WEBVTT - Demystifying NFTs, Blockchains, and Web3 in Simple Terms

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Steneveek on Bloomberg Radio.

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<v Speaker 2>Yeah, just want to be your everything token?

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<v Speaker 3>Actually do you?

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<v Speaker 2>I don't know. Oh no, listen. We have a lot

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<v Speaker 2>of thoughts about this. We've talked to a lot of

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<v Speaker 2>guests about this. But the end of the crypto winter

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<v Speaker 2>man it has been heralded by rising token prices and

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<v Speaker 2>the long awaited approval of bitcoin exchange traded funds.

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<v Speaker 3>Yeah, okay, true, but a key segment of the digital

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<v Speaker 3>asset universe has lagged behind despite previously being one of

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<v Speaker 3>the sector's hottest corners. We're talking, of course, about non

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<v Speaker 3>fungible tokens NFTs. They're based on blockchain and represent a

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<v Speaker 3>unique ownership of assets like images or even physical objects.

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<v Speaker 3>They saw global sales plummets sixty three percent to eight

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<v Speaker 3>point seven billion dollars last year. That's accorded to data

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<v Speaker 3>tracker Crypto Slam.

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<v Speaker 2>Remember with Chris Rouser for pursuits about like fashion NFT

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<v Speaker 2>twenty twenty one. You go shopping in kind of a

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<v Speaker 2>virtual universe and you buy like clue, like yeah, design

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<v Speaker 2>or NFTs. You can't wear them.

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<v Speaker 3>You spend a lot of money, second life type of thing.

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<v Speaker 2>Yeah, I just know anyway.

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<v Speaker 3>Where your gucci in the in the metaverse.

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<v Speaker 2>I think our guess are gonna get nervous because we're

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<v Speaker 2>a bit skeptical anyway. Meanwhile, keep in mind the industry

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<v Speaker 2>Bellweather Bitcoin has surged almost one hundred and sixty twenty

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<v Speaker 2>twenty three. A little bit of perspective there for you.

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<v Speaker 3>Okay, So I'm really curious what our next guests have

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<v Speaker 3>to say about all of this, and we got some

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<v Speaker 3>time with them, so looking forward to this conversation. Scott

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<v Speaker 3>took Commoners is Professor of Business Administration at Harvard Business School.

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<v Speaker 3>Is also a research partner at A sixteen Z Crypto

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<v Speaker 3>and recent Horowitz that is, and Steve Kaczinski has worked

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<v Speaker 3>in communications at Progressive Insurance in Nestley, and together they

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<v Speaker 3>are the authors of the new book The Everything Token,

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<v Speaker 3>How NFTs and Web three will transform THEO we buy, sell,

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<v Speaker 3>and create. Scott joins us from Cambridge, Massachusetts and Steve

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<v Speaker 3>from Ohio. Scott, I want to start with you because

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<v Speaker 3>this book came across my desk and it's out now,

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<v Speaker 3>and I thought to myself, what a wild time to

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<v Speaker 3>actually be publishing this book, because fts to me seem

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<v Speaker 3>to have peaked a couple of years ago with all

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<v Speaker 3>the FOMO and like post COVID kind of yolo trading. Well,

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<v Speaker 3>how do you respond to that? That the book? Like,

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<v Speaker 3>you know that that right now seems like a strange

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<v Speaker 3>time for this book.

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<v Speaker 4>So, first of all, you know, I understand why you

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<v Speaker 4>might feel that way, But in many senses, I actually think,

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<v Speaker 4>you know, in the last year and a half and

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<v Speaker 4>especially really in the last you know, eight, you know,

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<v Speaker 4>six to nine months, we've seen far more exciting and

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<v Speaker 4>more creative and I think more you know, sort of

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<v Speaker 4>mass market and one might even say like sort of realistic,

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<v Speaker 4>like you know, applications of n FTS. You know, it's

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<v Speaker 4>really much more. As you said in the intro, these

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<v Speaker 4>are a general purpose technology for defining ownership of both

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<v Speaker 4>digital and potentially physical assets. And we've seen brands do

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<v Speaker 4>all sorts of new experiments with them, some of them

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<v Speaker 4>quite successfully, and really, you know, sort of part of

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<v Speaker 4>the exercise of writing the book was we were trying

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<v Speaker 4>to understand what are the sort of fundamental principles that

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<v Speaker 4>define this new asset class for business? Right, how do

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<v Speaker 4>you build a business around NFTs or integrate them into

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<v Speaker 4>your existing brand, And what are those principles that survive,

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<v Speaker 4>you know, sort of irrespective of the state of the

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<v Speaker 4>market or whatever. That are really about, you know, sort

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<v Speaker 4>of what is the value of n FTS for business

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<v Speaker 4>and society?

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<v Speaker 2>So what is the value of NFTs for businesses in society?

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<v Speaker 2>And Scott, let's stay with you for one more moment, sure.

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<v Speaker 1>Of course.

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<v Speaker 4>So first of all, as I said, it's a general

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<v Speaker 4>purpose technology. Some uses are simply for improving the functioning

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<v Speaker 4>of markets that are have already been very complicated to manage.

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<v Speaker 4>So if you think about like digital tickets, right, every

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<v Speaker 4>time you buy a digital ticket, you get like a

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<v Speaker 4>QR code in your email. And if you want to

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<v Speaker 4>buy one in the secondary market, right, you're trying to

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<v Speaker 4>get to that like sold out Hamilton show or something

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<v Speaker 4>of the sort, you have to be like really concerned

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<v Speaker 4>that the person who's reselling the ticket to you might

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<v Speaker 4>have sold it to fifteen other people. Right, It's just

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<v Speaker 4>a QR code. They can forward the same email to

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<v Speaker 4>a bunch of people at once. And business has spent

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<v Speaker 4>a lot of time and energy, like building infrastructure to

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<v Speaker 4>try and make those transactions safe NFTs are just a

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<v Speaker 4>strictly better technology for this problem.

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<v Speaker 1>Right.

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<v Speaker 4>They're a unique digital asset, and the second it's transferred

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<v Speaker 4>to one person, they know that they've received it and

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<v Speaker 4>no one else has it. You know, you can prove

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<v Speaker 4>the owner of it. Similarly, we're seeing a variety of

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<v Speaker 4>you know, sort of new types of identity records. So

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<v Speaker 4>think about like, you know, have you know my friends

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<v Speaker 4>in Bloomberg Opinion. I've recently been writing lots of articles

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<v Speaker 4>about these concerns around AI and deep fakes. You know,

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<v Speaker 4>NFTs are cross platform identity records that you can use

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<v Speaker 4>to prove you are who you say you are on

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<v Speaker 4>many different platforms, like independent of the platform architecture, and

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<v Speaker 4>take with you as you move across the Internet. And

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<v Speaker 4>that sort of technology is becoming all the more important.

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<v Speaker 4>And then last and sort of like you know, sort

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<v Speaker 4>of what Steve and I write about is one of

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<v Speaker 4>the sort of the biggest category. There are these brands.

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<v Speaker 4>There's branded utility that can be built on top of NFTs.

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<v Speaker 4>So you start with NFTs as an ownership record, you

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<v Speaker 4>build utility on top of them, use that to drive

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<v Speaker 4>a new form of customer identity and from their form

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<v Speaker 4>customer community that drives the brand forward. And this is

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<v Speaker 4>something brands have been trying to do for a very

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<v Speaker 4>long time, right, They've always wanted to extend the relationship

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<v Speaker 4>with the consumer into the product experience, but it's been

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<v Speaker 4>very hard to do before NFTs.

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<v Speaker 3>And Scott, we should know you're a former columnists for

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<v Speaker 3>Bloomberg Opinion, so you certainly do have a lot of

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<v Speaker 3>friends over it at Bloomberg Opinion. Hey, I want to

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<v Speaker 3>bring in Steve Kaczinski here, who joins us from Ohio

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<v Speaker 3>this afternoon. For people who are watching on YouTube or

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<v Speaker 3>watching on Bloomberg Originals right now, Steve, they can tell

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<v Speaker 3>but just by seeing your background you are a fan

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<v Speaker 3>of NFS. I see an eight faest picture in the background.

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<v Speaker 3>Is that a real board eight back there? I can't

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<v Speaker 3>tell because I don't have the certificate. Is that a

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<v Speaker 3>real board aid back there?

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<v Speaker 5>It is? It is a picture of a real board

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<v Speaker 5>eight and I do have the digital certificate to approve it.

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<v Speaker 5>And it's funny because, like what you all talk about

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<v Speaker 5>is actually exactly the reason we wrote this book is.

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<v Speaker 5>I think a lot of people saw astronomical sales they thought, well,

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<v Speaker 5>this is like a weird sort of life, you know,

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<v Speaker 5>bad industry, But people forget that's how a lot of

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<v Speaker 5>industry starts in the tech world, right. I mean, there

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<v Speaker 5>are records of the Internet being a patis bad, or

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<v Speaker 5>video games being a patic bad, or cell phone not

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<v Speaker 5>having usig what it's hused. But of course the way

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<v Speaker 5>the technology improves and its built upon changes that. And

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<v Speaker 5>I can say, as somebody who was you know, in

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<v Speaker 5>the mid nineties in middle schools decoding websites between the

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<v Speaker 5>HTML like pre Google and all that, this is the

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<v Speaker 5>most excited I've been about a technology because of the

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<v Speaker 5>general perfect youth, particularly as it releas in my background

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<v Speaker 5>in brand building, and you know, I work with Starbucks

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<v Speaker 5>on their beta program, Starbucks Odyssey, and they use it

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<v Speaker 5>as a great example that has nothing to do with

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<v Speaker 5>the over financialization of the space.

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<v Speaker 2>So does this mean it's interesting? We had a conversation

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<v Speaker 2>with an individual over at Adobe and whereas people start

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<v Speaker 2>to use generative AI to include images NFT in terms

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<v Speaker 2>of kind of protecting the license of a logo, is

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<v Speaker 2>there something Steve that that makes a business case for it.

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<v Speaker 5>I mean, they could, but actually, to be honest, I

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<v Speaker 5>think that a business case like that is narrow compared

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<v Speaker 5>to the wide spectrum of uses and the ways they

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<v Speaker 5>would do it. I would say a business would more

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<v Speaker 5>use it to prove ownership of a asset that a

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<v Speaker 5>customer owns, to turn that customer from maybe a sort

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<v Speaker 5>of individual who supports the business into a super fan

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<v Speaker 5>in various ways, which again we can discuss what.

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<v Speaker 2>The like get, but I get it for art, like

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<v Speaker 2>right that you get? That makes sense to me to

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<v Speaker 2>have kind of an NFT associated with a piece of art,

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<v Speaker 2>like a certificate of authenticity, right, yeah, exactly, A d

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<v Speaker 2>down a home makes sense to me.

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<v Speaker 3>Okay, what about for you know, and thanks to Crypto

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<v Speaker 3>editor Mike Reagan, who I spoke to ahead of this interview, Yeah,

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<v Speaker 3>he made the point to me that, Okay, imagine you know,

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<v Speaker 3>you buy a concert ticket and and you know we

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<v Speaker 3>have about a minute left, Scott, so come back on

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<v Speaker 3>in here. What about like the use of a concert

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<v Speaker 3>ticket for example, that uh, would would you know, give

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<v Speaker 3>you access beyond just actually seeing the show? We have

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<v Speaker 3>a minute and then we're gonna come back and do more.

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<v Speaker 2>With your backstage access?

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<v Speaker 3>Yeah, yeah, what do you think of that?

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<v Speaker 1>Scott?

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<v Speaker 5>Exactly? No, one.

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<v Speaker 4>And what's cool about them is, you know, both the creator,

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<v Speaker 4>the artist whomever can provide that sort of value, and

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<v Speaker 4>also third parties can again because these things are you know,

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<v Speaker 4>it's it's more like having a physical ticket than like

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<v Speaker 4>having a QR code that just anyone could replicate. You know,

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<v Speaker 4>you can prove that you are the owner of the asset.

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<v Speaker 4>And so if a local restaurant wants to, you know,

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<v Speaker 4>provide you with a coupon, you know, for a you know,

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<v Speaker 4>for a drink or a dessert after the show, you know,

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<v Speaker 4>you can do that too, and they can do it

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<v Speaker 4>without having the interface with the uh, you know, with

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<v Speaker 4>the original creator. And so both the artist can give

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<v Speaker 4>you a backstage tour and then a local restaurant can

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<v Speaker 4>give everyone who had a certain tier of ticket a drink.

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<v Speaker 4>And like, all of this can happen around a single asset,

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<v Speaker 4>you know, and NFTs are particularly powerful for this because

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<v Speaker 4>of the third party component as well.

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<v Speaker 2>All right, interesting stuff, We're going to continue. We have

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<v Speaker 2>lots more to come. Scott do Commoners is going to

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<v Speaker 2>stay with us professor of Business Administration at Harvard Business School,

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<v Speaker 2>a research partner at sixteen Z Crypto, and of course,

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<v Speaker 2>a former Bloomberg opinion columnist.

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<v Speaker 3>Also Steve Kazinski, who is the co author, along with Scott,

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<v Speaker 3>of The Everything Token, How NFTs and Web three will

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<v Speaker 3>transform the way we buy, sell and create.

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<v Speaker 2>I want to get back to her, guest, Scott do

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<v Speaker 2>Commoner's professor Business Administration, former Bloomberg opinion columnist. He's at

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<v Speaker 2>Harvard Business School, a research partner at sixteen A sixteen.

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<v Speaker 3>Z A sixteen Z and dres and Horowitz.

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<v Speaker 2>Yeah, and Steve Kazinski also with us. He's worked in

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<v Speaker 2>communications at Progressive Insurance and Nessley. Together they are the

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<v Speaker 2>authors of a new book, The Everything Token, How NFTs

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<v Speaker 2>and Web three will transform the way we buy, sell

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<v Speaker 2>and create. Scott's out there in Cambridge, Massachusetts. Steve is

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<v Speaker 2>joining us from Ohio. I feel like we've been talking

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<v Speaker 2>though about this happening for years now. Having said that, Scott,

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<v Speaker 2>let me kick it back to you for a moment,

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<v Speaker 2>so to quote kind of a Beatles song. I woke up,

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<v Speaker 2>got out of bed, tell me how NFTs could impact me, Carol.

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<v Speaker 4>Masser, Okay, like from from the morning in the month

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<v Speaker 4>you get up, Yeah, you probably okay, so you maybe

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<v Speaker 4>you're like getting some coffee, So you get some coffee

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<v Speaker 4>from Starbucks. And Starbucks's new Odyssey reward program is you know,

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<v Speaker 4>sort of taking charge or taking a track of what

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<v Speaker 4>you've consumed and discover you've finished a journey. You get

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<v Speaker 4>your new coffee stamps. That's one thing. And maybe you

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<v Speaker 4>chose your coffee because Odyssey as part of the program

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<v Speaker 4>also directly incentivized you to go and learn some things

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<v Speaker 4>about the different coffee varieties they have, and you become

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<v Speaker 4>a more educated consumer of Starbucks. You read the newspaper too, right,

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<v Speaker 4>so you're probably logging into Bloomberg Opinion to read the

0:10:42.520 --> 0:10:45.839
<v Speaker 4>morning opinion reports or their opinion articles. But then also

0:10:45.880 --> 0:10:48.719
<v Speaker 4>you're gonna like go cross platform and maybe you have

0:10:48.760 --> 0:10:51.240
<v Speaker 4>an NFT for a subscription that lets you into three

0:10:51.360 --> 0:10:54.640
<v Speaker 4>different newspapers at the same time, or all the news

0:10:54.679 --> 0:10:57.959
<v Speaker 4>associated with your local sports team. You know, it's just

0:10:59.200 --> 0:11:01.760
<v Speaker 4>each page you log in. Yeah, you connect your walt

0:11:01.760 --> 0:11:03.920
<v Speaker 4>your crypto wallet, It reads the NFT, it shows you

0:11:03.960 --> 0:11:06.160
<v Speaker 4>the sports news. Well, you see if your Starbucks coffee

0:11:06.160 --> 0:11:06.880
<v Speaker 4>and earn rewards.

0:11:07.040 --> 0:11:10.160
<v Speaker 3>Okay, are you satisfied, Carol, You're getting there. Okay, she's

0:11:10.200 --> 0:11:13.520
<v Speaker 3>a skeptic, but she's getting less skeptical. Hey, each of us,

0:11:13.679 --> 0:11:15.000
<v Speaker 3>I gotta tell you, each of us were struck a

0:11:15.040 --> 0:11:18.160
<v Speaker 3>couple of weeks ago when we heard Blackrocks Larry Fink

0:11:18.200 --> 0:11:21.040
<v Speaker 3>talk about tokenization with our own David West and I

0:11:21.080 --> 0:11:22.360
<v Speaker 3>want to play a clip of that. Check out what

0:11:22.400 --> 0:11:23.000
<v Speaker 3>he had to say.

0:11:23.840 --> 0:11:26.240
<v Speaker 6>We believe the next step going forward will be the

0:11:26.240 --> 0:11:31.720
<v Speaker 6>tokenization of financial assets, and that means every stock, every

0:11:31.800 --> 0:11:35.000
<v Speaker 6>bond will have its own basically q SIP. It'll be

0:11:35.080 --> 0:11:38.360
<v Speaker 6>on one general ledger. Every investor, you and I will

0:11:38.360 --> 0:11:42.880
<v Speaker 6>have our own number, our own identification. We could rid

0:11:42.920 --> 0:11:46.520
<v Speaker 6>ourselves of all issues around illicit activities around bonds and

0:11:46.520 --> 0:11:52.200
<v Speaker 6>stocks and digital by having a a tokenization. But the

0:11:52.200 --> 0:11:56.400
<v Speaker 6>most importantly thing, we can customize strategy through tokenization that

0:11:56.480 --> 0:11:58.080
<v Speaker 6>is fits every individual.

0:11:58.400 --> 0:12:01.600
<v Speaker 3>Tokenization that fits every individual. That once again was Black

0:12:01.679 --> 0:12:04.480
<v Speaker 3>Rocks Larry fing talking tokenization with their own David weston

0:12:04.559 --> 0:12:06.000
<v Speaker 3>just a couple of weeks ago. Steve, I want to

0:12:06.000 --> 0:12:07.480
<v Speaker 3>bring you in here and get your reaction to that,

0:12:07.559 --> 0:12:10.920
<v Speaker 3>because we do hear a lot about tokenization of financial

0:12:10.920 --> 0:12:14.760
<v Speaker 3>traditional financial ashsets, potentially disrupting a lot of middleman and

0:12:14.840 --> 0:12:17.959
<v Speaker 3>intermediate intermediary work that has done on Wall Street. But

0:12:18.360 --> 0:12:20.480
<v Speaker 3>take us through what exactly that would mean for the

0:12:20.520 --> 0:12:21.400
<v Speaker 3>financial industry.

0:12:22.320 --> 0:12:24.400
<v Speaker 5>Yeah, I mean for the financial industry. What that means

0:12:24.480 --> 0:12:26.800
<v Speaker 5>is that it sort of does exactly as you said,

0:12:26.800 --> 0:12:29.840
<v Speaker 5>remove those middlemen and make for a more clear transaction,

0:12:30.000 --> 0:12:33.360
<v Speaker 5>meaning that it is a very clear ownership going from

0:12:33.440 --> 0:12:36.480
<v Speaker 5>one to the other tract on a ledger. This applies

0:12:36.520 --> 0:12:38.720
<v Speaker 5>to the entire financial industry. This can apply to real

0:12:38.720 --> 0:12:41.800
<v Speaker 5>world assets that you're talking about, where you physically pin

0:12:42.160 --> 0:12:45.040
<v Speaker 5>a digital asset to something to prove digital ownership, which

0:12:45.400 --> 0:12:48.800
<v Speaker 5>takes away a lot of potential issues you have coming

0:12:48.800 --> 0:12:51.520
<v Speaker 5>from one media intermediary to the other. It makes it

0:12:51.559 --> 0:12:54.440
<v Speaker 5>a much more clean transaction. As again, the blockchain is

0:12:54.480 --> 0:12:57.320
<v Speaker 5>just a cleaner technology that removes a lot of friction

0:12:57.840 --> 0:13:00.440
<v Speaker 5>as you start to tokenize not just sort of the

0:13:00.480 --> 0:13:04.080
<v Speaker 5>financial assets, but any physical asset you own in order

0:13:04.160 --> 0:13:05.280
<v Speaker 5>to sort of build upon it.

0:13:05.400 --> 0:13:10.160
<v Speaker 3>Steve, is this the biggest opportunity for Web three for

0:13:10.480 --> 0:13:11.120
<v Speaker 3>the blockchain?

0:13:12.679 --> 0:13:14.760
<v Speaker 5>I mean it depends on sort of who you ask

0:13:14.800 --> 0:13:16.400
<v Speaker 5>and how you ask it, right, Because there is the

0:13:16.880 --> 0:13:20.160
<v Speaker 5>really poetic use of the blockchain where when somebody is

0:13:20.240 --> 0:13:23.160
<v Speaker 5>fleeing a company of unrest and they have a blockchain

0:13:23.240 --> 0:13:25.680
<v Speaker 5>based credential, like say a teaching degree, Well, when they

0:13:25.720 --> 0:13:27.800
<v Speaker 5>go to a new country, if they have to flee quickly,

0:13:28.240 --> 0:13:31.080
<v Speaker 5>their money digitally can go with them, and their sort

0:13:31.120 --> 0:13:33.480
<v Speaker 5>of degrees and credentials can then go with them in

0:13:33.559 --> 0:13:35.800
<v Speaker 5>a provable way, meaning that they don't sort of have

0:13:35.840 --> 0:13:37.480
<v Speaker 5>to start over when they get there. So that to

0:13:37.520 --> 0:13:40.000
<v Speaker 5>me is always the sort of end goal right there.

0:13:40.280 --> 0:13:42.719
<v Speaker 5>And then from a financial perspective, I just think the

0:13:42.800 --> 0:13:46.200
<v Speaker 5>actual way companies are going to be able to create

0:13:46.440 --> 0:13:51.880
<v Speaker 5>entire new sectors within their companies is actually the biggest

0:13:51.880 --> 0:13:55.240
<v Speaker 5>financial aspect and opportunity because it means that a company

0:13:55.320 --> 0:13:57.920
<v Speaker 5>is going to be able to create entirely new revenue

0:13:57.920 --> 0:14:01.920
<v Speaker 5>streams while creating aligned incentive structures with their customers all

0:14:01.960 --> 0:14:04.920
<v Speaker 5>at once. It's an interesting system where everybody can win,

0:14:05.000 --> 0:14:07.160
<v Speaker 5>both the consumers and the brand. The brand can build

0:14:07.240 --> 0:14:10.280
<v Speaker 5>value back in the NFTs. The NFTs can then raise

0:14:10.280 --> 0:14:13.080
<v Speaker 5>and value and so the customers can then decide where

0:14:13.080 --> 0:14:14.640
<v Speaker 5>they want to purchase or utilize them all.

0:14:14.720 --> 0:14:17.280
<v Speaker 2>Right. Well, with anything that's kind of new, there is

0:14:17.320 --> 0:14:19.560
<v Speaker 2>the question of oversight and regulation, and this is something

0:14:19.560 --> 0:14:20.800
<v Speaker 2>we've been trying to figure out. You know, the whole

0:14:20.840 --> 0:14:23.880
<v Speaker 2>idea of digital you know, currencies, is this idea that

0:14:23.920 --> 0:14:27.600
<v Speaker 2>it's outside the traditional network. So you guys write in

0:14:27.600 --> 0:14:29.120
<v Speaker 2>the book. At the same time, as with any novel

0:14:29.160 --> 0:14:33.320
<v Speaker 2>asset class, NFTs raise questions about regulation. So, you know, Scott,

0:14:33.400 --> 0:14:38.400
<v Speaker 2>come on back in here. Who who will ultimately have

0:14:38.600 --> 0:14:41.720
<v Speaker 2>oversight of this because we're going to need something yes.

0:14:43.480 --> 0:14:46.640
<v Speaker 4>Yeah, and again. And I don't have a clear answer

0:14:46.720 --> 0:14:50.080
<v Speaker 4>or prescription on this. But it's very complicated of course,

0:14:50.160 --> 0:14:54.600
<v Speaker 4>because you know, these digital assets can have many different functionalities,

0:14:54.600 --> 0:14:58.120
<v Speaker 4>and their functionalities can evolve over time potentially, right, and

0:14:58.200 --> 0:14:59.880
<v Speaker 4>we talk in the you know, we're talking the book

0:14:59.920 --> 0:15:02.920
<v Speaker 4>of something that starts as a collectible brand asset and

0:15:03.040 --> 0:15:05.520
<v Speaker 4>can potentially take on other functionalities. Right, You get a

0:15:05.520 --> 0:15:08.360
<v Speaker 4>ticket and then gradually like it becomes the anchor of

0:15:08.440 --> 0:15:10.640
<v Speaker 4>a rewards program or something of the sort. I think

0:15:10.640 --> 0:15:13.280
<v Speaker 4>it's very important to think through, you know, sort of

0:15:13.800 --> 0:15:17.400
<v Speaker 4>how those different assets like interact across different categories and

0:15:17.440 --> 0:15:19.400
<v Speaker 4>so forth. And it makes it a really challenging problem.

0:15:19.480 --> 0:15:21.160
<v Speaker 4>But unfortunately I don't have any easy answers.

0:15:21.680 --> 0:15:24.760
<v Speaker 3>Hey, uh, Scott, we have like thirty we have like

0:15:24.800 --> 0:15:26.400
<v Speaker 3>a minute left, and I just want to talk about

0:15:26.440 --> 0:15:28.800
<v Speaker 3>the metaverse real quick, because a couple of years ago

0:15:28.960 --> 0:15:30.200
<v Speaker 3>there was a lot of hype around it. I mean,

0:15:30.240 --> 0:15:32.880
<v Speaker 3>look at Facebook's name change to meta how NFTs would

0:15:32.880 --> 0:15:34.600
<v Speaker 3>play an important role. But a lot of that has

0:15:34.640 --> 0:15:37.440
<v Speaker 3>seemed to died out and many big tech companies are

0:15:37.480 --> 0:15:40.560
<v Speaker 3>chasing the shiny new object of AI. Was the potential

0:15:40.560 --> 0:15:41.720
<v Speaker 3>of the metaverse overhyped?

0:15:43.400 --> 0:15:45.520
<v Speaker 4>So, you know, Steve and I talk about this in

0:15:45.560 --> 0:15:48.920
<v Speaker 4>the book. We take a very expansive concept of the metaverse.

0:15:48.960 --> 0:15:51.600
<v Speaker 4>We think the three D world thing is not exactly

0:15:51.640 --> 0:15:53.280
<v Speaker 4>the right way to think about it. The metaverse is

0:15:53.360 --> 0:15:55.440
<v Speaker 4>all the digital spaces we interact in. Like we're in

0:15:55.440 --> 0:15:57.680
<v Speaker 4>a metaverse space right now, I'm calling in over zoom

0:15:57.760 --> 0:16:01.240
<v Speaker 4>talking with you. And what NF Tease enable you to

0:16:01.320 --> 0:16:04.240
<v Speaker 4>do is to bring your digital asset from place to

0:16:04.280 --> 0:16:06.240
<v Speaker 4>place right like that. That what is your NFT day.

0:16:06.280 --> 0:16:08.800
<v Speaker 4>It's like you have a single master account. That is

0:16:08.880 --> 0:16:11.480
<v Speaker 4>what holds your subscriptions, to hold your coffee of rewards.

0:16:11.480 --> 0:16:14.440
<v Speaker 4>It's all your different social media identities, lets you share

0:16:14.520 --> 0:16:17.320
<v Speaker 4>your reputation across them. And so in that sense, we're

0:16:17.360 --> 0:16:20.200
<v Speaker 4>having more and more metaverse interactions as we spend more

0:16:20.200 --> 0:16:22.760
<v Speaker 4>and more digital time, especially since the start of the pandemic,

0:16:23.320 --> 0:16:25.800
<v Speaker 4>and NFTs are a key enabler of that. And as

0:16:25.840 --> 0:16:27.640
<v Speaker 4>you say, AI is going to be flying into this

0:16:27.680 --> 0:16:30.920
<v Speaker 4>as a component. But the more AI starts to distort

0:16:31.000 --> 0:16:34.200
<v Speaker 4>and like confuse those spaces, the more important it is

0:16:34.240 --> 0:16:36.760
<v Speaker 4>for people to be able to build core and trust

0:16:36.760 --> 0:16:39.320
<v Speaker 4>it and cross platform digital identities for themselves.

0:16:40.080 --> 0:16:41.480
<v Speaker 2>All Right, we're gonna have to leave it there, and

0:16:41.520 --> 0:16:44.760
<v Speaker 2>hopefully we can continue this conversation in the future because it.

0:16:44.720 --> 0:16:45.520
<v Speaker 3>Is is got to come back.

0:16:45.600 --> 0:16:47.880
<v Speaker 2>We have a lot of questions, but it's really fascinating, Scott,

0:16:47.960 --> 0:16:51.160
<v Speaker 2>do commoners. Steve Kazinski. There a new book, The Everything Token,

0:16:51.200 --> 0:16:53.560
<v Speaker 2>How NFTs and web free will transform the way we buy,

0:16:53.680 --> 0:16:56.200
<v Speaker 2>sell and create. Guys, thank you so much. This is

0:16:56.240 --> 0:16:56.720
<v Speaker 2>Bloomberg