WEBVTT - An IRL Store for a Digital Blockchain

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<v Speaker 1>I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News,

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<v Speaker 1>and this is Bloomberg Crypto at Daily Bloomberg. I heard podcast.

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<v Speaker 1>It's Thursday, August eighteen. Slana is one of the newer

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<v Speaker 1>block chains and crypto, and for a while it was

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<v Speaker 1>positioned by its fans as a challenger to the dominance

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<v Speaker 1>of Ethereum. Like the Ethereum blockchain, Salana offers things like

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<v Speaker 1>n f t s or non fungible tokens, smart contracts,

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<v Speaker 1>and its own native token called saul. Salana's developers say

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<v Speaker 1>their blockchain is a faster and cheaper alternative to existing technology.

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<v Speaker 1>Solana's critics, on the other hand, points of frequent outages, downtime,

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<v Speaker 1>and outright hacks that have plagued the platform. A recent

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<v Speaker 1>hack in August drained more than seven thousand crypto wall

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<v Speaker 1>it's tied to the Salona blockchain. But despite these challenges,

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<v Speaker 1>interest in Salana remains high, so high, in fact, that

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<v Speaker 1>there's now a real life retail location at a mall

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<v Speaker 1>in New York City. So I'm at the front of

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<v Speaker 1>the Salanta store. The first thing I've really noticed there's

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<v Speaker 1>a stick at the very bottom the ce Salana pay

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<v Speaker 1>accepted here. It really looks like you've ever been to

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<v Speaker 1>a mall and seen an Apple store or a um

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<v Speaker 1>like an Xbox store where they sell technology. It looks

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<v Speaker 1>like one of those stories, but it's crypto. So it's

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<v Speaker 1>called Salana, Spaces and Bloomberg reports Emmanuel. John Milton went

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<v Speaker 1>to the mall to check it out. Manuel, thank you

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<v Speaker 1>so much for joining us in the studio here in

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<v Speaker 1>New York today. Of course, it's it's a pleasure to

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<v Speaker 1>be here. Let's start with what is Salano. So Salana

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<v Speaker 1>is a blockchain and on applock chain, slant offer is

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<v Speaker 1>and f T s um. They have their own token

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<v Speaker 1>and they also have smart contracts that people can use.

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<v Speaker 1>So you went to this mall, you went to Hudson

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<v Speaker 1>Yards for Salana, which is a blockchain. Why does a

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<v Speaker 1>blockchain need a store? So crypto is very ethereal to

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<v Speaker 1>many people. It's something that isn't easy to understand. It's

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<v Speaker 1>something that even if you understand, you're not sure if

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<v Speaker 1>you understand. So for many people, having someone walk you

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<v Speaker 1>through that process might be really helpful. This is somewhere

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<v Speaker 1>where someone who is new to crypto can walk in

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<v Speaker 1>and really see what Salanta is trying to build. That's

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<v Speaker 1>kind of the idea behind Salanta's store to have a

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<v Speaker 1>big Salana logo in the middle, with three bars for

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<v Speaker 1>their logo out a little stations. It looks like you

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<v Speaker 1>can do tutorials on them as well as just merchandise,

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<v Speaker 1>so like hats ole, like Fannie packs, almost jackets. But

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<v Speaker 1>it's not a store that's run by the sal on

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<v Speaker 1>a blockchain itself for the Slanta Foundation itself. Right, this

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<v Speaker 1>is somebody who's affiliated or like part of that ecosystem,

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<v Speaker 1>but not the developer, So they're not they're independently operated

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<v Speaker 1>and they receive funding from the Slanta Foundation. And how

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<v Speaker 1>they do that is they have grants that they give out.

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<v Speaker 1>So the actual Spaces store is not run by the

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<v Speaker 1>Slana Foundation, but it's run instead by Slant of Spaces,

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<v Speaker 1>who's an independent operator. Got it. This sounds to me

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<v Speaker 1>like kind of like an Apple store in the sense

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<v Speaker 1>of a lot of you know, Apple's retail experience isn't

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<v Speaker 1>only about here's an iPhone, here's a watch. It's also

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<v Speaker 1>about we're going to teach you how to use our

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<v Speaker 1>very expensive and fancy equipment. But in the meantime, we'll

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<v Speaker 1>teach you how to droll, or we'll teach you how

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<v Speaker 1>to do photography. Is it, Like, is that the kind

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<v Speaker 1>of educational experience? Like what did you do one? Like?

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<v Speaker 1>What was that? Like? So, there's a couple of tutorials

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<v Speaker 1>they have and if you complete the tutorials, you get USDC,

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<v Speaker 1>which is a digital stable coin that's packed to the

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<v Speaker 1>US dollar. So how many like how much money are

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<v Speaker 1>you really getting? It's to USDC? Two yes. And I

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<v Speaker 1>talked to the CEO of Salanta Spaces and he said

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<v Speaker 1>that they had a thousand tutorials that were completed, and

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<v Speaker 1>that's a lot of a lot of people. And and

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<v Speaker 1>he said that a lot of the people, like the

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<v Speaker 1>people that came in, the only crypto things that they

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<v Speaker 1>might have would be those USDC or the n f

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<v Speaker 1>T s that they might win from going in. So um,

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<v Speaker 1>the guy that started the store is someone that has

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<v Speaker 1>retail experiences, a veteran, and he's like when I was

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<v Speaker 1>talking to him, he basically was saying that I like,

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<v Speaker 1>they designed it for this. They they're like store designers,

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<v Speaker 1>and that's kind of the way they came into it.

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<v Speaker 1>They were they said that They were new to crypto UM,

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<v Speaker 1>but not new to like a story detail experience exact.

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<v Speaker 1>It was it full when you went, like how many

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<v Speaker 1>people were there? So I went twice. I went there

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<v Speaker 1>the first time. Sometimes when you come in as a

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<v Speaker 1>reporter that people look at you differently, So I thought

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<v Speaker 1>it could be fun to just go with my friends

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<v Speaker 1>and just observed and see what I saw. So I

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<v Speaker 1>went on Saturday, I think that weekend. The opening week

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<v Speaker 1>ended up on Thursday. I went on Saturday and it

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<v Speaker 1>was full. There's people are everywhere in the store. There

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<v Speaker 1>were Sauna, spaces ambassadors, who are people that are just

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<v Speaker 1>in the store. You can kind of think of like

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<v Speaker 1>the people at the age were they what were they wearing?

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<v Speaker 1>Were very cool, very cool lacture, its um sauna, the

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<v Speaker 1>Space store has a lot of cool merch. So I

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<v Speaker 1>went in there and I was with my friends, were

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<v Speaker 1>just walking around looking at tutorials. They have murals on

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<v Speaker 1>the wall that can display n f T s and

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<v Speaker 1>also just normal pictures which is interesting UM. And then

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<v Speaker 1>they had a visualization of the sawna Blockshane in action.

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<v Speaker 1>So that's another example of Salanna saying, Hey, I know

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<v Speaker 1>that this is hard to understand, let's bring this to

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<v Speaker 1>someone exactly, let's show you. And and then I went

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<v Speaker 1>on Tuesday morning with your reporter, had on with my reporter,

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<v Speaker 1>had on favorite movies. Okay, the reporting of the recording.

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<v Speaker 1>We talked, and that time there were two people that

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<v Speaker 1>came through. The store was there for four years. Minutes

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<v Speaker 1>right after it opened. It was pretty empty that morning.

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<v Speaker 1>And then right after that happened. Interestingly enough, the the

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<v Speaker 1>Salana hack happened that morning. And the CEO that of

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<v Speaker 1>slat Space that I was talking to you about earlier,

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<v Speaker 1>he said he he was worried that I was in

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<v Speaker 1>there asking people about the hack, and he's like, these

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<v Speaker 1>people don't know anything about crypto. And I can kind

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<v Speaker 1>of see his point because he's like, these people are customers,

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<v Speaker 1>were really new. He doesn't want them to be scared

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<v Speaker 1>off by oh my gosh, I put my money on

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<v Speaker 1>this fall out now it's all gone. Well, that's interesting.

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<v Speaker 1>So when when we're talking about the Salana hack, because

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<v Speaker 1>there's a lot of hacks, so I feel like every

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<v Speaker 1>week I'm like, this is the specific hack we're referring to.

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<v Speaker 1>It was, you know, nearly eight thousand wallets, so kind

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<v Speaker 1>of like your bank account for crypto were compromised and

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<v Speaker 1>totally drained. And these were wallets that were linked to

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<v Speaker 1>the Salana blockchain. But it's interesting to hear you say

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<v Speaker 1>that the CEO was worried people would get booked because

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<v Speaker 1>bad things happen in krypto, but actually, yeah, bad things

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<v Speaker 1>definitely happened in crypto, and it is that part of

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<v Speaker 1>the educational experience that they're offering, like are they helping

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<v Speaker 1>people understand the risks? From what I saw, it wasn't

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<v Speaker 1>about risk. It was more about, hey, let's learn this.

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<v Speaker 1>Look at all these cool new things. So was there

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<v Speaker 1>anybody you know when you were talking to these ambassadors,

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<v Speaker 1>was there anybody that you kind of talk to about

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<v Speaker 1>Merged or any of the other things that you're describing. Yes.

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<v Speaker 1>So when we walked through the store, there's a Slanta

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<v Speaker 1>Spased ambassador named Cameron Survey. What's going on? My name

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<v Speaker 1>is Camera Manuel And he was great, what do you

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<v Speaker 1>think the most popular item is here to buy for someone?

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<v Speaker 1>People just love love the swag the n F team

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<v Speaker 1>Merged like the DJ and APE Academy stuff that we

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<v Speaker 1>have and are they're really good at figuring out what

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<v Speaker 1>customers might want, and that's probably the appeal of that

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<v Speaker 1>store and why Salana because they have to differentiate from

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<v Speaker 1>an ethereum from bitcoin, and that seems to be a

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<v Speaker 1>way to do it. It's a it's a really good

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<v Speaker 1>way for Salana to just see their product out in

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<v Speaker 1>the real world. A lot of companies don't get to

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<v Speaker 1>do that, and like, for example, if you get it

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<v Speaker 1>taken home, you don't like, you have no idea how

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<v Speaker 1>that customer might interact with it. But they're they're just

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<v Speaker 1>watching these people do these tutorials. If someone keeps getting

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<v Speaker 1>hung up on the same part of a certain tutorial,

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<v Speaker 1>then they're like, oh, this is something that's really confusing

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<v Speaker 1>for people. So this is a definitely a great opportunity

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<v Speaker 1>for Salana to look into what people are struggling with

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<v Speaker 1>and it kind of just ties in with their theme

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<v Speaker 1>of being close to the customers. It's a vote we're

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<v Speaker 1>just here to reach out to people and break down

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<v Speaker 1>that barrier because being in front of the screen sometimes

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<v Speaker 1>it is a little intimidating when it's the deep, deep

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<v Speaker 1>dark web. Right coming up, you'll hear more from Bloomberg

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<v Speaker 1>Reports to Emmanuel John Milton about Salana's I r L

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<v Speaker 1>strategy and whether we'll see more of these kinds of

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<v Speaker 1>stores representing digital asset firms cropping up in the future. So,

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<v Speaker 1>you know, one of the things you've really emphasized is

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<v Speaker 1>the like educational elements. People come there, they make a

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<v Speaker 1>couple of books, they learn some stuff. Is this also

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<v Speaker 1>a way for you know, the CEO and the folks

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<v Speaker 1>behind the store and perhaps tangentially the Salona Foundation to

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<v Speaker 1>do some market research on customers for sure? So we

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<v Speaker 1>spoke with Salanta employee Anna Un who was in the store,

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<v Speaker 1>and she works for strategy and the payments team at

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<v Speaker 1>Salanta Labs, which is part of the Sana ecosystem. I've

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<v Speaker 1>been observing for the day. I think it's pretty nice

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<v Speaker 1>that people get to learn about a WHAT three company

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<v Speaker 1>and an in real life. And she was there just

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<v Speaker 1>collecting research about people. She was talking about what she

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<v Speaker 1>was seeing, what people engaged with. People showed up super

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<v Speaker 1>excited about Salana. So a lot of people probably came

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<v Speaker 1>here because they knew about us. Um I would say

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<v Speaker 1>fifty fifty I write down like how people interact. I

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<v Speaker 1>sometimes go up to them and asking, how do you

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<v Speaker 1>do you have any feedback for the tutorial for the station, like,

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<v Speaker 1>do you have any questions? And I the most interesting

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<v Speaker 1>thing is I've been a couple of Salona activation about.

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<v Speaker 1>As well as speaking with Anna, I also spoke with

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<v Speaker 1>CEO of Sauna Spaces, the Boon Rby, and he said

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<v Speaker 1>that the company plans to open spaces all over the world.

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<v Speaker 1>And he said, with a certainty, there's another space opening.

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<v Speaker 1>Even if you're not trying to get into the crypto space.

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<v Speaker 1>Sauna Spaces offers people the opportunity to walk in and

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<v Speaker 1>just experience crypto and learn about it. Even if you're

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<v Speaker 1>not taking necessarily any financial risk with this. You're just

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<v Speaker 1>going in and just checking it out. The thing that

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<v Speaker 1>they don't tell you, though, is about the possibility that

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<v Speaker 1>you'll get hacked and lose all your money. Correct if

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<v Speaker 1>if you do those tutorials that you the two s

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<v Speaker 1>TC far you have to open up a platform wallet,

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<v Speaker 1>and I don't think those have been hacked, but it's

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<v Speaker 1>definitely a risk that you have to account for. And

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<v Speaker 1>this is, you know, I think very much a criticism

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<v Speaker 1>that folks have levied against crypto companies at all levels,

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<v Speaker 1>which is they're very happy to tell you about the benefits.

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<v Speaker 1>But it's like you know, pharmaceutical advertising, where maybe in

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<v Speaker 1>really tiny print at the end or somebody reading super

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<v Speaker 1>fast in the commercial will be like may cause death.

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<v Speaker 1>Which is not to say that crypto is you know,

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<v Speaker 1>going to cause death imminent or otherwise. But I do

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<v Speaker 1>think it's a missing piece in some of these conversations.

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<v Speaker 1>Is this idea of making sure that people really understand

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<v Speaker 1>the risks as well as any potential benefits of what

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<v Speaker 1>they're getting into. Well, thank you very much for joining

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<v Speaker 1>us today, Manual. It's been a pleasure having you on

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<v Speaker 1>the show. Thank you for having me. You can find

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<v Speaker 1>more of a Manual's reporting on the Bloomberg Terminal on

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<v Speaker 1>Bloomberg dot com or follow him on Twitter. He's at

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<v Speaker 1>emmy underscore j N. That's at I M M y

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<v Speaker 1>underscore g N on the next episode of Bloomberg Crypto.

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<v Speaker 1>The fair of missing out, often known as FOMO, can

0:12:04.040 --> 0:12:08.160
<v Speaker 1>be a driving force for some casual crypto investors, especially

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<v Speaker 1>when it's their close friends and family who are encouraging

0:12:11.040 --> 0:12:15.160
<v Speaker 1>them to get involved. Personal relationships are often key in

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<v Speaker 1>bringing new people into crypto, and that's especially true when

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<v Speaker 1>the market is doing well, but what happens when the

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<v Speaker 1>market shift and people start losing money. Tomorrow, Bloomberg Senior

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<v Speaker 1>editor Anna Airera talks of Brian Horrigan and Adam Garaman,

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<v Speaker 1>two friends with firsthand experience of what it's like to

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<v Speaker 1>be in that exact position. This is Bloomberg Crypto, a

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<v Speaker 1>daily podcast from Bloomberg and I Heart Radio. For more

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<v Speaker 1>shows from I Heart Radio, visit the I Heart Radio app,

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<v Speaker 1>Apple Podcasts, or wherever you get your podcasts. Send us

0:12:50.240 --> 0:12:53.120
<v Speaker 1>your comments, questions, or suggestions for the show to Crypto

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<v Speaker 1>at Bloomberg dot net or find us on Twitter. We're

0:12:56.360 --> 0:13:02.079
<v Speaker 1>at Crypto. The supervising producer of Bloomberg Crypto is Vicky Vergolina.

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<v Speaker 1>Our senior producer is Janet Babin. Desta wonder At is

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<v Speaker 1>our engineer. Original music by Leo Sidron. I'm Stacy Maria Shmall.

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<v Speaker 1>We'll be back tomorrow.