WEBVTT - Actually Interesting NFTs 0:00:02.520 --> 0:00:06.360 I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News, 0:00:06.720 --> 0:00:10.400 and this is Bloomberg Crypto at Daily Bloomberg I Heart Podcast. 0:00:10.760 --> 0:00:27.560 It's Thursday, August eleven. Non fungible tokens, better known as 0:00:27.640 --> 0:00:30.240 n f t s, really burst onto the pop culture 0:00:30.280 --> 0:00:34.240 scene in but they've been around since at least two 0:00:34.240 --> 0:00:38.559 thousand and fourteen. Despite current market conditions, new tokens and 0:00:38.600 --> 0:00:42.239 collections are still being launched every day, including by luxury 0:00:42.240 --> 0:00:46.800 brands like Gucci and Prada. Tiffany's, the iconic retailer, even 0:00:46.840 --> 0:00:49.640 announced a jewelry partnership with Crypto Punks, one of the 0:00:49.640 --> 0:00:53.280 biggest and most popular collections. That partnership means that Tiffany 0:00:53.320 --> 0:00:55.800 is going to sell pendants based on those Crypto Punk 0:00:55.800 --> 0:00:59.080 and f T s for around fifty thou dollars each. 0:00:59.360 --> 0:01:02.640 During July Bloomberg Live Cryptosummit right here in New York City, 0:01:03.000 --> 0:01:05.440 I spoke with industry leaders about why they're confident that 0:01:05.560 --> 0:01:07.560 n f t s will continue to be perceived as 0:01:07.640 --> 0:01:12.120 valuable and as useful. Up next, my conversation with Avery Acnemy, 0:01:12.200 --> 0:01:14.800 who's the president of Veyner. Three n s are something 0:01:14.800 --> 0:01:17.760 that people can understand immediately. They understand a piece of art, 0:01:17.800 --> 0:01:21.640 they understand a digital collectible. Helen High, Executive VP and 0:01:21.680 --> 0:01:24.520 head of Charity at Finance. In my opinion, this is 0:01:24.640 --> 0:01:28.399 lowering the barrier for artists entering into the world. This 0:01:28.560 --> 0:01:32.240 is a technological render song and digital artists people pleaser 0:01:32.480 --> 0:01:36.760 sometimes known as Emily Yatton, the wonderful youth of blockchain technology, 0:01:36.800 --> 0:01:44.720 can be um utilized for a much more. When we 0:01:44.720 --> 0:01:48.400 were first thinking about this panel, n FC prices were higher, 0:01:49.480 --> 0:01:51.600 is what I would say, And I wanted to start 0:01:51.800 --> 0:01:56.720 by reading from the statements that the CEO of Open 0:01:56.760 --> 0:02:01.080 Sea put out when they had to let go their team. 0:02:01.120 --> 0:02:02.480 And there's one thing in here that I that I 0:02:02.520 --> 0:02:04.240 want to pull out because I think it's very relevant 0:02:04.240 --> 0:02:05.840 to what we're all going to talk about, and it's this. 0:02:06.760 --> 0:02:09.720 During this winter, I expect we'll see an explosion in 0:02:09.720 --> 0:02:13.480 innovation and utility across n f T s. With the 0:02:13.520 --> 0:02:15.600 hard but important changes that we meet today, we're in 0:02:15.600 --> 0:02:18.000 an even better position to capture what will soon become 0:02:18.040 --> 0:02:20.680 the largest market on the planet. Now is our time 0:02:20.720 --> 0:02:23.880 to build. Winter is our time to build. I highlighted 0:02:24.160 --> 0:02:27.360 the words you know innovation and utility, because I feel 0:02:27.360 --> 0:02:31.040 like there's a certainly a perception, perhaps a misperception depends 0:02:31.040 --> 0:02:33.239 on your perspective, that all n f T s are 0:02:33.240 --> 0:02:37.919 are overvalued pictures of apes or things that celebrities will 0:02:37.919 --> 0:02:40.320 shill on their Instagrams and then denial later to what 0:02:40.400 --> 0:02:42.440 we're hoping to achieve. This panel is more of a 0:02:42.440 --> 0:02:47.720 discussion around the real potential possibility of what we like 0:02:47.800 --> 0:02:51.440 to say, the underlying technology, but also actual use cases. 0:02:52.520 --> 0:02:57.440 Welcome to the stage, Vainer three, President avery An Any 0:02:58.240 --> 0:03:03.680 Finance Executive, ICE resident and head of charity Helen High 0:03:03.760 --> 0:03:09.959 and digital artists people please her with Bloomberg's stacy Marie Ishmael, 0:03:12.000 --> 0:03:15.600 I want to start with you, Helen. One of the 0:03:15.680 --> 0:03:19.120 perhaps stranger things to happen in the first couple of 0:03:19.200 --> 0:03:22.680 days after Russia invaded Ukraine was this outpouring of crypto 0:03:22.720 --> 0:03:27.120 philanthropy that ultimately resulted in several hundreds of millions of 0:03:27.160 --> 0:03:31.760 dollars being raised to support the States of Ukraine, but 0:03:31.840 --> 0:03:34.880 also their soldiers and also their their populous, to the 0:03:34.920 --> 0:03:37.720 extent that Ukraine's digital minister was like talking about, Hey, 0:03:37.720 --> 0:03:39.240 we're going to mince and sell our own and FT 0:03:39.960 --> 0:03:42.360 and you know, the chariteable arm of finance was one 0:03:42.400 --> 0:03:45.240 of the entities that was very present in all those conversations. 0:03:45.280 --> 0:03:48.640 Can you talk more about what actually cryptophilanthropy is and 0:03:48.640 --> 0:03:53.200 not just in like the sam bankment freed wait fantastic today. 0:03:53.600 --> 0:03:56.920 If you want to donate hundred dollars to somebody, let's 0:03:56.920 --> 0:04:00.640 say Ukraine or Africa, give me a number, how much 0:04:00.680 --> 0:04:02.680 do you think out of your hundred dollars will be 0:04:02.840 --> 0:04:08.720 and in the hand of the beneficiaries probably ninety were 0:04:08.760 --> 0:04:12.440 not even even talking about corruptions. So that's the reality. 0:04:12.560 --> 0:04:15.840 This is white technology actually add values into this because 0:04:15.840 --> 0:04:20.200 crypto fundamentally it's transparency and it's trackable. Four years ago 0:04:20.240 --> 0:04:23.440 when we started by Next Charity, we were doing project 0:04:23.520 --> 0:04:27.279 in Africa doing lunches. Out of the hundred dollars without need, 0:04:27.600 --> 0:04:30.240 nineties three percent of them turn into the food down 0:04:30.320 --> 0:04:33.400 children's played. The other seven percent are the local cost. 0:04:33.680 --> 0:04:36.840 So this is why technology can really bringing real values 0:04:37.080 --> 0:04:39.719 into the society. One of the things we worked with 0:04:39.760 --> 0:04:43.880 the United Nations to offer is the refugee Crypto card. 0:04:44.200 --> 0:04:46.880 Offer them a cryptal i D and then they actually 0:04:47.240 --> 0:04:50.320 they can receive cryptos from even one dollars you know 0:04:50.440 --> 0:04:53.239 everything around the world. I want to ask you about 0:04:53.240 --> 0:04:55.440 that because dona think five dollars in crypto can also 0:04:55.520 --> 0:04:58.120 cost you five dollars in crypto right Like there, there 0:04:58.120 --> 0:05:01.679 are still significances and complexity for a lot of folks 0:05:01.680 --> 0:05:04.800 associated with these things. What has to change about the 0:05:04.839 --> 0:05:08.000 ecosystem in order to make what you're describing more of 0:05:08.000 --> 0:05:14.640 a reality. Infrastructure and education are the two most important fundamentals. 0:05:14.720 --> 0:05:17.560 I think when we were doing the project, even in Africa. 0:05:17.600 --> 0:05:20.839 Today we're talking about in the traditional world, we're talking 0:05:20.839 --> 0:05:24.960 about financial inclusions for generations, and even we're looking at 0:05:25.080 --> 0:05:28.280 what actually happened for the certain industrial revolution, which is 0:05:28.360 --> 0:05:31.240 internet based. The world didn't become a better place. One 0:05:31.240 --> 0:05:34.320 percent of the population is holding ninety percent of the 0:05:34.320 --> 0:05:37.560 global wealth. This is actually why blockchain is so popular, 0:05:37.600 --> 0:05:41.280 because people believe with the folks in revolution, that the 0:05:41.320 --> 0:05:44.000 financial system is going to change get rid of a 0:05:44.000 --> 0:05:46.600 lot of the intermediaries. This is why blockchain is going 0:05:46.600 --> 0:05:49.400 to play a far more important real in the society 0:05:49.480 --> 0:05:53.600 to achieve the final free trance of values. With scriptal 0:05:53.760 --> 0:05:58.840 everything is possible, everything is possible, Everything is not yet practical, 0:05:59.360 --> 0:06:01.080 And I want talk to somebody who spends a lot 0:06:01.120 --> 0:06:04.839 of time in like the practical elements of this space. 0:06:04.920 --> 0:06:08.520 So people, please a You've had an interesting career. Um. 0:06:08.680 --> 0:06:10.279 You when we were talking in the green room, you 0:06:10.279 --> 0:06:11.920 said that one of the things you've really done is 0:06:11.920 --> 0:06:15.400 trying to push the boundaries of crypto and art, and 0:06:15.520 --> 0:06:19.200 in your most recent project, Shibilia, you had a very 0:06:19.240 --> 0:06:21.400 interesting medium boost, very based be like, well, most of 0:06:21.400 --> 0:06:23.400 this is like speculation and none of it makes sense 0:06:23.440 --> 0:06:26.039 and it's not sustainable long term. However, here are the 0:06:26.080 --> 0:06:30.320 interesting things. What for you? Are those actually interesting things 0:06:30.360 --> 0:06:32.920 in an environment perhaps less right now, but in an 0:06:33.000 --> 0:06:37.800 environment where there was so much kind of like speculative activity. Yeah, personally, 0:06:37.839 --> 0:06:40.200 you know, I've felt that the n f T space 0:06:40.279 --> 0:06:42.679 for the past um year and a half at least 0:06:42.720 --> 0:06:45.720 has been more stagnant on just sort of you know, 0:06:45.760 --> 0:06:49.160 speculative assets and focusing on you know, floor prices and 0:06:49.440 --> 0:06:51.839 who's the next person who's going to buy um this 0:06:52.040 --> 0:06:54.159 n f T and the price goes up. But you know, 0:06:54.200 --> 0:06:56.599 the floor price that you're seeing is not actually what 0:06:56.839 --> 0:06:59.560 every asset is worth, because once somebody sells them, the 0:06:59.560 --> 0:07:01.520 floor point price goes down. So just because you have 0:07:01.560 --> 0:07:05.039 the asset doesn't mean that you, um, you know, have 0:07:05.320 --> 0:07:08.400 actually that much ethereum in your or value. And so 0:07:08.640 --> 0:07:10.920 this really got me thinking, you know, why have we 0:07:11.040 --> 0:07:13.880 created a culture where everyone is so obsessed with this 0:07:13.920 --> 0:07:17.760 floor price when we the wonderful use of blockchain technology 0:07:17.800 --> 0:07:20.880 can be UM utilized for a much more And part 0:07:20.880 --> 0:07:25.240 of the UM socibia is kind of like decentralized Netflix 0:07:25.360 --> 0:07:30.240 slash Kickstarter. So just to translate that some practice, UM, 0:07:30.400 --> 0:07:33.239 the example that you use in that post was you 0:07:33.320 --> 0:07:37.120 are creating a story. That story might have two arcs. 0:07:37.120 --> 0:07:41.080 Somebody could choose to back one arc versus another arc 0:07:41.120 --> 0:07:43.640 by making decisions on a blockchain by saying, you know, 0:07:43.680 --> 0:07:45.040 I'm going to buy an n f T that's for 0:07:45.120 --> 0:07:46.920 door number one. Somebody else might buy an n f 0:07:46.960 --> 0:07:48.600 T for door number two, and then they can fight 0:07:48.680 --> 0:07:52.320 it out creatively that way. UM. Yeah, And so you know, 0:07:52.360 --> 0:07:54.520 in this way, I think the community feels like not 0:07:54.600 --> 0:07:58.240 only are they financially supporting the creation of this i P, 0:07:58.480 --> 0:08:01.160 but also that they have us say and where the 0:08:01.480 --> 0:08:04.280 direction is going, and UM makes it more sort of 0:08:04.320 --> 0:08:08.000 inclusive and collaborative. And this sort of goes back to 0:08:08.120 --> 0:08:12.520 last summer where I helped crowdfund the Ethereum documentary by 0:08:12.680 --> 0:08:14.760 selling a serious amount of teas and then we raised 0:08:14.800 --> 0:08:17.400 over two million dollars in forty eight hours, and just 0:08:17.480 --> 0:08:21.000 like that, the documentary was funded. And if anybody has 0:08:21.040 --> 0:08:23.840 ever tried to fundraise in the film industry or anything, 0:08:23.840 --> 0:08:26.760 you would know that it's usually a multi year long process. 0:08:26.800 --> 0:08:29.480 And similar to what Helen was saying, there's all this 0:08:29.800 --> 0:08:33.120 you know, paperwork and bank wires and everything that's involved. 0:08:33.120 --> 0:08:36.640 And so this is a wonderful um opportunity that Krypto 0:08:36.760 --> 0:08:39.120 can open up for us. And this is something that 0:08:39.120 --> 0:08:41.560 I'm personally more interested in, and I definitely feel like 0:08:41.640 --> 0:08:44.640 more people will start to see this sort of value 0:08:44.720 --> 0:08:47.200 as we're headed towards a more bearer market and people 0:08:47.240 --> 0:08:51.200 are focusing on things beyond just speculation. So one of 0:08:51.240 --> 0:08:53.280 the polls that we did on Twitter, we asked the 0:08:53.400 --> 0:08:56.400 question what would have to change about n f T 0:08:56.559 --> 0:08:58.320 s to kind of like bring them back, And one 0:08:58.360 --> 0:09:01.800 of the things that people identified was security features, which 0:09:01.840 --> 0:09:04.520 is to say, like not constantly getting hacked, not having 0:09:04.559 --> 0:09:08.440 not you know, having the verified Instagram accounts of boardy 0:09:08.640 --> 0:09:10.840 be compromised. And then people connect their wallets to it 0:09:10.880 --> 0:09:13.160 and lose all their n f t s or otherwise 0:09:13.160 --> 0:09:17.199 engaged in fishing scams. And I raised that because everything 0:09:17.200 --> 0:09:19.680 that you all are describing is operating in like this 0:09:19.800 --> 0:09:22.800 almost like a countervailing wind of an environment, where like, 0:09:22.840 --> 0:09:25.520 here's a really interesting idea for philanthropy, here's a really 0:09:25.520 --> 0:09:27.920 interesting idea for creative fundraising. And then a bunch of 0:09:27.960 --> 0:09:29.640 people are there like what if we made your lives 0:09:29.640 --> 0:09:33.560 really difficult? How are you and you know, if we're 0:09:33.600 --> 0:09:36.080 able to get your kind of perspective on this, like 0:09:36.200 --> 0:09:39.600 what are the kinds of things that you are seeing 0:09:39.640 --> 0:09:44.280 that is countering those difficulties. Yeah, that's a great question. 0:09:44.440 --> 0:09:46.880 So about a year and a half ago we started 0:09:46.920 --> 0:09:49.560 it ter um like by Gary Fainer Tech. We started 0:09:49.559 --> 0:09:51.599 to get really into the world of n f t s, 0:09:51.640 --> 0:09:54.960 both through a collector perspective, launching Gary's project, which is 0:09:54.960 --> 0:09:56.880 called The Friends, and then launching Painer n f T 0:09:57.000 --> 0:09:59.440 which is a company that I run and just rebranded 0:09:59.440 --> 0:10:02.800 to Dain Earth Eat. And the reason that we continue 0:10:02.800 --> 0:10:06.680 to be extremely optimistic and excited about the space is 0:10:06.720 --> 0:10:09.520 we believe that the consumer blockchain is going to revolutionize 0:10:09.840 --> 0:10:12.280 not just the next iteration of the Internet, the next 0:10:12.320 --> 0:10:15.440 iteration of consumer behavior. Um, we've talked about art, we've 0:10:15.440 --> 0:10:18.920 talked about philanthropy being too sort of immediate use cases 0:10:18.920 --> 0:10:21.360 which have propelled the early wave of n f t s. 0:10:21.840 --> 0:10:24.959 I think gaming and sports and collectibles kind of is 0:10:25.000 --> 0:10:27.960 included in some of the like examples of things that 0:10:28.000 --> 0:10:30.600 have already hit. But beyond that, there's a lot more 0:10:30.679 --> 0:10:33.360 that the n f t s can be. As as humans, 0:10:33.360 --> 0:10:36.320 we spend it tremendous amount of our time on digital 0:10:36.320 --> 0:10:39.000 devices and digital screens, and that number is only going 0:10:39.120 --> 0:10:41.959 up up, up, But people don't actually own things in 0:10:42.000 --> 0:10:45.480 their digital experiences. UM, maybe some of your kids play 0:10:45.559 --> 0:10:47.880 roadblocks and you give them robots for their birthdays or 0:10:47.920 --> 0:10:50.680 something like that, So that's or you're into gaming and 0:10:50.760 --> 0:10:53.720 skins and um, those are examples where you can start 0:10:53.760 --> 0:10:57.280 to pay money for things digitally and for those digital experiences, 0:10:57.320 --> 0:11:00.360 but it's not interoperable. Like you haven't you have your 0:11:00.440 --> 0:11:04.160 roadblocks within your existing that ecosystem. You can't take it 0:11:04.200 --> 0:11:06.480 with you, uh two meta, you can't take it with 0:11:06.559 --> 0:11:09.720 you to Fortnite. Those are all different experiences, and what 0:11:09.760 --> 0:11:11.200 we think is that n f t s are really 0:11:11.200 --> 0:11:14.319 the tip of the sphere for the broader web throe ecosystem. 0:11:14.480 --> 0:11:17.000 N f t s are something that people can understand immediately. 0:11:17.040 --> 0:11:19.880 They understand a piece of art, they understand a digital collectible, 0:11:20.120 --> 0:11:23.880 they understand the concept of rarity um, and that then 0:11:23.920 --> 0:11:26.800 sort of opens up the broader ecosystem of metaverse and 0:11:26.880 --> 0:11:29.559 blockchain and crypto, which we think is going to be 0:11:29.720 --> 0:11:32.200 really fundamental in the next iteration of how consumers use 0:11:32.240 --> 0:11:35.160 the Internet. With that said, in the last eighteen months 0:11:35.280 --> 0:11:38.520 has been a lot about speculation and hype and you know, 0:11:38.640 --> 0:11:41.720 flipping and trading, and there's been a ton of activity 0:11:41.760 --> 0:11:44.240 in that space that's cooled off tremendously in the past 0:11:44.280 --> 0:11:47.160 couple of weeks. We actually think that's healthy for the 0:11:47.200 --> 0:11:49.280 space to sort of take out some of that over 0:11:49.360 --> 0:11:53.360 financialization that scares away mainstream consumers, makes them think that 0:11:53.400 --> 0:11:56.280 crypto is incredibly speculative and risky and they're going to 0:11:56.320 --> 0:11:59.840 get hacked. Because when you look at the broader ecosystem, 0:12:00.080 --> 0:12:03.280 even within n f t s, there are like for example, 0:12:03.360 --> 0:12:06.480 tess os Um and for example what Dapper has built, 0:12:06.679 --> 0:12:08.800 offer solutions that are not as risky as sort of 0:12:08.840 --> 0:12:11.600 ethereum main neet super expensive n f t s that's 0:12:11.640 --> 0:12:14.120 what grabs the headlines. But the reality is that is 0:12:14.160 --> 0:12:17.000 going to be a tiny fraction of the total user 0:12:17.000 --> 0:12:18.680 base of how people interact with n f T s 0:12:18.679 --> 0:12:21.160 in the future. So people these are I want to 0:12:21.160 --> 0:12:25.280 get back to this idea of art because art markets 0:12:25.280 --> 0:12:30.320 are also prone to speculative frenzy of different kinds. How 0:12:30.360 --> 0:12:33.520 are you finding both as an artist but somebody who's 0:12:33.559 --> 0:12:37.280 working on art funding, the differences between you know, the 0:12:37.320 --> 0:12:40.640 traditional fine art markets and this sort of web three 0:12:40.720 --> 0:12:43.839 ecosystem in which you're increasingly operising. I just think that, 0:12:43.960 --> 0:12:45.720 you know, in the past, maybe there has been some 0:12:45.800 --> 0:12:48.160 kind of stigma against digital art or people just don't 0:12:48.280 --> 0:12:50.960 see it as real art, and now, you know, I 0:12:50.960 --> 0:12:53.480 think there there's sort of more acceptance to it because 0:12:53.480 --> 0:12:55.680 at the end of the day, art is subjective and 0:12:55.679 --> 0:12:59.240 it's all about just expressing yourself through different mediums, right, 0:12:59.559 --> 0:13:02.800 and so people with digital art just do it on 0:13:02.840 --> 0:13:05.600 a computer versus u in the traditional art market. In 0:13:05.679 --> 0:13:08.560 terms of the speculation, um parts, I think that's just 0:13:08.600 --> 0:13:12.400 always going to be part of something that is inherently subjective. 0:13:12.440 --> 0:13:16.840 It's very very hard to what makes an a beautiful exactly. 0:13:17.040 --> 0:13:20.560 But um but I think what I personally find interesting 0:13:20.559 --> 0:13:22.880 and this is just some personal passionate mine is the 0:13:22.920 --> 0:13:25.720 concept of storytelling and you can do that through digital 0:13:25.760 --> 0:13:29.360 art or you know, traditional art. Stay tuned for more 0:13:29.400 --> 0:13:31.959 of our conversation about n f t S, originally recorded 0:13:31.960 --> 0:13:34.760 in July during the Bloomberg Live Crypto Summit in New York. 0:13:41.280 --> 0:13:43.720 If I'm an artist, I want to steal my aunt, 0:13:43.800 --> 0:13:47.400 I need to find the art gallery committing of my 0:13:47.520 --> 0:13:50.680 next ten years innings and then make sure they accepted me. 0:13:50.720 --> 0:13:54.000 And then there's a potential maybe I'm becoming to be known. 0:13:54.360 --> 0:13:57.040 So that's actually a very difficult journey. I mean, the 0:13:57.080 --> 0:14:00.200 probability of successful it is also very very small. But 0:14:00.240 --> 0:14:04.040 today this ant is very different. For for example, in Binus, 0:14:04.080 --> 0:14:06.520 while we build a centralized platform, we only charge one 0:14:06.520 --> 0:14:09.319 percent of the fee as a platform, everybody you can 0:14:09.360 --> 0:14:12.000 exhibit art you know in there, and actually it's not 0:14:12.080 --> 0:14:14.880 Binus determine the price of your art. It's actually the 0:14:14.880 --> 0:14:18.280 market drives of the art. So in my opinion, this 0:14:18.360 --> 0:14:22.160 is lowering the barrier for artists entering into the world. 0:14:22.200 --> 0:14:25.200 And also it's going to benefit the people who appreciate 0:14:25.240 --> 0:14:32.400 that this is a technology who render song I do 0:14:32.600 --> 0:14:35.120 find that and everyone to ask you this because like 0:14:35.120 --> 0:14:39.280 the history of Inner it's really about community, right, So 0:14:39.360 --> 0:14:42.840 like when Gary van Intertruck was like wine and then 0:14:42.920 --> 0:14:46.320 he had a media agency and was doing community management 0:14:46.760 --> 0:14:49.000 like whatever, the sort of the platform through which he's 0:14:49.000 --> 0:14:52.760 expected he's expressing his various ideas. There's always been this 0:14:52.800 --> 0:14:55.880 idea of an ecosystem of community, a sense of solidarity 0:14:55.960 --> 0:14:58.800 for it for a particular in group. What about that 0:14:59.120 --> 0:15:02.000 are you seeing or is infusing as it were like 0:15:02.120 --> 0:15:04.200 Zanners three? Because what I'm hearing from both Hell and 0:15:04.360 --> 0:15:07.560 people Pleaser is this idea of doing something or participating 0:15:07.600 --> 0:15:11.160 in something bigger than you, whatever the financial incentives might be. 0:15:11.440 --> 0:15:14.880 That's a very ustute observation that community and has been 0:15:14.920 --> 0:15:17.800 critical to Veneer's journey over the last like twelve years 0:15:17.800 --> 0:15:20.480 of of having the Vada company. Um and I think 0:15:20.480 --> 0:15:22.760 that what you're also getting at as cultural relevance. It's 0:15:22.800 --> 0:15:25.800 like where people are actually paying attention is where we've 0:15:25.800 --> 0:15:28.840 structured a lot of our business opportunity. And certainly, like 0:15:28.880 --> 0:15:31.560 without a doubt, there's a community around sort of crypto 0:15:31.560 --> 0:15:34.480 traders and there's obviously varying levels of stabbiness within there 0:15:34.720 --> 0:15:37.760 there's also a community around n f T collectors UM, 0:15:37.760 --> 0:15:39.640 people who collect n f T s. Of course, some 0:15:39.840 --> 0:15:43.040 for sort of trading and that hobbyist activity, some because 0:15:43.040 --> 0:15:46.280 they're passionate around certain groups of artists or certain groups 0:15:46.400 --> 0:15:50.440 of you know, intellectual property owners. Whether we're talking about Nickelodeon, 0:15:50.520 --> 0:15:53.400 or we're talking about MLB, or we're talking about Gary vs. 0:15:53.440 --> 0:15:56.880 V Friends, there are communities around each of these programs. 0:15:56.880 --> 0:15:59.160 And what I think is different this time around versus 0:15:59.200 --> 0:16:01.520 what we saw and Web too, which was the fostering 0:16:01.560 --> 0:16:04.240 of a community on social media and enabling people to 0:16:04.440 --> 0:16:07.880 communicate globally across the world someone they may have never met, 0:16:08.160 --> 0:16:11.080 having a direct one to one communication with a brand 0:16:11.240 --> 0:16:14.840 or celebrity that they like, UM or an athlete. This time, 0:16:14.920 --> 0:16:17.760 when you participate in this n f T ecosystem, that 0:16:17.800 --> 0:16:24.800 you actually have aligned incentives. Back to the example that 0:16:25.040 --> 0:16:27.920 Helen was just giving for that Latin American artist, if 0:16:27.920 --> 0:16:30.640 that Latin American artist had, you know, had a group 0:16:30.720 --> 0:16:32.800 of collectors, they would probably interact with them at different 0:16:32.880 --> 0:16:35.520 art shows, even if they're very successful, and you know, 0:16:35.560 --> 0:16:37.480 the first pieces would have sold for hundreds and a 0:16:37.520 --> 0:16:40.160 thousand and ten thousand but if that you know, first 0:16:40.200 --> 0:16:42.800 Genesis piece that originally sold for hundred was selling for 0:16:42.840 --> 0:16:46.120 a million, that Latin American artist doesn't benefit from that. 0:16:46.720 --> 0:16:50.160 UM and n f t s unlock this ability for 0:16:50.320 --> 0:16:53.960 collectors and creators do have aligned incentives, and of course 0:16:54.040 --> 0:16:57.040 that strengthens the bonds. But community um of people who 0:16:57.120 --> 0:17:02.080 are passionate around a specific subject, our hobby UM tokenized 0:17:02.120 --> 0:17:05.000 hobbyism is going to be something that we increasingly be 0:17:05.160 --> 0:17:08.120 very interesting coming up, like more and more, whether you're 0:17:08.200 --> 0:17:10.479 really into a game or you're really into an artist, 0:17:10.760 --> 0:17:13.400 a group of collectors having a form to engage and 0:17:13.840 --> 0:17:16.800 all sort of being in the wave together of benefiting 0:17:16.800 --> 0:17:20.280 from appreciation or depreciation is the case may be, UM, 0:17:20.320 --> 0:17:22.360 I think that this is a really interesting use case 0:17:22.400 --> 0:17:26.359 for that community to actually have aligned financial incentives in 0:17:26.400 --> 0:17:29.960 the future. What about n f t s, what about 0:17:30.119 --> 0:17:32.879 these conversations about the environment and the ecosystems? Like have 0:17:33.080 --> 0:17:37.080 to actually change in order to better address these pretty 0:17:37.160 --> 0:17:42.680 robust criticisms. Maybe I will start with two things, regulation 0:17:42.880 --> 0:17:46.119 and education. We really think that actually the regulation is 0:17:46.160 --> 0:17:50.240 actually going to bring more successful rotation for the whole industry. 0:17:50.280 --> 0:17:53.960 So actually in bindus particular things Lastly, we actively work 0:17:54.000 --> 0:17:56.879 up with regulators around the globe trying to develop the 0:17:57.440 --> 0:18:00.639 regulation to ourselfs if we believe in a society, we 0:18:00.680 --> 0:18:03.600 need to bring the whole penetration right, you're know, going up, 0:18:03.640 --> 0:18:06.359 So that's very important. And education is very important. I 0:18:06.440 --> 0:18:08.600 think today there's so much formal. Lots of people lost 0:18:08.600 --> 0:18:11.600 money because of formal because people don't really understand the 0:18:11.680 --> 0:18:15.320 underlying sub sets. So it's very important actually to do 0:18:15.359 --> 0:18:18.520 the ducation, particularly is they use I think those two 0:18:18.560 --> 0:18:21.639 things that very close to our heart. It is honestly 0:18:21.720 --> 0:18:24.560 have stage genuinely interesting that most of the folks on 0:18:24.600 --> 0:18:26.520 all of the panels they have been like, please regulate 0:18:26.560 --> 0:18:30.400 me more. It's not something you may have expected coming 0:18:30.400 --> 0:18:32.840 in today. All right, With that, thank you all. We 0:18:32.880 --> 0:18:35.560 really appreciate you taking the time, like your friends, keeping 0:18:36.800 --> 0:18:40.240 on the next episode of Bloomberg Crypto. The crypto universe 0:18:40.440 --> 0:18:43.520 can be complex, can be unpredictable, but our job as 0:18:43.640 --> 0:18:46.320 editors and reporters is to track every single one of 0:18:46.359 --> 0:18:49.760 these developments and translate the most interesting and importance of 0:18:49.800 --> 0:18:53.800 them into stories. Bloomberg Crypto senior editors Dave Lukta and 0:18:53.800 --> 0:18:56.760 Anna Airera will join me for another edition of Friday 0:18:56.800 --> 0:18:58.960 in the Editor's Room, we'll take a look at the 0:18:59.000 --> 0:19:01.760 highs and lows of this week. Crypto discussed the biggest 0:19:01.800 --> 0:19:04.280 stories that we're covering and give you a peek at 0:19:04.280 --> 0:19:10.080 what's driving markets right now. This is Bloomberg Crypto, a 0:19:10.200 --> 0:19:13.560 daily podcast from Bloomberg and I Heart Radio. For more 0:19:13.600 --> 0:19:16.280 shows from I Heart Radio, visit the I Heart Radio app, 0:19:16.480 --> 0:19:20.600 Apple Podcasts, or wherever you get your podcasts. Send us 0:19:20.640 --> 0:19:23.479 your comments, questions, or suggestions for the show to Crypto 0:19:23.560 --> 0:19:26.680 at Bloomberg dot net or find us on Twitter. We're 0:19:26.720 --> 0:19:31.600 at Crypto. The supervising producer of Bloomberg Crypto is Vicky 0:19:31.720 --> 0:19:35.880 very Galina. Our senior producer is Janet Babin. Our producer 0:19:35.960 --> 0:19:40.640 is Sharon Burriro Associate producer is Ty Butler. Desta wonder 0:19:40.720 --> 0:19:45.360 At is our engineer. Original music by Leo Sidrin. I'm 0:19:45.400 --> 0:20:00.200 Stacy Marie Schmal. We'll be back tomorrow.