WEBVTT - Are Your Baseball Cards on the 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 Heart Podcast.

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<v Speaker 1>It's Thursday, July seven. So Rare is one of several

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<v Speaker 1>companies attempting to take the idea of collectibles like baseball

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<v Speaker 1>cards and bring them into a more digital context. In

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<v Speaker 1>me so Rare announced a partnership with Major League Baseball

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<v Speaker 1>here in the US, and they announced that Serena Williams

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<v Speaker 1>would be a member of their advisory board. Why are

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<v Speaker 1>they betting so big on sports? Do collectibles even need

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<v Speaker 1>to be on a ball chain? Will baseball players benefit

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<v Speaker 1>from that Major League deal? On this episode, we'll talk

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<v Speaker 1>to Bloomberg Report, to Hannah Miller, and to so Rare

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<v Speaker 1>ceo Nicola Julia about why n f T S and

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<v Speaker 1>sports play well here during Schomberg on Oh my God,

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<v Speaker 1>kind of always a pleasure to have you on the pod.

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<v Speaker 1>Thank you so much for having me today. We're going

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<v Speaker 1>to talk about baseball, which I don't know very much about,

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<v Speaker 1>and collectibles which I know some more about, an n

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<v Speaker 1>f T S, which I think you know. We're in

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<v Speaker 1>good shape as it relates to non fungible tokens. But

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<v Speaker 1>for the benefit of our audiences, tell us a little

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<v Speaker 1>bit about your reporting on this company. So and what

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<v Speaker 1>they're doing with digital collectibles. Yeah, they're an interesting company

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<v Speaker 1>to watch. Yes, So they've really taken um the n

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<v Speaker 1>f T world by storm. When it comes to soccer

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<v Speaker 1>n f P s uh, they're super popular in Europe

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<v Speaker 1>their French startup, and what they do is is they

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<v Speaker 1>combine fantasy gaming with n f T s, so real

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<v Speaker 1>life soccer players are represented by these n f T s.

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<v Speaker 1>People can build a soccer team with them and then

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<v Speaker 1>compete with other people based on the real life performance

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<v Speaker 1>of these players. So now they're taking this to the

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<v Speaker 1>US with baseball and have teamed up with MLB to

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<v Speaker 1>Major League Yes, to create a Baseball n f T

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<v Speaker 1>fantasy game. That's a lot of things, So I want

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<v Speaker 1>to I want to break this down slightly. In theory,

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<v Speaker 1>I could buy an n f T of Christiano Ronaldo

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<v Speaker 1>or Messy or you know, sort of someone else, add

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<v Speaker 1>them to my fantasy football league, my fantasy soccer league,

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<v Speaker 1>and then compete against other people. So it's like kind

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<v Speaker 1>of like Pokemon or Magic. The gathering where the better

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<v Speaker 1>cards and players I have, you know, the more likely

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<v Speaker 1>it is I'm gonna win. Yeah, that's exactly it. And

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<v Speaker 1>you know we've seen this edition of fantasy gaming and

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<v Speaker 1>sports before, like I mean, fantasy baseball is a big

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<v Speaker 1>thing in the US. But the whole mission here is

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<v Speaker 1>to create these n f t s that people can

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<v Speaker 1>feel like they actually own, you know, this digital asset.

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<v Speaker 1>They can win money playing this game. Um. There's also

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<v Speaker 1>free to play version um, and they can collect their

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<v Speaker 1>favorite players actually you know, make a profit off of it. Yes, so,

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<v Speaker 1>which which is always what it comes back to. But

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<v Speaker 1>if it sounds like these things exist outside of a

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<v Speaker 1>blockchain concept, like why then do these needs to be

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<v Speaker 1>n f t s, Like what is sovs? Value proposition here? Yeah,

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<v Speaker 1>that's a really good question. I think we're still asking

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<v Speaker 1>that question about n f t s in general. The

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<v Speaker 1>n f t s here with the with these fantasy

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<v Speaker 1>gaming the game wants to give the people who play

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<v Speaker 1>it the idea that they own these digital assets. They're

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<v Speaker 1>on the blockchain, they won't be able to you know,

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<v Speaker 1>get it taken away from them. They can actually sell

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<v Speaker 1>them on other marketplaces and really just you know, interact

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<v Speaker 1>with them in interesting ways. But I think that's a

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<v Speaker 1>that's a good question, is like why do we need

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<v Speaker 1>boxing here? What's the appeal of using n f T

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<v Speaker 1>s as digital collectibles? And I think a lot of

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<v Speaker 1>n f T companies, especially during this bear market, are

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<v Speaker 1>going to have to contend with that even more. What

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<v Speaker 1>I'm trying to get a better sense of is the economics.

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<v Speaker 1>Do these cards benefit players in any way? Do they

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<v Speaker 1>benefit the league's you know, how does the licensing of

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<v Speaker 1>a Christiano Ronaldo work? Yeah, it's pretty interesting. So they

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<v Speaker 1>do work with specific soccer leagues to you know, get

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<v Speaker 1>licensing deals, get them on board. I know some players

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<v Speaker 1>have like teamed up to do you know, fan tokens

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<v Speaker 1>and things like that with other platforms to get a

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<v Speaker 1>cut the new MLB offering. I asked about that, and

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<v Speaker 1>I think there's still sort of figuring out the role

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<v Speaker 1>that players are gonna play in this. I know that

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<v Speaker 1>they're going to use baseball players to promote the n

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<v Speaker 1>f T s. You know, different franchises will have different

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<v Speaker 1>marketing strategies for promoting the games. And they actually worked

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<v Speaker 1>very closely with the players union within Major League Baseball

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<v Speaker 1>to get them on board and figure those things out.

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<v Speaker 1>So hopefully more details will come out about that soon. Now.

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<v Speaker 1>In your story, you mentioned that the MLB Major League

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<v Speaker 1>Baseball as an institution, was initially kind of skeptical of

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<v Speaker 1>all things crypto. What made them change their minds? Yeah,

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<v Speaker 1>so I did ask about that, and actually the chief

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<v Speaker 1>revenue officer who I spoke to, he has had been

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<v Speaker 1>interested in crypto for a long time. He had had

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<v Speaker 1>bought and sold n f T s, had lost a

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<v Speaker 1>lot of money on n f T s, you know,

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<v Speaker 1>so he had his own personal tragedies and triumphs with it,

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<v Speaker 1>and I think he was really a driving force and

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<v Speaker 1>building this partnership. But yeah, I mean they made he

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<v Speaker 1>made clear that there was skeptic is m. You know,

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<v Speaker 1>there is still this association with scams and you know,

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<v Speaker 1>people losing fortunes and you know, just sort of bad press.

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<v Speaker 1>He said, though, that really just the broadening interest in

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<v Speaker 1>sports n f T S. I mean, we've seen huge

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<v Speaker 1>success with Dapper Labs and and being cop shot that,

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<v Speaker 1>you know, and just the growing popularity of crypto and

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<v Speaker 1>n FPS at that time. We're really sort of what

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<v Speaker 1>spurred MLB to to jump on board with us. You

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<v Speaker 1>mentioned NBA Top Shots, you know, kind of one of

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<v Speaker 1>the original exemplars of bringing collectibles and fandoms to the blockchain.

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<v Speaker 1>They have really struggled in two Like you know, sales

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<v Speaker 1>of their digital collectibles is significantly down relative to the

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<v Speaker 1>same period a year ago. Yeah, and I definitely talked

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<v Speaker 1>about that UM with a lot of people in the

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<v Speaker 1>NFP industry because really they were there were such a

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<v Speaker 1>leader UM when they first came out. But I think,

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<v Speaker 1>what so so, where is trying to do differently here

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<v Speaker 1>is add a gaming element to it. So NBA Top

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<v Speaker 1>Shot doesn't have that. It's you know, it's a lot

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<v Speaker 1>of like clips, you know, it's more about it. It's

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<v Speaker 1>I think a little bit more similar to just regular

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<v Speaker 1>trading cards, whereas so Rare has this gamified aspect to UM.

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<v Speaker 1>And I think that's what they think set so Rare

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<v Speaker 1>apart from NBA Top Shot is that this is a

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<v Speaker 1>different kind of thing. It is a true game, it's

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<v Speaker 1>in the spirit of sports. It does connect to fantasy baseball.

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<v Speaker 1>So I think that's why they're hoping that they're going

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<v Speaker 1>to have a better fortune than and be a top Shot.

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<v Speaker 1>Here's the fun part about for to play games though,

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<v Speaker 1>if you if you play video games to those like

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<v Speaker 1>they're free to play until they get really annoying because

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<v Speaker 1>you can't win because everybody who is paying for stuff

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<v Speaker 1>is better than you. And it does sound like there's

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<v Speaker 1>an element of that with this, where if you don't

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<v Speaker 1>have good cards, or you're sort of not upgrading your

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<v Speaker 1>play or is, you're going to be at a disadvantage. Yeah,

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<v Speaker 1>I know, and I think that's already something that sort

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<v Speaker 1>of happens with the the soccer version of this, So

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<v Speaker 1>it'll be interesting to see if that's sort of the

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<v Speaker 1>case of the MLB game, which is coming out after

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<v Speaker 1>the All Star Game this summer. In terms of the

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<v Speaker 1>overall appetite among consumers for collectibles, I mean fandoms collecting

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<v Speaker 1>trading cards of every stripe. These have held up and

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<v Speaker 1>they remember there were certain points at sort of the

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<v Speaker 1>beginning in the middle of the pandemic when targets and

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<v Speaker 1>other retailers were putting limits on the number of cards

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<v Speaker 1>you could buy because there was such a rush to

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<v Speaker 1>sort of get back into this particular form of escapism. Frankly,

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<v Speaker 1>do you think that the digital versions of these activities

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<v Speaker 1>will have similar longevity? Yeah? No, I I think that

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<v Speaker 1>remains to be seen. I mean, n f T cells

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<v Speaker 1>are down overall, they're getting hit during this crypto winter

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<v Speaker 1>as well. I think there's always going to be that

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<v Speaker 1>technology barrier that people aren't gonna wanna cross over, and

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<v Speaker 1>that barrier is especially high in crypto in n f

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<v Speaker 1>T s, I think. So we're just trying to make this,

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<v Speaker 1>you know, an easier user experience, but I think it's

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<v Speaker 1>going to be hard to overcome just skepticism in general

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<v Speaker 1>about crypto UM. And you know, they're launching at a

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<v Speaker 1>tough time too, because this winter is expected to last

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<v Speaker 1>UM for for a bit. So it's going to be

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<v Speaker 1>interesting to see if, you know, they make any changes

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<v Speaker 1>to their strategy or you know, or just how they're

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<v Speaker 1>going to promote this in general, while there is so

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<v Speaker 1>much anxiety and fear within the industry currently, Yeah, it's

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<v Speaker 1>looking like a deep chill for sure. How to thank

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<v Speaker 1>you so much. I still don't understand a ton about baseball,

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<v Speaker 1>but I do understand more about these n f T s.

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<v Speaker 1>So thank you for very much for joining us, Thank

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

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

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<v Speaker 1>dot com and follow her on Twitter at h G. Millaine.

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<v Speaker 1>We'll be right back with the CEO at so Rare,

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<v Speaker 1>Nicola Julia, to dive deeper into crypto fantasy sports and

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<v Speaker 1>their partnership with Major League Baseball. Earlier this year, Major

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<v Speaker 1>League Baseball partnered with so Rare to launch an n

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<v Speaker 1>f T game. We're joined now by so Rare CEO

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<v Speaker 1>and co founder Nicola Julia, who's going to talk a

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<v Speaker 1>little bit more about what this means for fans of

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<v Speaker 1>the sport. Nicola, thank you so much for joining us today.

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<v Speaker 1>Thank you so much for having me so tell me

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<v Speaker 1>more about this idea of bringing collectibles, sport words, and

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<v Speaker 1>fantasy sports in particular into the world of crypto on

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<v Speaker 1>the blockchain. So I've been a massive spons fan, you know,

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<v Speaker 1>like for as long as I can remember, and I

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<v Speaker 1>have sponse because they can unite people, they create hope,

0:11:14.480 --> 0:11:17.920
<v Speaker 1>they inspire people, they bring people together, and they do this.

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<v Speaker 1>They do this across the globe, and so I think

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<v Speaker 1>that's our mission, like United sponsor fans across the club,

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<v Speaker 1>but we all do it. We are doing it in

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<v Speaker 1>a way that is different from what the sponsor and

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<v Speaker 1>Tottenment company have been doing in the past, where they

0:11:31.760 --> 0:11:35.000
<v Speaker 1>were trying to you know, like grab your attention to

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<v Speaker 1>get you locked in a cross the equest system and

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<v Speaker 1>well when you are you are like doing their items

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<v Speaker 1>like you are not really owning them. You could not

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<v Speaker 1>like we sell them, move them and so on. So

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<v Speaker 1>we are doing it in a way that is different.

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<v Speaker 1>So we have this fantasy game where you can play

0:11:51.360 --> 0:11:55.600
<v Speaker 1>with officially lessens and f t s uh. And that's

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<v Speaker 1>that's bringing like a totally different dynamic and connection between

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<v Speaker 1>the company, the finds, the leagues and the kids. Why baseball,

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<v Speaker 1>Why this league? And are there any elements of this

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<v Speaker 1>deal that are different from what you were doing previously

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<v Speaker 1>in your work in football or soccer. Yeah. So yeah,

0:12:18.640 --> 0:12:21.439
<v Speaker 1>we started, we've so gone, which is uh. Yeah, the

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<v Speaker 1>biggest parts in the world in terms of for audience,

0:12:24.080 --> 0:12:26.880
<v Speaker 1>and we have no like you know, like to two

0:12:26.960 --> 0:12:29.839
<v Speaker 1>hundred and seventy clubs that were annuing with and we

0:12:29.960 --> 0:12:33.079
<v Speaker 1>have two million news ons with the sport and uh,

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<v Speaker 1>and then we were thinking about the next port and

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<v Speaker 1>baseball was making a lot of sense for many reasons.

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<v Speaker 1>I think the fans. One is like that's that's why

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<v Speaker 1>collectibles came from a culical collectibles, which is a big

0:12:45.760 --> 0:12:48.520
<v Speaker 1>pillan for what products. The idea of of a baseball

0:12:48.559 --> 0:12:51.440
<v Speaker 1>card and collecting a baseball card is the original exactly,

0:12:51.960 --> 0:12:55.240
<v Speaker 1>exactly exactly, and same for fantasy sports, like our two

0:12:55.240 --> 0:12:58.520
<v Speaker 1>parents collecting and playing fantasist ports were born with the sports.

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<v Speaker 1>So it was making a lot of sends for us

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<v Speaker 1>to start here in terms of fewer sports. We obviously

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<v Speaker 1>wanted to grow audience in the US, and the MLB

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<v Speaker 1>and MLBB were very excited about growing intelligence in Europe,

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<v Speaker 1>so it was a perfect fit. Do you have you

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<v Speaker 1>know when you talk about growing your audience in the US,

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<v Speaker 1>but certainly in other places, do you have any other

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<v Speaker 1>leagues that you're hoping to work with, you know, the

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<v Speaker 1>w n B, a NHL, Yeah, definitely, So jury speaking,

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<v Speaker 1>we want to partner with all the best leagues and

0:13:30.600 --> 0:13:34.079
<v Speaker 1>toup leaks in the world perform and sports and women sports.

0:13:34.280 --> 0:13:37.920
<v Speaker 1>Regarding men sports, we announced like that we're gonna launch

0:13:37.960 --> 0:13:41.720
<v Speaker 1>two of the freemagents U S leagues disitions, so MLB

0:13:42.080 --> 0:13:43.960
<v Speaker 1>is fast and then we're gonna we're gonna have a

0:13:43.960 --> 0:13:46.199
<v Speaker 1>second one that is and that is comming this young

0:13:46.360 --> 0:13:49.240
<v Speaker 1>and we're also going to launch women's sports in the

0:13:49.240 --> 0:13:52.320
<v Speaker 1>common ones. So we have nothing yet to announce, but

0:13:52.400 --> 0:13:55.400
<v Speaker 1>this is something that we're already working on internally to

0:13:55.480 --> 0:13:57.160
<v Speaker 1>make sure that we can you know, who know the

0:13:57.160 --> 0:14:00.000
<v Speaker 1>sports and you know, making it prominent in the products

0:14:00.200 --> 0:14:02.480
<v Speaker 1>and a far like a truly world class experience for

0:14:02.640 --> 0:14:05.320
<v Speaker 1>funs that were to engage you know, women's sports on

0:14:05.440 --> 0:14:08.920
<v Speaker 1>that when you announced earlier this year that Serena Williams

0:14:09.320 --> 0:14:11.600
<v Speaker 1>perhaps the best tennis player of all time, then man

0:14:11.760 --> 0:14:15.360
<v Speaker 1>or woman was joining as an advisor to your board.

0:14:15.760 --> 0:14:18.079
<v Speaker 1>In that statement, you know, it talks a lot about

0:14:18.120 --> 0:14:21.239
<v Speaker 1>how women's sports is an area of interest and priority

0:14:21.800 --> 0:14:25.640
<v Speaker 1>both for Serena Williams but also for the company. Why

0:14:25.680 --> 0:14:27.560
<v Speaker 1>do you see this as a as an area to

0:14:27.720 --> 0:14:30.120
<v Speaker 1>kind of play in as it relates to you know,

0:14:30.200 --> 0:14:32.400
<v Speaker 1>the goals that you have for the organization. We just

0:14:32.440 --> 0:14:35.480
<v Speaker 1>need to hunt on half of the world. So it's

0:14:35.560 --> 0:14:38.600
<v Speaker 1>it's good to have you know, men's sports, but that

0:14:38.760 --> 0:14:40.720
<v Speaker 1>we need we need to do more than this, uh,

0:14:40.720 --> 0:14:43.480
<v Speaker 1>and so we we are committed to do this and

0:14:43.560 --> 0:14:46.560
<v Speaker 1>are committed to growdest point. I think that's not having

0:14:46.560 --> 0:14:50.120
<v Speaker 1>again like a workless entertlement experience where funs can engage

0:14:50.160 --> 0:14:52.880
<v Speaker 1>through the sports, gonna have growdest ports. We don't think

0:14:53.280 --> 0:14:55.840
<v Speaker 1>you know, company like a Tattenment. Companies have done enough

0:14:56.560 --> 0:14:58.560
<v Speaker 1>for this. So we we are committed to to do

0:14:58.680 --> 0:15:01.000
<v Speaker 1>this and obviously in the the business will believe as

0:15:01.000 --> 0:15:04.480
<v Speaker 1>a huge opportunity as well. Uh and so and so yeah,

0:15:04.480 --> 0:15:06.720
<v Speaker 1>we're very very excited to do this. And Serena is

0:15:06.760 --> 0:15:09.680
<v Speaker 1>just a perfect fit to help us develop this, and

0:15:09.720 --> 0:15:12.840
<v Speaker 1>not not only because she knows this one, but also

0:15:12.920 --> 0:15:15.760
<v Speaker 1>because she you know, she knows technology and she has

0:15:15.800 --> 0:15:18.400
<v Speaker 1>been involved in a lot of you know, fat growing startups,

0:15:19.160 --> 0:15:21.680
<v Speaker 1>as a couple of films. So um so so yeah,

0:15:21.680 --> 0:15:25.080
<v Speaker 1>it's it's an amazing partnership and she's she's helping helping

0:15:25.200 --> 0:15:27.960
<v Speaker 1>us in many many fronts. Have you played tennis with

0:15:28.000 --> 0:15:31.440
<v Speaker 1>Serena Williams. I would love to not yet she you know,

0:15:31.560 --> 0:15:34.400
<v Speaker 1>yesterday like she she was back on the court, which

0:15:34.600 --> 0:15:38.360
<v Speaker 1>I'm very very happy at Wimbledon. Uh and and uh

0:15:38.400 --> 0:15:42.040
<v Speaker 1>and and and I mean she's remarkable and like to

0:15:42.200 --> 0:15:44.880
<v Speaker 1>do not have a curage to go back again. We

0:15:44.880 --> 0:15:46.840
<v Speaker 1>we love this and we love this courage, well, we

0:15:46.920 --> 0:15:50.040
<v Speaker 1>love this energy, this this dedication and the tennis play

0:15:50.120 --> 0:15:51.960
<v Speaker 1>on and and so I would love to do this

0:15:52.000 --> 0:15:54.640
<v Speaker 1>at some point. Speaking of players, you know, at the

0:15:54.760 --> 0:15:57.840
<v Speaker 1>end of June you announced that Kilean and Bopy is

0:15:57.880 --> 0:16:01.920
<v Speaker 1>going to be joining or at least investing in in

0:16:02.040 --> 0:16:05.160
<v Speaker 1>so are as as a as a partner, as an ambassador.

0:16:05.400 --> 0:16:08.040
<v Speaker 1>What were those conversations like. And as you see more

0:16:08.120 --> 0:16:11.800
<v Speaker 1>and more of these kinds of athletes engaging, as you say,

0:16:11.920 --> 0:16:14.040
<v Speaker 1>not just in things about revenue, but in things in

0:16:14.120 --> 0:16:19.680
<v Speaker 1>crypto specifically, Yeah, I mean for for for children in particular,

0:16:19.840 --> 0:16:22.560
<v Speaker 1>it was it was for us an amazing fit because

0:16:22.800 --> 0:16:25.800
<v Speaker 1>he's a global icon. Uh, he's a global brand and

0:16:25.840 --> 0:16:28.760
<v Speaker 1>we want and we are building a global product, like

0:16:28.800 --> 0:16:31.960
<v Speaker 1>we are selling one hundred and eighty four countries right now.

0:16:32.560 --> 0:16:36.600
<v Speaker 1>Um and uh. And so he wants to also to

0:16:36.680 --> 0:16:38.280
<v Speaker 1>show that, you know, the best of the best and

0:16:38.400 --> 0:16:40.440
<v Speaker 1>be built out of France, which is something that we

0:16:40.720 --> 0:16:43.800
<v Speaker 1>are committing to do and to show so uh and

0:16:43.800 --> 0:16:46.440
<v Speaker 1>and on top of being amazing on the beach, like

0:16:46.560 --> 0:16:51.000
<v Speaker 1>he's got amazing values and commitments of the outside of

0:16:51.040 --> 0:16:54.000
<v Speaker 1>the beach. Uh. And so you know, for us, it's

0:16:54.120 --> 0:16:57.440
<v Speaker 1>it's it's way more than than crypto or energies. It's

0:16:57.520 --> 0:17:00.000
<v Speaker 1>what we can what can we do to give back

0:17:00.880 --> 0:17:03.440
<v Speaker 1>with him? So we we have like a world UH

0:17:04.040 --> 0:17:07.119
<v Speaker 1>commitment and most him around this. What can we do

0:17:07.160 --> 0:17:10.320
<v Speaker 1>obviously to grow the audience of our products with him

0:17:10.320 --> 0:17:14.040
<v Speaker 1>as an ambassador, and what can we do to get

0:17:14.119 --> 0:17:17.679
<v Speaker 1>his feedback and his help to improve our product? So

0:17:18.080 --> 0:17:20.840
<v Speaker 1>it's it's it's big. He's becoming an important investor in

0:17:20.840 --> 0:17:24.920
<v Speaker 1>the company, associal impact. Our team play on with us

0:17:25.440 --> 0:17:29.320
<v Speaker 1>UH and obviously like our exclusive investor, Nicola, thank you

0:17:29.400 --> 0:17:31.840
<v Speaker 1>so much for joining us today. Thank you so much,

0:17:31.920 --> 0:17:34.800
<v Speaker 1>Thanks so much for having me. Thank you, Nicola. You

0:17:34.800 --> 0:17:38.000
<v Speaker 1>can find so are on Twitter at so Rare that

0:17:38.400 --> 0:17:42.760
<v Speaker 1>s O R A R. On the next episode of

0:17:42.760 --> 0:17:46.359
<v Speaker 1>Bloomberg Crypto. It feels like every country in the world

0:17:46.560 --> 0:17:49.359
<v Speaker 1>is figuring out how they want to regulate crypto or

0:17:49.359 --> 0:17:52.240
<v Speaker 1>if they'll even allow it to exist at all. India

0:17:52.520 --> 0:17:54.879
<v Speaker 1>is one of the fastest growing markets for crypto trading,

0:17:55.320 --> 0:17:59.520
<v Speaker 1>something which it's government isn't too keen. On Bloomberg Reporters,

0:17:59.520 --> 0:18:02.760
<v Speaker 1>that authors club will join me to discuss India's complicated

0:18:02.800 --> 0:18:06.200
<v Speaker 1>history of crypto regulation. Why they're turning to taxes to

0:18:06.280 --> 0:18:09.600
<v Speaker 1>curb speculation on the asset class and the potential lessons

0:18:09.720 --> 0:18:16.200
<v Speaker 1>for other countries from the India experience. I'm Stacy Marie

0:18:16.240 --> 0:18:19.560
<v Speaker 1>Ishmael and this is Bloomberg Crypto, a daily podcast from

0:18:19.600 --> 0:18:22.480
<v Speaker 1>Bloomberg and I Heart Radio. For more shows from I

0:18:22.560 --> 0:18:25.840
<v Speaker 1>Heart Radio, visit the I Heart Radio app, Apple Podcasts,

0:18:25.960 --> 0:18:29.280
<v Speaker 1>or wherever you get your podcasts. Email your questions, comments

0:18:29.359 --> 0:18:32.240
<v Speaker 1>or suggestions for the show to Crypto at Bloomberg dot

0:18:32.240 --> 0:18:36.760
<v Speaker 1>net and you'll find us on Twitter at Crypto. The

0:18:36.840 --> 0:18:40.840
<v Speaker 1>supervising producer of this episode is Vicky very Galina. Associate

0:18:40.920 --> 0:18:44.480
<v Speaker 1>producer is thy Butler. Des to wonder At is our engineer.

0:18:44.960 --> 0:18:48.080
<v Speaker 1>Original music by Leo Sidron Take Me Out to the

0:18:48.080 --> 0:19:00.320
<v Speaker 1>Ballgame is courtesy of Ethan Eu Banks No