On Saturday 26 June 2021, in Novazzano (Switzerland) during the event “Motorcycle, bikes, art & more”, Paolo Barrai, founder of TerraBitcoin, delivered his keynote speech introducing NFTs (Non-Fungible Tokens) and more.
In collaboration with Vent Moto and other sponsors such as Bullani & Partners and Capifid Bullani, the well-known TerraBitcoin association gathered its club for updates, highlighting the NFT sector.
And so, after a technical introduction by notary Daniele Minussi of Arsnotaria, on topics such as tokens, blockchain and smart contracts, Barrai then took the floor and began his presentation.
Referring to the current situation, Barrai linked the concept of ‘de-globalization’ to the reduction of physical travel we are experiencing. In the future, it will be increasingly difficult to move between continents, a consequence, he said, of the pandemic, the pending vaccination campaign, but also of other campaigns such as the green campaign, which, by promoting sustainable means of transport, aims in some way to slow down traditional travel.
In the specific field of finance, Barrai associates deglobalization with the new current need for government policy to manage the increasingly inflationary and debt-ridden monetary policies of central banks and the fiscal policies of governments.
“In a de-globalized world, travelling is more difficult and the domestic supply chains are more expensive and no longer globalized. Inflation is desired to burn a monstrous debt and fiat currency loses value in favour of other assets which will be used, such as crypto.”
In this sense, during the pandemic, digital assets (such as cryptocurrencies) have been valued much more than fiat but also more than other traditional market assets. Not only that, the great involvement with the crypto world has also seen the growth of other micro-sectors such as Decentralized Finance or DeFi and NFTs, which have become popular in the art sector.
In fact, Barrai defines Bitcoin and Ethereum and the Blockchain as infrastructures that, if not used, are destined to die. That’s why by continuing to expand the application fields of crypto (also thanks to tokenomics, DeFi and NFT), the Bitcoin and Ethereum infrastructure continues to expand and be recognized as a global store of value.
Barrai and TerraBitcoin: “NFTs for bartering”.
Non-Fungible Tokens became famous back in 2017 with the CryptoKitties and today, in the field of art, with works such as the famous Everydays: The First 5000 days, a digital collage of 5000 images, which sold for an impressive 42,329 ETH, or $69.3 million, at the time of purchase.
In addition to being collectable tokens, Barrai points to their expansion into more and more fields of application involving art, music, gaming, luxury and more.
But the invitation directed to the participants of the event at Monte Morello in Novazzano was to point out that even motorbikes and bicycles (on display during the event) as well as houses but also horses and wine (in reference to the Albaino vineyard in Novazzano), can become NFTs.
In this regard, Barrai then states:
“NFTs for bartering!”
And in fact, according to him, owning an NFT representing a wine (or part of it) to be able to interchange with another NFT representing another underlying one, is in reality a new version of “digital barter”.
TerraBitcoin and the presentation of TerraNFT AG: the first all-crypto fintech company
At the end of the conference, Barrai introduced his guests to TerraNFT AG, his new fintech company based in Zug.
What makes TerraNFT AG special is that it is the first company to be completely crypto, without a bank account.
In fact, thanks to the tax and legal possibilities offered by Switzerland’s crypto valley, Barrai specified that all expenses incurred such as notary fees, employee salaries, taxes and more are in crypto.
Specifically, the capital deposit was also done in USD Coin (USDC) and Tether (USDT), eliminating traditional bureaucracy and managing to create the company that operates in the secondary market, in a matter of seconds.
TerraNFT AG’s mission is to invest in the world of NFTs and use Liquidity Pools to facilitate the trading of assets that by definition are illiquid. NFTs are a financing tool, a marketing tool and a social tool to discover and invest in new markets.
TerraNFT AG has also issued a derivative of its WTNFT tokenized shares that is tradable on the Uniswap V3 decentralized exchange.
In this sense, Barrai concludes:
“TerraNFT’s mission is to make liquid what is not liquid.”
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