Is Renaissance 2.0 about to lift-off?

Photo by Alexander Krivitskiy on Unsplash

Have you ever been inside the Sistene Chapel?

Michelangelo’s restlessness in those paintings seems to transpose the reality of the most famous dome.

What constitutes my substance is what burns and inflames me, since it is desirable that I live on what others die of.- Michaelangelo

I could have been endless hours looking at that piece of art in 1997 when I visited Italy. I was thrilled with the idea of being in the Vatican and in the Sistine Chapel. That dome was full of ironies, as it was an imposition from Pope Julius II in 1508. Michaelangelo painted those frescoes almost upset.

The extraordinary painter demoted painting to sculpture.

This is not my profession. I waste my time to no avail. God help me!- Michaelangelo

I don’t know if God helped him, but it suddenly helped humanity. The frescoes’ quality is so high that it seems the images are embossed when we’re looking hard.

What do Michaelangelo and non-fungible tokens (NFT) have in common? Artistic disruption (I’ll explain it later). The Renaissance stretched from the 14th century to the 17th century. It started in Europe. And eventually led to the significant events of the Age of Enlightenment.

Historians have identified several causes for the emergence of the Renaissance following the Middle Ages: increased interaction between different cultures, the rediscovery of ancient Greek and Roman texts, the emergence of humanism, different artistic and technological innovations, and the impacts of conflict and death.- historycrunch.com

We’re facing an era of extraordinary innovation in money itself. New forms of capital are emerging. And Artistic disruption is about to take flight.

Are we at the dawn of a new Age of Enlightenment? A kind of Renaissance 2.0?

Ignorance has always been the weapon of tyrants; enlightenment the salvation of the free.

The world is bifurcated with cryptos against central banks.

One event that most influenced the modern world was the separation between the Church and the State. And now we’ve been watching a narrative about the separation between money and the State.

It’s interesting to watch this era of deep divisions of thought, philosophy, and principles. Yet, in reality, what is happening is another great event that will change humankind’s history.

The crypto world has created the idea that the State cannot control the money supply. They follow the concept of a currency that everybody believes in, that no government can control.

For now, it’s just a narrative, but what’s interesting is that if everybody believes in it, it will come true. In one of my last articles, I shared my concerns about this idea.

Yet, I’m fascinated by the technological part of it. But also by the way the real victims of this disbelieve in governments are building the new crypto structure.

20-year-old youngsters watched the 2008 financial crisis knocking at their parent's doors. All with the collusion of the major players— financial institutions, major banks, and governments. These kids were the victims who most felt the impact of the financial crisis.

The ironic beauty of this revolution is seeing central banks, the Fed, the IMF, and the Chinese Popular Party, running not to fall behind.

Suddenly, money lords are already talking about creating the Central Bank Digital Currency (CBDC). They are all assuming the flaws of their system. Otherwise, they would keep their way, hoping they could stop the bleeding with the law. Make no mistake; if the Bitcoin protocol had not survived through resilience, after 12 years of stumbling, governments would continue the old money game that benefits only a tiny minority.

Still, many questions remain. I have been a loyal reader of my friend ScienceDuuude’s articles, which helps me answer some questions. We don’t have the same vision, belief, and hope for the future of money. But respect, good education, and emotional intelligence make us reinforce a mutual admiration. You can read SD’s last article about CBDCs here.

The taxation from governments on Bitcoin markets is one of the main questions from non-believers. But most recently, I heard a fascinating explanation on a podcast, called “All-in,” with David Sachs, Jason Calacanis, David Friedberg, and Chamath Palihapitiya.

We will no longer be focused on this printable money that we can see and touch. Instead, it will get replaced with virtual currencies tied to another kind of asset. All the leakage will go to the world of DeFi, and then you can financialize it, monetize it, and tax it. It will all be trackable.

That’s the beauty of this system. More efficient, more reliable, and more taxable, says Chamath.

Renaissance 2.0 is about to lift-off.

Five hundred years ago, Florence lived at the end of the Dark Age, Inquisition, and the Bubonic Plague. Half of Florence’s population was decimated with that plague.

Yet, you ask, how was it possible? In the Dark Age, with all the dramatic events Italians were facing, how could surge something so beautiful as a renaissance movement?

Many historians defend it was a radical break from the past. Others say it was derived from the concept of Roman Humanitas and the rediscovery of classical Greek philosophy.

This new thinking became manifest in art, architecture, politics, science, and literature.

Man is the measure of all things.- Protagoras of Abdera

Stacy Herbert is an early investor in many bitcoin and cryptocurrency-related companies. She is also the co-host and co-presenter of Keiser Report, which covers markets, finance, and cryptocurrencies.

Daniela Camboni recently interviewed Herbert in the Stansberry Research channel, where she shared a fascinating perspective about the one-lifetime opportunity the USA has to rebuild its history.

Stacy called it Renaissance 2.0.

As FIAT currency dark age is ending, and we’re facing the monetary system’s dismantling as we know it, Americans will be presented with an excellent opportunity to build something new.

With help from the blockchain, the fundamental issues with money will radically change.

Like Tim Denning explained in one of his last articles, inflation is gonna be controlled and set by code, not by old dudes in suits.

Non-tangible Tokens (NFT) equals Artistic Disruption.

When you have entrepreneur energy and money looking for a home, those two sides will find each other.

Digitization is speeding the process by which decisions can be made. These 10-year forecasts ended up being accelerated exponentially by the pandemic.

Painful as it may be, at the moment where we’re facing brutal economic destruction, we’re also in an environment with record capital, entrepreneurial energy, and digitization.

In fact, with this panorama, everything you can imagine it’s going to happen.

The bifurcation will be clear. Either you navigate this technological revolution and move on, or you become obsolete in your view of the world, and you’ll lose the carriage.

NFTs are the last new product coming from the gigafactory of digitization.

Think of non-tangible tokens as festival tickets. Each ticket contains specific information like identity, date, and other unique specifications. This data makes it impossible to trade. Most NFTs were conceived in Ethereum token standards so that they can be compatible with the broader ecosystem.

Bitcoin is fungible — trade one for another bitcoin, and you’ll have the same thing. A unique trading card, however, is non-fungible. If you traded it for another card, you’d have something completely different.

For artists, being able to sell artwork in digital form directly to a global audience of buyers without using an auction house or gallery allows them to keep a significantly more significant portion of the profits they make from sales. Royalties can also be programmed into digital artwork so that the creator receives a percentage of sale profits each time their artwork is sold to a new owner.- Ollie Leech in coindesk.com

What is interesting about NFTs is that it’s not just about profitability. The people that created the NFTs have a sharing mentality.

If you buy an artist’s NFT, the artist will always receive 10% of the earnings of each resell transaction. It not only cuts the intermediation processes but also incentivizes the artist to produce more and better quality art.

Imagine the artistic disruption coming in the following decades. Artists being paid consistently by the supportive structure of an innovative digitized market of non-tangible tokens.

According to industry analyst Cherie Hu, in the music world, more broadly, musicians have sold more than $4 million in NFTs. And just last week, Christie’s became the first major auction house to offer a fully digital work.- Mitchell Clark in theverge.com

Some crazy shi# is happening in the NFTs market too.

But I prefer to explore the good side of this story. Yet, if you’re interested, see here what Mitchell Clark shared about this new world.

Some issues about the originality of the artist’s NFTs are raised as they sell the original one, then create secondary NFTs from the same art piece. It’s a very speculative market right now, with easy and fast fortunes made in few days.

I prefer to see the long-term potential and let the dust settle. In the distance, I can see the Renaissance 2.0 being born. A completely revolutionary business model where the artist is a true business partner of the investor.

Only young, disruptive, and digitized minds could invent such a thing.

NFTs for writers

Selling an article as an NFT would be the same as selling a license to use something you wrote. You would retain copyright and, therefore, the ability to sell multiple NFTs derived from the same work.- Melinda Crow

If you think Medium writers are not aware of this innovation, you are mistaken.

Tim Denning has dedicated his time to study the subject. If you read Tim’s work, you’ll know he, like me, is a true believer in the blockchain and crypto world.

Frankly, as an innovation lover, I will take a few hours to understand how everything works in detail.

I’m well aware of the advantages for early adopters in all variants of innovation.

So, for this opportunity, I will certainly not want to be left behind.

Final Thought

I recently read John Pugliano’s book “The Robots Are Coming.” He refers that the North America has abundant natural gas resources due to technological advances in clay shale recovery methods. It has a price 80% lower than the prices practiced in Asia to give you an idea.

The future of the United States of America will include a massive foray of automated factories to take advantage of cheap natural gas.

Governments worldwide are trying to figure out whether bitcoin is a currency, a tradable commodity, security on par with stocks and options, or a brand new asset class of its own.- Anders Bylund in fool.com

The USA was always ahead on innovation. But at the same time, America attracted talents like no other country in the world.

In fact, the Biden Administration has three top-level financial staff picks that have a proven understanding of how blockchain and cryptocurrency assets work.

The US Treasury Secretary, Janet Yellen, recently said: “I think it’s important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”

Gary Gensler leads the Biden–Harris transition’s Federal Reserve, Banking and Securities Regulators agency review team. He’s an expert on financial technologies, blockchain technology, digital currencies, and public policy.

As chairman of the Commodity Futures Trading Commission (CFTC), Chris Brummer is developing a regulatory approach to treating some cryptocurrencies as commodities.

Regulatory stability will make investors like Michael Saylor, and Elon Musk sleep better at night.

So, with cheap energy, high-tech level innovation in crypto regulatory management, and the non-tangible token world exploding, I’ve got a hunch that the perfect storm is yet to come.

Cheap energy, innovative government, and artistic disruption may well give rise to a new renaissance.

Renascence- the revival of something that has been dormant.

Sign up for my email list and join the happiest readers on Medium.
(This is where you get exclusive access to my daily activities, experiences, and daily thoughts)


NFTs: A Financial Orgy or a New Renaissance was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.