WEBVTT - NFTs And Royalties In A Down Market 0:00:02.480 --> 0:00:06.040 This is Bloomberg Crypto, a daily Bloomberghart podcast, and I'm 0:00:06.080 --> 0:00:09.400 Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News. 0:00:10.080 --> 0:00:27.520 It's Wednesday, November nine. Evangelists of web three, a term 0:00:27.560 --> 0:00:31.400 popularized by venture capitalist Chris Dixon, will often say that 0:00:31.480 --> 0:00:33.680 a big goal of the whole thing is giving more 0:00:33.720 --> 0:00:38.200 power to create us, and especially monetary power. Web three, 0:00:38.440 --> 0:00:42.280 these proponents say, will allow artists, musicians, and creators of 0:00:42.320 --> 0:00:45.479 all stripes to cut out middlemen and into mediaries and 0:00:45.560 --> 0:00:48.640 retain more of the financial benefits of their work. In 0:00:48.640 --> 0:00:51.440 other words, y pa a platform or an agent or 0:00:51.479 --> 0:00:54.120 a dealer when you can keep all of your revenue 0:00:54.120 --> 0:00:57.120 for yourself. But this is where things get a little 0:00:57.160 --> 0:01:00.640 bit complicated. If you're an artist or musician and you 0:01:00.680 --> 0:01:02.880 sell your work as an n f T, you'll definitely 0:01:02.920 --> 0:01:05.720 get paid the first time you make that sale. But 0:01:05.800 --> 0:01:07.640 what happens if the person who bought it from you 0:01:07.720 --> 0:01:11.479 then sells it to someone else. In the idealized version 0:01:11.520 --> 0:01:13.560 of n f T s, you get a royalty on 0:01:13.600 --> 0:01:18.720 that sale automatically. In reality, many of these transactions aren't 0:01:18.760 --> 0:01:21.240 actually set up that way. For more in the current 0:01:21.240 --> 0:01:23.160 states of n f T s and how platforms are 0:01:23.200 --> 0:01:26.480 thinking about these royalties. We'll hear from Bloomberg Crypto Report 0:01:26.520 --> 0:01:29.680 to Olga Karif over nine percent of all of the 0:01:29.840 --> 0:01:33.520 n f T sales or wash trading, and now most 0:01:34.120 --> 0:01:36.959 n f T trackers actually have a button new press 0:01:37.040 --> 0:01:40.000 to get rid of all of the worst trading volume 0:01:40.040 --> 0:01:43.920 meant to see what's actually happening in the market. And 0:01:44.040 --> 0:01:47.200 from Dr Lauren van hoften Chick, who is an Andrew W. 0:01:47.319 --> 0:01:50.160 Mel And Postdoctoral Fellow at the Center for the Humanities 0:01:50.240 --> 0:01:55.160 at Wesleyan University. Platforms are the middle people, and by 0:01:55.160 --> 0:01:58.040 that I mean they kind of become equivalent to dealers 0:01:58.080 --> 0:02:01.640 in a way, and I you know, dealers have played 0:02:01.640 --> 0:02:06.440 a really important role in this history in their ability 0:02:06.480 --> 0:02:16.560 to work with artists. Olga, Lauren, Welcome to the show. Olga. 0:02:16.880 --> 0:02:19.680 It's always a pleasure to have you on. And you know, 0:02:19.800 --> 0:02:22.640 one of the things that you have extensively reported on 0:02:22.720 --> 0:02:25.560 and that you've even talked about in previous episodes is 0:02:25.600 --> 0:02:30.760 how the market for non fungible tokens is doing. We are, 0:02:31.160 --> 0:02:34.120 I don't know, months into crypto winter at this point, 0:02:34.200 --> 0:02:37.320 and it feels like one of the bigger casualties of 0:02:38.200 --> 0:02:42.400 shall we say, the decline in sentiment has been what's 0:02:42.400 --> 0:02:44.040 happening with n f T s? Like, what are the 0:02:44.080 --> 0:02:47.239 numbers these days? Since the beginning of the year through 0:02:47.360 --> 0:02:50.960 the third quarter of sales volume is down. N f 0:02:51.000 --> 0:02:54.919 T average selling prices are down by you know, a 0:02:55.080 --> 0:03:00.600 numbers of magnitude, and the number of buyers in the 0:03:00.680 --> 0:03:05.200 market is also you know, active buyers and sellers also 0:03:06.080 --> 0:03:09.000 seems to be down a bit. Interest in n f 0:03:09.040 --> 0:03:12.359 T s has fallen off a cliff. Trading volumes for 0:03:12.520 --> 0:03:14.840 n f T s, which are basically just digital art 0:03:14.880 --> 0:03:18.880 and collectibles that are recorded on blockchains, has tumbled from 0:03:18.880 --> 0:03:22.359 a record high in January. So what's the past forward 0:03:22.360 --> 0:03:24.240 for n f T s? Will we find a good 0:03:24.320 --> 0:03:28.040 use for the underlay this? The n f T market 0:03:28.080 --> 0:03:33.680 has definitely been um impacted in part by following cryptocurrency prices, 0:03:33.720 --> 0:03:37.400 but also by some factors that just relate to just 0:03:37.480 --> 0:03:42.080 this specific market. What are some of those factors? So 0:03:42.200 --> 0:03:46.320 with with cryptocurrency, there are lots of use cases for 0:03:46.440 --> 0:03:49.760 it with enough tase, what we've seen so far is 0:03:49.840 --> 0:03:54.080 that most enough teas that have been popular, they essentially 0:03:54.120 --> 0:03:58.240 don't do anything there, you know, say, pictures of you know, 0:03:58.280 --> 0:04:02.360 acute animal or or an ugly cartoon character in it, 0:04:02.680 --> 0:04:06.040 right exactly, and it doesn't really do anything useful. Whereas 0:04:06.560 --> 0:04:09.320 you know, years ago people were dreaming of finn ft 0:04:09.520 --> 0:04:12.360 is being used as tickets and ft is being used 0:04:12.920 --> 0:04:17.560 as you know, membership cards to U two events, and 0:04:17.720 --> 0:04:20.039 some of them are used this way, but this is 0:04:20.040 --> 0:04:25.599 a minority of uses. So Olga, you you talk about 0:04:25.640 --> 0:04:28.919 this idea of utility tokens, right, and we've seen a 0:04:29.120 --> 0:04:33.039 handful of examples of the idea of you know, your 0:04:33.200 --> 0:04:34.640 n f T gives you a v I P all 0:04:34.680 --> 0:04:37.839 access past to like backstage at a concert. We have 0:04:38.040 --> 0:04:41.440 had folks talk about, well, you know, your n f 0:04:41.480 --> 0:04:45.320 T s can unlock restaurant experiences or and we've even 0:04:45.400 --> 0:04:49.880 profiled creators, especially musicians, who have been able to directly 0:04:49.880 --> 0:04:52.240 monetize their music on the blockchain without having to go 0:04:52.360 --> 0:04:55.160 through things like a Spotify or an Apple Music. And 0:04:55.200 --> 0:04:58.000 then of course there is like the in game economy 0:04:58.040 --> 0:05:02.560 in places like actually Infinity, But to your point, the 0:05:02.680 --> 0:05:06.440 vast majority of the volume and the like truly sky 0:05:06.520 --> 0:05:10.440 high prices were really in and around the art end 0:05:10.720 --> 0:05:14.240 of the market. Lauren, what I'd love to get your 0:05:14.279 --> 0:05:17.719 perspective on as a person who studies this, you know, 0:05:18.360 --> 0:05:20.960 I guess for fun and for work. But but what 0:05:21.000 --> 0:05:23.479 I'd love to get your perspective on is what were 0:05:23.520 --> 0:05:27.000 some of the dynamics of the art market that these 0:05:27.040 --> 0:05:29.960 types of n f t s were like explicitly rejecting, 0:05:30.160 --> 0:05:31.800 as it were, like, what were they supposed to be 0:05:31.839 --> 0:05:35.440 doing differently and better? N f t s have you know, really, 0:05:35.480 --> 0:05:39.560 I think appealed to a lot of artists because they 0:05:39.680 --> 0:05:45.640 have offered a relatively seamless solution for collecting resell royalties, 0:05:45.720 --> 0:05:49.159 so that the artists would get a percentage of the 0:05:49.200 --> 0:05:53.120 sale price whenever their work resales, um thereby being able 0:05:53.160 --> 0:05:57.839 to share in those profits. Now, historically, recent royalties have 0:05:58.240 --> 0:06:04.239 pretty famously been uh largely rejected by the traditional art market. Actually, 0:06:04.279 --> 0:06:09.799 in a very well known artist contract was written by 0:06:09.960 --> 0:06:14.039 the dealer and curator Seth ste globe Um, which has 0:06:14.080 --> 0:06:16.360 been taken up by a number of artists since. In 0:06:16.400 --> 0:06:20.360 a very very very famous clause within that contract gives 0:06:20.480 --> 0:06:25.680 artists fift of the upside whenever their work resells. And 0:06:25.800 --> 0:06:29.960 so the great thing about n f t s and 0:06:30.000 --> 0:06:33.599 smart contracts. As many artists see it is that all 0:06:33.640 --> 0:06:37.360 of the work to and negotiate a contract that kind 0:06:37.360 --> 0:06:41.440 of convince UM a dealer to accept an artist's desire 0:06:41.520 --> 0:06:45.760 to use one UM or you know, to to convince 0:06:45.880 --> 0:06:48.760 a collector that the artist wants to share in the 0:06:48.800 --> 0:06:51.520 resale value is now kind of taken care of through 0:06:52.000 --> 0:06:56.320 the basic automation of a smart contract. And really remarkably, 0:06:57.120 --> 0:07:01.640 um reselle worlties became pretty standard across n f T 0:07:01.839 --> 0:07:08.200 platforms from day one. Um So even the first blockchain 0:07:08.200 --> 0:07:15.280 based platform for selling art, Monograph developed in actually replicated 0:07:15.360 --> 0:07:19.480 the resale royalty clause from this nine contract in an 0:07:19.520 --> 0:07:22.560 attempt to kind of do what the traditional art market 0:07:23.080 --> 0:07:33.040 wasn't able to an OLGA one. One thing about what 0:07:33.160 --> 0:07:36.640 Lauren is saying is after having all of this progress 0:07:36.640 --> 0:07:39.000 over the past, you know, several years, in the past 0:07:39.000 --> 0:07:42.160 several months, we've seen a kind of a reversal in 0:07:42.240 --> 0:07:47.840 that standard. Absolutely, so it's it's pretty amazing and uh, 0:07:47.920 --> 0:07:51.480 it really has had a huge impact on the entire 0:07:51.600 --> 0:07:56.840 end of tea markets. So previously um the largest marketplace 0:07:56.960 --> 0:08:00.360 and of tea marketplace was open Sea. Back in March, 0:08:00.480 --> 0:08:03.960 it commanded eight pcent market share. And what they did 0:08:04.160 --> 0:08:08.320 was they, as part of you know, signing up for 0:08:08.400 --> 0:08:11.960 a sale on this marketplace, you know, you would fill 0:08:12.000 --> 0:08:18.080 out a royalty, check out a royalty box. Essentially you 0:08:18.160 --> 0:08:21.960 would place a royalty of two and a half to 0:08:22.360 --> 0:08:29.400 typically on on on an n f T resale. And 0:08:29.640 --> 0:08:33.920 a lot of artists loved that because, like Laurence said, 0:08:34.000 --> 0:08:38.080 this finally opened an avenue for them to get paid 0:08:39.760 --> 0:08:44.439 on on secondary sales. But the problem is that UM 0:08:44.640 --> 0:08:48.000 n f T royalties are not enforced through a smart contract. 0:08:48.080 --> 0:08:51.360 There in fact enforced by n f T marketplaces like 0:08:51.800 --> 0:08:55.680 open sea that support them. And what happened in recent 0:08:55.760 --> 0:08:59.720 months is that several new n f T marketplaces have 0:09:00.080 --> 0:09:02.360 view did you know in the spring and in the 0:09:02.559 --> 0:09:05.840 in the summer, and what they said was will make 0:09:06.160 --> 0:09:11.960 royalty is optional? And essentially when they make royalty is optional, 0:09:12.280 --> 0:09:16.359 of course nobody wants to pay them. And this marketplace 0:09:16.400 --> 0:09:20.360 has gained a ton of market share. So what we've 0:09:20.400 --> 0:09:24.560 seen is that open Seas market share dropped from in 0:09:24.640 --> 0:09:29.800 March two at the end of September. Coming up more 0:09:29.880 --> 0:09:31.719 on what's happening with the n f T markets and 0:09:31.840 --> 0:09:41.880 to artists, especially as it relates to resale royalties. Lauren, 0:09:42.320 --> 0:09:47.200 having studied this in the quote unquote real world as 0:09:47.200 --> 0:09:52.120 well as now in the digital world, what are artists 0:09:52.280 --> 0:09:54.640 to do? I think I want to push back a 0:09:54.679 --> 0:09:58.840 little bit in the sense that, let's keep in mind 0:09:59.080 --> 0:10:02.800 that n f T platforms have only existed in a 0:10:02.920 --> 0:10:09.000 sizeable scale since okay maybe, and only really exploded less 0:10:09.000 --> 0:10:11.640 than two years ago. So I think this is all 0:10:11.640 --> 0:10:16.280 still very very new, and we can't forget that. Um. 0:10:16.320 --> 0:10:19.880 I think we still are in a place where norms 0:10:19.920 --> 0:10:23.439 and standards are kind of up in play, and there 0:10:23.480 --> 0:10:29.280 are still plenty of platforms that are promoting Reselle royalties 0:10:29.320 --> 0:10:32.240 and even just the sort of principle of equity, and 0:10:32.320 --> 0:10:35.760 so I don't want to discount that. Actually, I think that, 0:10:35.840 --> 0:10:39.160 you know, it's really important to recognize the fact again 0:10:39.200 --> 0:10:42.439 that things still are very much information just as these 0:10:42.480 --> 0:10:45.840 new developments of you know, platforms that don't give royalties 0:10:45.840 --> 0:10:48.640 are quite new, well who knows what's around the corner, 0:10:48.679 --> 0:10:50.600 And already there are n f T makers who are 0:10:50.600 --> 0:10:54.520 pushing back against new platforms that don't have royalties built in. 0:10:54.720 --> 0:10:57.200 You know, resell royalties are are one thing to point 0:10:57.280 --> 0:11:02.640 to but I all so don't believe that we should 0:11:02.720 --> 0:11:07.760 limit that. Are are our conversations around the kind of 0:11:07.760 --> 0:11:10.839 financial possibilities of v n f T s to something 0:11:10.880 --> 0:11:14.000 like resell royalties. I'm also very interested in artists who 0:11:14.040 --> 0:11:18.800 are looking to more broadly redistributive models and recognizing just 0:11:18.840 --> 0:11:22.080 the simple kind of administrative cost advantage of what you 0:11:22.120 --> 0:11:25.520 can do when you can automatically pay a number of 0:11:25.559 --> 0:11:29.000 people or site organizations, you know, et cetera. Um So, 0:11:29.040 --> 0:11:31.760 Sarah Loody as an artist who shows a bit forms 0:11:31.800 --> 0:11:35.880 gallery and um has developed a future n f T 0:11:36.040 --> 0:11:40.400 agreement where thirty cent of the sale would go to 0:11:40.480 --> 0:11:43.199 her gallery, but that would be divided among the staff. 0:11:43.559 --> 0:11:45.640 But so that's like one kind of model of how 0:11:45.679 --> 0:11:48.160 we can rethink what art sales are doing in the 0:11:48.200 --> 0:11:52.120 first place. Could these models exist outside of a blockchain 0:11:52.240 --> 0:11:57.679 enabled technology, right, Because to you know, Olga's earlier point, 0:11:58.320 --> 0:12:03.000 it was not actually and on chain mechanism that was 0:12:03.160 --> 0:12:08.800 enforcing secondary royalties, It was sort of the will of platforms. 0:12:08.800 --> 0:12:11.160 And I think, Lauren, what you're pointing to is that 0:12:11.679 --> 0:12:16.120 the will of either individual creators or collectives of creators, 0:12:16.640 --> 0:12:19.280 and the you know, like the ecosystem in which they 0:12:19.280 --> 0:12:23.000 operate is equally, if not more important in terms of 0:12:23.040 --> 0:12:26.480 standard setting. And what I'm what I'm always fascinated by 0:12:26.520 --> 0:12:31.040 in crypto is this tension between the rhetoric of decentralization 0:12:31.240 --> 0:12:33.600 being for the greater good and the reality that some 0:12:33.679 --> 0:12:37.360 degree of centralization is where norms come from and can 0:12:37.400 --> 0:12:40.959 be standardized and enforced. And so, Lauren, what I'd love 0:12:41.000 --> 0:12:43.240 if you used to just kind of elaborate on is 0:12:43.880 --> 0:12:47.120 what is it about the digital power of things like 0:12:47.200 --> 0:12:52.400 royalties that seem to make people perhaps more interested, more 0:12:52.440 --> 0:12:55.720 amenable to thinking about things differently, even if they don't 0:12:55.720 --> 0:13:01.000 actually need the digital peace to enforce those mechanisms. Yeah, 0:13:01.040 --> 0:13:03.440 I think it's a very good question. Uh, there are 0:13:03.440 --> 0:13:06.280 a few factors here. One again, I think, is the 0:13:06.360 --> 0:13:10.920 kind of automation factor. You know, contracts are contracts with 0:13:10.960 --> 0:13:14.480 something like a controversial term like recent royalties in them 0:13:14.520 --> 0:13:17.360 are very difficult to negotiate one on one to present 0:13:17.440 --> 0:13:20.520 somebody with, especially for somebody like artists who have historically 0:13:20.559 --> 0:13:24.240 been in the lower bargaining position. So I think that's 0:13:24.280 --> 0:13:28.640 one thing I think too. You know, the the rise 0:13:29.120 --> 0:13:33.240 of these platforms, you know, came not entirely from people 0:13:33.400 --> 0:13:36.480 who were you know, already immersed in the traditional art 0:13:36.480 --> 0:13:39.240 world and already kind of had those standards in mind. 0:13:39.600 --> 0:13:42.360 And I'm thinking about super Rare, for example, the people 0:13:42.360 --> 0:13:46.559 who started super Rare, we're coming from the music industry Spotify, 0:13:46.720 --> 0:13:51.240 and so their understanding of a royalty was actually thinking 0:13:51.240 --> 0:13:54.760 about music royalties and thinking about, well, you know, creators 0:13:54.800 --> 0:13:57.680 there get to share in, you know, some kind of 0:13:57.679 --> 0:14:00.480 profit or profit in some way each time you know, 0:14:00.679 --> 0:14:03.000 a song is played or whatever. Of course, music is 0:14:03.000 --> 0:14:05.520 a very different type of good than an artwork or 0:14:05.520 --> 0:14:10.839 even you know, some kind of digital image. Um But nonetheless, 0:14:10.880 --> 0:14:13.800 I think it's you know, interesting to think about the 0:14:13.920 --> 0:14:18.719 different kinds of factors at play and influences that play 0:14:18.800 --> 0:14:21.760 that have really made for a quite unique combination of 0:14:21.800 --> 0:14:24.920 things now that we didn't quite see before. And the 0:14:24.920 --> 0:14:29.040 fact that um n f T buyers tend to not 0:14:29.200 --> 0:14:32.240 participate in the traditional art market. It's not that you 0:14:32.280 --> 0:14:34.440 had a bunch of buyers who were coming from you know, 0:14:34.880 --> 0:14:37.760 Brooklyn Gallery Life who were used to one way of 0:14:37.800 --> 0:14:39.400 doing things now coming into n f T s. You 0:14:39.400 --> 0:14:40.800 had people who are coming to n f T s 0:14:40.840 --> 0:14:44.440 as their way into the art market right exactly. And 0:14:44.480 --> 0:14:47.120 I think it's going to be very interesting to watch 0:14:47.640 --> 0:14:51.480 what happens more and more if, say, n f T 0:14:51.680 --> 0:14:57.160 buyers who had become accustomed to buying works so the 0:14:57.200 --> 0:14:59.680 resemb yalty attached, you know, make their way into the 0:14:59.680 --> 0:15:02.600 trade sational art market, and then artists there ask for 0:15:02.640 --> 0:15:07.440 recent royalties. Will those collectors say no? Although one thing 0:15:07.440 --> 0:15:09.240 I want to make sure that we address and when 0:15:09.280 --> 0:15:12.000 whenever we talk about volumes is just this idea of 0:15:12.040 --> 0:15:15.920 wash trading, because for a while, one of the big 0:15:15.960 --> 0:15:19.880 criticisms of folks who were, you know, saying like, oh 0:15:19.880 --> 0:15:22.200 my god, look at these amazing prices and volumes on 0:15:22.240 --> 0:15:25.760 a lot of these platforms was in some cases these 0:15:25.840 --> 0:15:31.520 were sales that were not exactly traditional in the sense 0:15:31.600 --> 0:15:34.200 of this is this is a buyer exchanging this with 0:15:34.240 --> 0:15:36.680 a with a seller. Can you just explain what wash 0:15:36.760 --> 0:15:38.320 trades were and n f T s and how they 0:15:38.360 --> 0:15:42.480 affected some of this data. What trading would be, you know, 0:15:42.640 --> 0:15:48.040 person basically selling an n f T between his own accounts, 0:15:48.200 --> 0:15:50.720 right back and forth, back and forth. And the reason 0:15:50.800 --> 0:15:53.440 this was happening was because some of the n f 0:15:53.480 --> 0:15:59.880 T marketplaces offered their own tokens to uh two people 0:16:00.040 --> 0:16:03.680 based on the amount of activity on the marketplace. And 0:16:03.760 --> 0:16:07.120 so the more trading you did, the more of those 0:16:07.160 --> 0:16:10.880 tokens you earned. And in some cases those tokens were 0:16:10.960 --> 0:16:14.960 quite valuable and they could appreciate in price by some estimates. 0:16:15.000 --> 0:16:18.000 You know, over nine of all of the n f 0:16:18.040 --> 0:16:22.320 T sales for wash trading. And now most n f 0:16:22.360 --> 0:16:25.360 T trackers actually have a button new press to get 0:16:25.480 --> 0:16:29.000 rid of all of the trading volume. Meant to see 0:16:29.040 --> 0:16:32.600 what's actually happening in the market a lot harder to 0:16:32.640 --> 0:16:39.400 do in physical arts, Lauren. I would imagine um, so Lauren, 0:16:39.480 --> 0:16:41.080 as just as a kind of a closing thing. I'm 0:16:41.080 --> 0:16:43.840 really interested in what you said about, you know, the 0:16:43.960 --> 0:16:46.880 differences in standards and principles going all the way back 0:16:46.920 --> 0:16:51.080 decades in terms of physical galleries and you know, art 0:16:51.360 --> 0:16:53.480 versus what you're seeing in n f T s. Are 0:16:53.520 --> 0:16:57.680 there any good things that you have observed in putt 0:16:57.720 --> 0:17:00.240 on quote traditional art markets that you think food who 0:17:00.280 --> 0:17:03.960 are trying to innovate and digital should adopt. Hm hmm. 0:17:04.080 --> 0:17:07.320 That's a fantastic question. I think it's a real danger, 0:17:07.760 --> 0:17:11.359 um that there's so much rhetoric against you know, the 0:17:11.400 --> 0:17:16.720 scare quotes middleman among n f T creators and platforms. 0:17:16.920 --> 0:17:20.679 You know, the platforms are the middle people, and by that, 0:17:20.840 --> 0:17:23.600 I mean they kind of become equivalent to dealers in 0:17:23.640 --> 0:17:27.040 a way. And I think, you know, dealers have played 0:17:27.080 --> 0:17:31.879 a really important role in this history in their ability 0:17:31.920 --> 0:17:36.239 to work with artists to like realize for artists the 0:17:36.359 --> 0:17:39.600 kinds of sales and artists want, you know, to help 0:17:39.680 --> 0:17:41.760 artists be able to show the kind of work that 0:17:41.800 --> 0:17:44.680 they want. And you know, I really do believe that 0:17:44.760 --> 0:17:48.520 dealers as well as curators can be serious advocates um 0:17:48.560 --> 0:17:52.760 and partners with artists. And I don't think that that 0:17:52.960 --> 0:17:57.919 relationship has translated to this new world, so that I 0:17:57.920 --> 0:18:00.600 would like to see the importance of relationship apps here 0:18:00.840 --> 0:18:05.440 be taken much more seriously. Thank you Olga, and thank 0:18:05.440 --> 0:18:08.000 you Lauren. You can find more of Olga's reporting on 0:18:08.000 --> 0:18:10.879 the Bloomberg terminal, on Bloomberg dot com and on Twitter. 0:18:11.320 --> 0:18:14.359 She's at Olga Karf. That's O l G A k 0:18:14.680 --> 0:18:27.040 H E R I F. On the next episode of 0:18:27.080 --> 0:18:30.600 Bloomberg Crypto, how do five hundred investors feel about the 0:18:30.600 --> 0:18:34.639 prospects for digital assets? Well, we asked them, why do 0:18:34.760 --> 0:18:37.760 so many of them perceive the Why do so many 0:18:37.800 --> 0:18:40.440 of them perceive the likelihood of regulation as bullish for 0:18:40.480 --> 0:18:43.399 the asset class, we'll discuss the findings of a recent 0:18:43.440 --> 0:18:50.440 Bloomberg Markets Live Pulse survey. This is Bloomberg Crypto, a 0:18:50.560 --> 0:18:53.920 daily podcast from Bloomberg and I Heart Radio. For more 0:18:53.960 --> 0:18:56.600 shows from I Heart Radio, visit the I Heart Radio app, 0:18:56.840 --> 0:19:01.000 Apple Podcasts, or wherever you get your podcasts. Send us 0:19:01.000 --> 0:19:03.840 your comments, questions, or suggestions for the show to Crypto 0:19:03.920 --> 0:19:07.040 at Bloomberg dot net or find us on Twitter. We're 0:19:07.080 --> 0:19:12.520 at Crypto. The supervising producer of Bloomberg Crypto is Vicky Verglina. 0:19:12.920 --> 0:19:16.600 Our senior producer is Janet Babin. Our producers are Mohammed 0:19:16.600 --> 0:19:20.240 Faruk and Sharon Barriro. Our associate producers are Ty Butler 0:19:20.320 --> 0:19:23.880 and Moses on Them. Desta wonder At is our engineer. 0:19:24.280 --> 0:19:29.440 Original music by Leo Sidron. I'm Stacy Marie Schmal. We'll 0:19:29.480 --> 0:19:30.200 be back tomorrow.