaways
- The current Bitcoin cycle shows strong correlations with the 2017 cycle.
- Historical data indicates potential for significant price increases.
- Investor behavior patterns are mirroring those from previous cycles.
Understanding Bitcoin Bull Cycles
Bitcoin has had several bull cycles, each with its own unique characteristics. The most notable was in 2017, where the price skyrocketed. Now, as we analyze the current market, we see some interesting parallels.
The recent price action has been choppy, with Bitcoin hitting a new all-time high above $108,000 before retracing to below $90,000. However, it has since rebounded, and this fluctuation is not uncommon in bull markets.
Comparing Current Cycle to Previous Cycles
When we compare the current cycle to previous ones, particularly the 2017 cycle, we notice some striking similarities. The following points highlight these correlations:
- Cycle Length: The 2017 cycle peaked at 168 days from its low, while the 2021 cycle peaked at 160 days. Currently, we are 779 days into this cycle, suggesting we have a significant amount of time left.
- Price Action Correlation: The correlation between the current cycle and the 2017 cycle is at an impressive 0.92. This means that the price movements are closely aligned, indicating that we might be following a similar trajectory.
- Investor Behavior: The MVRV (Market Value to Realized Value) ratio shows a strong correlation of 0.83 with the 2017 cycle, suggesting that investor behavior is also mirroring past trends.
The Role of Halving Events
Bitcoin halving events have historically been significant markers in the price cycle. The last halving occurred in 2024, and as we look at the current cycle, we see that it closely follows the pattern established in 2017. The halving events in both cycles occurred within a similar timeframe, which could indicate that we are on a similar path.
Future Predictions
Looking ahead, if the current cycle continues to follow the 2017 pattern, we could see a significant price increase throughout 2025. While some predictions suggest prices could reach as high as $1.5 million, it’s essential to approach such forecasts with caution. A more realistic peak might align with historical trends, potentially occurring in late 2025.
Conclusion
In summary, the current Bitcoin bull market shows strong correlations with the 2017 cycle, both in terms of price action and investor behavior. While we may not see the same explosive growth as in 2017, the data suggests that we could be in for an exciting ride in the coming months. As always, it’s crucial to stay informed and make decisions based on thorough analysis.
If you’re interested in more in-depth analysis and real-time data, consider checking out Bitcoin Magazine Pro for valuable insights into the Bitcoin market.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
Explore the potential for Bitcoin to repeat the 2017 bull cycle. We analyze price action, investor behavior, and future predictions for Bitcoin’s market trajectory.
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