The Miha Artnak
Flat Fiat

Exhibition
THU, 14 April 2022, 6 PM–10 PM
Aksioma | Project Space, Ljubljana

In the framework of the programme:
Is the Future Going to be Encrypted?

Crypto is about banking the unbanked, and unbanking the banked. It’s attempting to usher in a more equitable financial system and open, free markets. 

Bankless

Flat Fiat, a collection of 137 fiat coins flattened by train, scanned and minted as a unique NFT, is made for numismatists, art collectors, DeFi and DAO communities that want to change the base currency to decentralized crypto and accelerate the monetary revolution. 

The artist The Miha Artnak believes that the NFT artworks of fiat coins removed from circulation declare the beginning of a new era of decentralized finance.

One of the ways to prevent hyperinflation is reducing the production of currency (coins and printed bills). The other is altering the currency basis. One form this may take is the use of a decentralized currency as a medium of exchange.

The exhibited physical fiat coins that were removed serve as physical documentation and proof of burning. 

Anything can be money as long as it fulfills these fundamental use cases: a unit of account, a medium of exchange, and a store of value.

Fiat money can sometimes be destroyed by converting it into commodity form, rather than completely forfeiting the value of the money. Sometimes, currency intended for use as fiat money becomes more valuable as a commodity, usually when inflation causes its face value to fall below its intrinsic value. For example, in India in 2007, Rupee coins disappeared from the market when their face value dropped below the value of the stainless steel from which they were made.

THE AUTHOR

The Miha Artnak is a Ljubljana-based artist, activist, and entrepreneur, active since the 2000s. His satirical paintings, environmental installations, and subversive performances make him one of the most talked-about artists of the last decade.