Bitcoin donation instantly doubles NT public arts budget

Since their childhood, Dr Prash has been friends with Mr Abazi. In fact, Dr Prash attributes the emergence of his ‘addiction to art collecting’ to the first auction Mr Abazi took him to.

Dr. Prash says, “That’s where it all began, and I have complete faith and confidence that Petrit will use this money to do something truly innovative and make every dollar matter,”

Murrnginy explores the relationship between Indigenous Australians (and Indonesian merchants) who traded iron and steel across the ocean.

Originally, Indigenous artists used materials from the earth. However, the use of iron and steel in the environment gradually creeped into their art.

The partnership between the Buku-Lattnggay Mulka Centre and Salon Art Projects features eight Yolngu artists whose work reflects the changing materials of the surrounding land. They have etched their designs onto scrap metal, signs, and bits from old cars.

Murrnginy, the Yolngu term for steel, is Murrnginy.

Dr. Prash says, “The result is this amazing work done in this traditional manner but with this extremely uncommon, unconventional medium.”

His gift will be used to create new creative partnerships at home and abroad and provide new art experiences.

Due to the volatility of bitcoin prices year-on-year Dr. Prash has pledged that he will at least match the current year’s donation. However, he believes that they will increase in value over the next three.

One bitcoin currently has a value of $61,000

Because of the high energy required by cryptocurrency mining, donations of bitcoins were offset with the Crypto Climate Accord. This process was inspired by the Paris Climate Agreement.

He says, “It’s not an optimal solution, as we have calculated the carbon consumption from bitcoin mining and donated it to a carbon recycling company.”

Additionally, cryptocurrency is becoming a valuable tool for creatives. The rise of non-fungible tokens (or NFTs), which allow artists to verify the authenticity of digital work, has made it more widely accessible.

Dr. Prash says that artists are clearly one of the many groups who have significantly increased their skills in this field.

“It allowed them to crowdfund, and tap into markets that can support their work,”