OpenSeaCounterparty (XCP) · Nov 2014
UMBRELLA
A historic Counterparty token from November 2014 — the earliest tokenized physical asset in existence, and the first “phygital” NFT. Stand out from the crowd.
The Story
UMBRELLA is a historic Counterparty token issued in November 2014. Its initial purpose was to raise funds for a promotional Bitcoin scheme devised by a Bitcointalk user (@LiteBit ☂).
Each of the 600 UMBRELLA tokens represented a pre-order to be redeemed for a physical umbrella adorned with the Bitcoin logo. It was the first time a token was issued on the Bitcoin blockchain as part of a plan to deliver a physical product.
The 600 supply was chosen because that was the manufacturer's minimum order. The asset would be pegged 1:1 to the Bitcoin umbrellas and eventually exchanged for the real thing.
Seven years on from the (presumably failed) promotional scheme, the issuer updated the asset with original Bitcoin umbrella artwork. This historic token is a reminder of Bitcoin's early years and the earliest tokenized asset in existence — with just 300 of 600 now in circulation.
The first “phygital” NFT
UMBRELLA may become even more of a traditional NFT once it is pegged to its physical umbrella. As the first phygital NFT, “the UMBRELLA model” could become the reference for tokenizing any physical asset going forward. More will be revealed soon — but for now: Umbrella is the Unisocks of Bitcoin.
Born on Bitcointalk
The Bitcointalk forum — created by Satoshi Nakamoto — is a key part of crypto's origin story. UMBRELLA's presence in that original forum is integral to the provenance of the asset and its art. The initial 2014 image is immortalized on Bitcointalk and was used to create the newly issued artwork. Counterparty (XCP) lets creators alter token metadata — descriptions and images — a unique contribution to the NFT space, and the very mechanism through which the creator's original vision is now being fulfilled.
Read the original 2014 thread
The Artwork
From the 2014 original to the newly issued Bitcoin umbrella art.
