WEBVTT - Evolving Money: Rebuilding the Creator Economy (Sponsored Content)

0:00:00.280 --> 0:00:03.519
<v Speaker 1>Because you're a subscriber to this Bloomberg podcast, we thought

0:00:03.520 --> 0:00:07.080
<v Speaker 1>you'd be interested in a sponsored podcast called Evolving Money,

0:00:07.720 --> 0:00:11.640
<v Speaker 1>produced by Coinbase and Bloomberg Media Studios. It explores how

0:00:11.680 --> 0:00:15.280
<v Speaker 1>money has changed over the centuries and whether cryptocurrency is

0:00:15.400 --> 0:00:18.319
<v Speaker 1>just the next logical evolution of how we pay for

0:00:18.400 --> 0:00:24.759
<v Speaker 1>things and store long term value. Here is a recent episode.

0:00:24.920 --> 0:00:29.200
<v Speaker 2>Every day, billions of people share their creativity online, but

0:00:29.280 --> 0:00:34.320
<v Speaker 2>when their creative work goes viral, who benefits? Imagine a

0:00:34.360 --> 0:00:37.839
<v Speaker 2>young woman, a dancer with a modest social media following.

0:00:38.520 --> 0:00:40.559
<v Speaker 2>One morning, she comes up with a new dance at

0:00:40.600 --> 0:00:44.440
<v Speaker 2>the kitchen table and posts a video. Her followers don't

0:00:44.520 --> 0:00:47.440
<v Speaker 2>just like it and scroll on. They start imitating her

0:00:47.479 --> 0:00:50.199
<v Speaker 2>moves and posting their own versions of the dance, and

0:00:50.240 --> 0:00:53.120
<v Speaker 2>big media channels get a ready made story by covering

0:00:53.159 --> 0:00:58.280
<v Speaker 2>the viral craze. There's even a cheeky SNL skill. The

0:00:58.320 --> 0:01:01.680
<v Speaker 2>platform she originally posted on is benefiting from the traffic

0:01:01.720 --> 0:01:05.240
<v Speaker 2>and ad revenue, and they decide exactly how much of

0:01:05.240 --> 0:01:08.039
<v Speaker 2>the pie she gets. But does it have to be

0:01:08.160 --> 0:01:12.040
<v Speaker 2>that way? What if new technologies could give creators complete

0:01:12.080 --> 0:01:15.440
<v Speaker 2>ownership over their content earn exponentially more money from their

0:01:15.480 --> 0:01:19.720
<v Speaker 2>fans and create new revenue models, rebuilding their creator economy

0:01:19.760 --> 0:01:25.640
<v Speaker 2>as we know it. Welcome to a new season of

0:01:25.680 --> 0:01:30.040
<v Speaker 2>Evolving Money from Coinbase and Bloomberg Media Studios. I'm your host,

0:01:30.120 --> 0:01:33.840
<v Speaker 2>Maggie Lake. On this podcast, we'll continue to take a

0:01:33.880 --> 0:01:38.160
<v Speaker 2>different look at cryptocurrency. It's been cast as a radical

0:01:38.200 --> 0:01:41.160
<v Speaker 2>departure for the monetary system, but what if it wasn't

0:01:41.240 --> 0:01:44.720
<v Speaker 2>radical at all. This season, as we've seen more and

0:01:44.760 --> 0:01:49.800
<v Speaker 2>more businesses, institutions, and consumers adopt cryptocurrency, will dive deeper

0:01:49.840 --> 0:01:53.800
<v Speaker 2>into the newest applications of blockchain technology as we explore

0:01:53.840 --> 0:01:56.320
<v Speaker 2>how money has changed over the centuries and look for

0:01:56.440 --> 0:02:00.840
<v Speaker 2>lessons that might predict its next evolution. In this episode,

0:02:00.880 --> 0:02:04.360
<v Speaker 2>we're looking at how blockchains might revolutionize how people post,

0:02:04.560 --> 0:02:09.680
<v Speaker 2>interact with, and profit from original content online. Most content

0:02:09.720 --> 0:02:12.600
<v Speaker 2>creators know that the handful of social media platforms who

0:02:12.680 --> 0:02:16.040
<v Speaker 2>distribute their work have enormous power over how much they earn.

0:02:16.639 --> 0:02:20.560
<v Speaker 2>This isn't a new problem. Artists and thinkers have always

0:02:20.600 --> 0:02:23.400
<v Speaker 2>had to deal with gatekeepers fighting for the right to

0:02:23.520 --> 0:02:28.160
<v Speaker 2>own their work and its proceeds. But can blockchain technology

0:02:28.400 --> 0:02:31.880
<v Speaker 2>really disrupt the walled garden landscape that shapes the flow

0:02:31.960 --> 0:02:36.240
<v Speaker 2>of art, ideas and money in the twenty first century.

0:02:36.560 --> 0:02:39.840
<v Speaker 2>To find out, I'll talk to Jesse Pollock, creator of Base,

0:02:40.080 --> 0:02:44.480
<v Speaker 2>and Julian Holgan, CEO of the Web three entertainment company Doodles,

0:02:44.840 --> 0:02:47.600
<v Speaker 2>two leaders who are charting a new path forward by

0:02:47.600 --> 0:02:53.760
<v Speaker 2>bringing creativity and content on chain. Let's go way back

0:02:53.919 --> 0:02:58.960
<v Speaker 2>to sixteen ninety four. Perched at his desk writing a

0:02:59.000 --> 0:03:02.960
<v Speaker 2>protest letter by cat Handlelight is philosopher John Locke. You

0:03:03.000 --> 0:03:07.840
<v Speaker 2>remember him from history class. Locke's been wanting to publish

0:03:07.840 --> 0:03:10.639
<v Speaker 2>his writing on religion, but he's been blocked from doing it.

0:03:11.280 --> 0:03:13.960
<v Speaker 2>You see, after the invention of the printing press, a

0:03:14.120 --> 0:03:19.000
<v Speaker 2>single group controls all publishing in England, the Worshipful Company

0:03:19.040 --> 0:03:19.880
<v Speaker 2>of Stationers.

0:03:20.520 --> 0:03:24.240
<v Speaker 3>What a name, right. The Stationers are everybody who's involved

0:03:24.280 --> 0:03:28.600
<v Speaker 3>in the making and distribution and sale of books, so printers, binders,

0:03:28.800 --> 0:03:31.520
<v Speaker 3>type founders, the people who sell the books of the public.

0:03:31.919 --> 0:03:35.280
<v Speaker 2>That's doctor Adrian Johns. He chairs the history department at

0:03:35.280 --> 0:03:38.640
<v Speaker 2>the University of Chicago, specializing in the histories of science,

0:03:38.880 --> 0:03:43.720
<v Speaker 2>the book, media, and information. This group of publishers, the Stationers,

0:03:44.040 --> 0:03:47.680
<v Speaker 2>have a royal warrant to print and this warrant protects

0:03:47.760 --> 0:03:49.240
<v Speaker 2>the stationers from competition.

0:03:50.000 --> 0:03:53.080
<v Speaker 3>It was essentially a monopoly, a kind of cartel that

0:03:53.160 --> 0:03:54.800
<v Speaker 3>looked after the whole trade.

0:03:55.200 --> 0:03:57.760
<v Speaker 2>Locke is one of the loudest voices in a chorus

0:03:57.880 --> 0:04:01.720
<v Speaker 2>of thinkers, writers and printers calling for an end to

0:04:01.800 --> 0:04:06.760
<v Speaker 2>the stationer's monopoly, and eventually, in sixteen ninety five, the

0:04:06.840 --> 0:04:10.320
<v Speaker 2>Crown lets its royal warrant with the stationers expire.

0:04:10.840 --> 0:04:14.440
<v Speaker 3>When that act lapses, there's no legal sanctuary more against

0:04:14.440 --> 0:04:17.920
<v Speaker 3>pirating books. It's a kind of golden age for literary piracy.

0:04:18.360 --> 0:04:22.279
<v Speaker 3>So whatever you write is free game for anybody.

0:04:23.120 --> 0:04:27.159
<v Speaker 2>This period of anarchy lasts for about fifteen years until

0:04:27.200 --> 0:04:31.560
<v Speaker 2>seventeen ten, when Parliament passes a new act, the Statute

0:04:31.560 --> 0:04:35.680
<v Speaker 2>of Anne. Now, if any other person who isn't explicitly

0:04:35.680 --> 0:04:38.520
<v Speaker 2>approved by the author to print or reprint their work

0:04:38.720 --> 0:04:42.440
<v Speaker 2>tries to reproduce it, the author can basically say hey, stop,

0:04:42.600 --> 0:04:46.320
<v Speaker 2>that's mine and ask a court for an injunction. This was,

0:04:46.480 --> 0:04:49.800
<v Speaker 2>in essence the birth of copyright law. Sounds like a

0:04:49.800 --> 0:04:55.400
<v Speaker 2>big improvement, right, but the publishers respond by forming cartels

0:04:55.600 --> 0:04:58.040
<v Speaker 2>called congers to reclaim their power.

0:04:58.520 --> 0:05:00.920
<v Speaker 3>In practice, if you have to tow biggest publishers in

0:05:00.920 --> 0:05:04.839
<v Speaker 3>London all collaborating on this. They have enormous power, so

0:05:05.839 --> 0:05:09.479
<v Speaker 3>de facto, these congers kind of act to preserve the

0:05:09.520 --> 0:05:11.400
<v Speaker 3>same kinds of rights that the station as company had

0:05:11.440 --> 0:05:12.440
<v Speaker 3>always registered before.

0:05:12.720 --> 0:05:15.640
<v Speaker 2>So the vast majority of writers still don't have real

0:05:15.680 --> 0:05:19.120
<v Speaker 2>control over how their works are made public or what

0:05:19.200 --> 0:05:23.320
<v Speaker 2>they'll earn from their ideas. The same dynamic continues in

0:05:23.400 --> 0:05:24.719
<v Speaker 2>some form to this day.

0:05:25.160 --> 0:05:28.600
<v Speaker 3>So we've seen notoriously, through various mergers and so forth,

0:05:28.640 --> 0:05:32.520
<v Speaker 3>the development of sort of super media firms that hold

0:05:32.680 --> 0:05:37.040
<v Speaker 3>the publishing houses together. This idea that the commanding heights

0:05:37.080 --> 0:05:39.800
<v Speaker 3>of the literary culture are held by a relatively small

0:05:40.080 --> 0:05:44.640
<v Speaker 3>number of very powerful commercial operations. You know, it feels

0:05:44.640 --> 0:05:46.480
<v Speaker 3>a little bit uncomfortably like we're back to that.

0:05:48.560 --> 0:05:51.279
<v Speaker 2>As the world has moved online, so have the same

0:05:51.400 --> 0:05:55.160
<v Speaker 2>issues around consolidated power and ownership rights that have plagued

0:05:55.240 --> 0:05:57.960
<v Speaker 2>creators for quite literally centuries.

0:05:58.520 --> 0:06:00.760
<v Speaker 4>I think if you look at the last twenty years,

0:06:00.960 --> 0:06:03.720
<v Speaker 4>with the creation of the Internet, we've seen the emergence

0:06:03.760 --> 0:06:07.159
<v Speaker 4>of these incredible platforms that have connected people all around

0:06:07.160 --> 0:06:07.560
<v Speaker 4>the world.

0:06:07.839 --> 0:06:11.760
<v Speaker 2>That's Jesse Pollock, VP of Engineering at coinbase and creator of.

0:06:11.800 --> 0:06:14.719
<v Speaker 4>Base, but I think at the same time, one of

0:06:14.760 --> 0:06:17.919
<v Speaker 4>the big challenges has been that as people have brought

0:06:17.960 --> 0:06:22.720
<v Speaker 4>their creativity online, they've predominantly brought it into these platforms

0:06:22.760 --> 0:06:23.640
<v Speaker 4>that they don't control.

0:06:23.720 --> 0:06:26.640
<v Speaker 2>Our own Base is a platform that people can use

0:06:26.720 --> 0:06:30.400
<v Speaker 2>to build all kinds of apps with blockchain technology. Jesse

0:06:30.560 --> 0:06:33.000
<v Speaker 2>told me he created the platform because he wanted to

0:06:33.080 --> 0:06:36.719
<v Speaker 2>help content creators and small businesses take true ownership of

0:06:36.760 --> 0:06:39.880
<v Speaker 2>their work by building more direct relationships with fans and

0:06:39.880 --> 0:06:43.560
<v Speaker 2>customers and deciding how to earn money through those connections.

0:06:44.040 --> 0:06:47.200
<v Speaker 4>So let's say you're creator and you make a video.

0:06:47.440 --> 0:06:49.400
<v Speaker 4>You take your video, you put it on a platform,

0:06:49.760 --> 0:06:52.360
<v Speaker 4>and then it gets distributed kind of based on an

0:06:52.360 --> 0:06:56.320
<v Speaker 4>algorithm that you can't see or understand. You get paid

0:06:56.600 --> 0:06:59.080
<v Speaker 4>whatever that platform decides to pay you, which is a

0:06:59.120 --> 0:06:59.960
<v Speaker 4>total black box.

0:07:00.480 --> 0:07:02.840
<v Speaker 2>But if you're a web creator, it's not like there's

0:07:02.920 --> 0:07:04.120
<v Speaker 2>much choice, and.

0:07:04.040 --> 0:07:06.279
<v Speaker 4>If you say, hey, I want to take my distribution

0:07:06.400 --> 0:07:09.880
<v Speaker 4>somewhere else, you don't actually have that option. You are

0:07:10.040 --> 0:07:14.200
<v Speaker 4>stuck in the existing system.

0:07:13.680 --> 0:07:16.280
<v Speaker 2>And so the creator is left making whatever money the

0:07:16.360 --> 0:07:20.720
<v Speaker 2>platform offers them. Jesse estimates it's about five percent, and

0:07:20.800 --> 0:07:23.920
<v Speaker 2>the platform keeps the rest. Then the creator has to

0:07:23.920 --> 0:07:27.640
<v Speaker 2>pay transaction fees and phase delays in getting paid.

0:07:28.120 --> 0:07:30.680
<v Speaker 4>And that's a thing that I think just in the

0:07:30.760 --> 0:07:34.040
<v Speaker 4>last few years, people are waking up to as they see, Oh,

0:07:34.200 --> 0:07:37.120
<v Speaker 4>I feel like I'm getting scraps when these corporations are

0:07:37.120 --> 0:07:40.200
<v Speaker 4>making hundreds of billions of dollars. And I think that

0:07:40.320 --> 0:07:43.560
<v Speaker 4>collective awakening is kind of bringing us to a new

0:07:43.640 --> 0:07:46.720
<v Speaker 4>moment where we're realizing, Hey, maybe we need better tools,

0:07:47.120 --> 0:07:49.320
<v Speaker 4>maybe we need better platforms, and maybe we need a

0:07:49.360 --> 0:07:52.320
<v Speaker 4>better internet that actually puts creators first.

0:07:53.120 --> 0:07:57.840
<v Speaker 2>That phrase a better internet, Jesse means that literally. He

0:07:57.920 --> 0:08:03.080
<v Speaker 2>thinks that blockchain platforms can the essential tools for communication, purchases,

0:08:03.280 --> 0:08:07.400
<v Speaker 2>and analytics outside the walled gardens of today's social media.

0:08:08.320 --> 0:08:11.320
<v Speaker 2>This wouldn't just shift the places where content goes viral,

0:08:11.720 --> 0:08:14.400
<v Speaker 2>it would also shift where people make money and how

0:08:14.480 --> 0:08:17.600
<v Speaker 2>new revenue models can take off. I asked Jesse to

0:08:17.600 --> 0:08:21.000
<v Speaker 2>walk me through this transition, starting with the difference between

0:08:21.000 --> 0:08:25.280
<v Speaker 2>going online to going on chain. So what do you

0:08:25.400 --> 0:08:27.080
<v Speaker 2>mean when you say on chain?

0:08:27.600 --> 0:08:30.400
<v Speaker 4>On chain is the next generation of the Internet that's

0:08:30.480 --> 0:08:34.760
<v Speaker 4>built on blockchains like base and it's a powerful internet

0:08:34.880 --> 0:08:39.000
<v Speaker 4>where everyone everywhere has the same access and it is

0:08:39.040 --> 0:08:42.080
<v Speaker 4>on a level playing field where they're able to build

0:08:42.480 --> 0:08:46.439
<v Speaker 4>and use new apps that are ten x better.

0:08:46.679 --> 0:08:50.160
<v Speaker 2>So how will that look? What change will that mean

0:08:50.360 --> 0:08:53.640
<v Speaker 2>for creators When it comes to things like owning my

0:08:53.960 --> 0:08:57.439
<v Speaker 2>art and getting paid for it and reaching my audience.

0:08:58.440 --> 0:09:01.360
<v Speaker 4>You do the exact same thing. You take your music,

0:09:01.400 --> 0:09:03.240
<v Speaker 4>you take your video, and you put it on chain,

0:09:03.480 --> 0:09:06.480
<v Speaker 4>but now all of the algorithms are open, so you

0:09:06.520 --> 0:09:08.760
<v Speaker 4>can actually understand what's going to lead to more distribution

0:09:08.880 --> 0:09:11.520
<v Speaker 4>versus less distribution. And if you want to take your

0:09:11.520 --> 0:09:14.840
<v Speaker 4>network to another app because you're excited about trying something new,

0:09:14.960 --> 0:09:17.080
<v Speaker 4>you can just take it with you because it's yours.

0:09:17.320 --> 0:09:20.839
<v Speaker 2>So the creator retains control over the distribution and monetization

0:09:20.960 --> 0:09:23.720
<v Speaker 2>of their work. And as more creators see that benefit

0:09:23.800 --> 0:09:26.680
<v Speaker 2>and take their work on chain, the enormous slice of

0:09:26.720 --> 0:09:29.360
<v Speaker 2>revenue that they're used to handing over to social media

0:09:29.400 --> 0:09:32.400
<v Speaker 2>platforms could fuel a new network of businesses.

0:09:33.080 --> 0:09:36.719
<v Speaker 4>That network that you're distributing to is not controlled by

0:09:36.720 --> 0:09:40.440
<v Speaker 4>one company. It's open and accessible to everyone who wants

0:09:40.440 --> 0:09:42.599
<v Speaker 4>to build on it. And so what that means is

0:09:42.600 --> 0:09:46.079
<v Speaker 4>we're actually going to have a Cambrian explosion of people

0:09:46.120 --> 0:09:49.760
<v Speaker 4>who are building on that graph and that network and

0:09:49.800 --> 0:09:54.960
<v Speaker 4>it's a new Internet that's going to put creators, musicians, videographers,

0:09:55.160 --> 0:09:59.400
<v Speaker 4>small businesses first, and going to make it so businesses

0:09:59.440 --> 0:10:02.880
<v Speaker 4>have to serve and have to help them be successful

0:10:02.960 --> 0:10:05.200
<v Speaker 4>on a new open platform where everyone can win.

0:10:06.000 --> 0:10:09.040
<v Speaker 2>The musician example caught my ear because I'm always keeping

0:10:09.080 --> 0:10:11.440
<v Speaker 2>tabs on my favorite artist and trying to see if

0:10:11.440 --> 0:10:14.160
<v Speaker 2>I can catch them at a live show. Jesse showed

0:10:14.200 --> 0:10:17.600
<v Speaker 2>me how my relationship to my favorite artists could be

0:10:17.679 --> 0:10:21.080
<v Speaker 2>much more personalized if each step were brought on chain.

0:10:21.800 --> 0:10:23.960
<v Speaker 4>I think the thing that's really powerful about the new

0:10:24.000 --> 0:10:27.280
<v Speaker 4>on chain platform is that these creators, these musicians, they

0:10:27.280 --> 0:10:30.720
<v Speaker 4>can actually build a deeper relationship with the people who

0:10:30.840 --> 0:10:33.640
<v Speaker 4>care most about them. Because those folks are going to

0:10:33.679 --> 0:10:36.200
<v Speaker 4>be able to have a relationship where they say, hey,

0:10:36.440 --> 0:10:38.840
<v Speaker 4>I want to support you, and I'm going to mince

0:10:38.880 --> 0:10:40.920
<v Speaker 4>your song, and then that's going to be this kind

0:10:40.920 --> 0:10:44.280
<v Speaker 4>of like historical record of how I participated with you

0:10:44.840 --> 0:10:47.920
<v Speaker 4>in a new platform, and that record is going to

0:10:47.960 --> 0:10:49.720
<v Speaker 4>span across everything that you do.

0:10:50.400 --> 0:10:53.160
<v Speaker 2>Say I buy an album, then buy some merch then

0:10:53.240 --> 0:10:56.800
<v Speaker 2>watch their live stream. If this all happens on chain,

0:10:57.200 --> 0:11:00.120
<v Speaker 2>the artists will be able to directly track all all

0:11:00.160 --> 0:11:04.000
<v Speaker 2>of those interactions between us across any app and use

0:11:04.040 --> 0:11:06.839
<v Speaker 2>that to personalize or deepen our relationship.

0:11:07.160 --> 0:11:08.600
<v Speaker 4>The artists are then going to be able to look

0:11:08.600 --> 0:11:11.080
<v Speaker 4>across all that and say, oh, here are the people

0:11:11.280 --> 0:11:14.000
<v Speaker 4>who've listened to me on this app and that app

0:11:14.040 --> 0:11:16.480
<v Speaker 4>and showed up at my show, And now I'm going

0:11:16.559 --> 0:11:19.520
<v Speaker 4>to say, okay, let's give them a targeted experience. For instance,

0:11:20.000 --> 0:11:21.640
<v Speaker 4>let's make it so that they can be first in

0:11:21.679 --> 0:11:22.880
<v Speaker 4>line for purchasing.

0:11:22.480 --> 0:11:26.760
<v Speaker 2>Tickets, or the artists could send me personalized messages, exclusive

0:11:26.840 --> 0:11:29.559
<v Speaker 2>set lists, or invite me to a post show meet

0:11:29.679 --> 0:11:31.199
<v Speaker 2>up with other super fans.

0:11:31.600 --> 0:11:34.760
<v Speaker 4>With this new on chain infrastructure, we're actually going to

0:11:34.800 --> 0:11:38.720
<v Speaker 4>be able to build more customized, more human, more direct

0:11:38.800 --> 0:11:43.160
<v Speaker 4>experiences that let artists and creators reach their most important,

0:11:43.200 --> 0:11:46.880
<v Speaker 4>most connected fans, give them better experiences, which will make

0:11:46.880 --> 0:11:49.720
<v Speaker 4>that relationship deeper and really be a win win for

0:11:49.760 --> 0:11:54.439
<v Speaker 4>both the creative side and the consumption side.

0:11:54.480 --> 0:11:58.560
<v Speaker 2>This new on chain world isn't just theoretical. It's here now.

0:11:59.040 --> 0:12:03.480
<v Speaker 5>We believe that we're building a next generation entertainment company.

0:12:03.880 --> 0:12:08.040
<v Speaker 2>That's Julian Holgan as the president of Billboard, he transformed

0:12:08.120 --> 0:12:11.360
<v Speaker 2>that brand from a music trade magazine to an international

0:12:11.559 --> 0:12:13.240
<v Speaker 2>multiplatform experience.

0:12:13.840 --> 0:12:14.160
<v Speaker 4>Now.

0:12:14.320 --> 0:12:17.840
<v Speaker 2>Julian is the CEO of Doodles, a digital entertainment platform

0:12:17.960 --> 0:12:19.720
<v Speaker 2>that's built entirely on Chain.

0:12:20.200 --> 0:12:24.520
<v Speaker 5>We're basically what a modern day cartoon franchise might look like.

0:12:25.000 --> 0:12:28.920
<v Speaker 5>We make short films, We make original music. Those often

0:12:28.960 --> 0:12:33.360
<v Speaker 5>come with music videos, animated music videos. We do digital comics,

0:12:33.640 --> 0:12:37.400
<v Speaker 5>illustrated posters. We really use humor in all of our content.

0:12:37.679 --> 0:12:41.640
<v Speaker 2>But Doodles is also a social community in the Doodles universe.

0:12:41.720 --> 0:12:45.360
<v Speaker 2>When users sign up, they create a digital avatar, a Doodle,

0:12:45.480 --> 0:12:48.960
<v Speaker 2>which they can customize however they want. Because the avatar

0:12:49.040 --> 0:12:51.720
<v Speaker 2>is on chain, it's completely unique to the user.

0:12:52.160 --> 0:12:55.880
<v Speaker 5>People use avatars to communicate constantly. They make gifts, they

0:12:55.920 --> 0:12:59.280
<v Speaker 5>make stickers, they make short form animations. And what we're

0:12:59.320 --> 0:13:02.720
<v Speaker 5>basically letting people do is take our ip our brand

0:13:02.920 --> 0:13:05.760
<v Speaker 5>customize it to fit whatever they want their digital likeness

0:13:05.800 --> 0:13:06.000
<v Speaker 5>to be.

0:13:06.520 --> 0:13:10.599
<v Speaker 2>That avatar also has something Julian calls a collector's profile,

0:13:10.960 --> 0:13:14.600
<v Speaker 2>where they can pay for videos, illustrations, and animations from

0:13:14.640 --> 0:13:17.480
<v Speaker 2>the Doodle's universe, so they get to create a permanent

0:13:17.600 --> 0:13:21.520
<v Speaker 2>identity and show off their fandom with content they truly own.

0:13:22.640 --> 0:13:26.560
<v Speaker 2>Doodles recently collaborated with Pharrell Williams and Lil Wayne to

0:13:26.640 --> 0:13:31.000
<v Speaker 2>produce Project Gray, a short film hosted on the Doodles Network.

0:13:31.080 --> 0:13:34.600
<v Speaker 5>A twenty minute short film that would ultimately set the

0:13:34.600 --> 0:13:37.559
<v Speaker 5>foundation for all the storytelling that we wanted to do

0:13:38.080 --> 0:13:38.880
<v Speaker 5>in our universe.

0:13:39.240 --> 0:13:42.000
<v Speaker 2>During the making of Project Gray, Doodles included some of

0:13:42.040 --> 0:13:45.720
<v Speaker 2>its users on chain avatars. In the actual film.

0:13:45.679 --> 0:13:47.320
<v Speaker 5>They can say to their friends and family like Hey,

0:13:47.360 --> 0:13:49.440
<v Speaker 5>I'm in a Pharrell music video, Like this is a

0:13:49.480 --> 0:13:52.800
<v Speaker 5>really kind of novel concept that doesn't exist in any

0:13:52.840 --> 0:13:54.000
<v Speaker 5>other form of media.

0:13:54.480 --> 0:13:57.640
<v Speaker 2>That moment pointed to the future of immersive content where

0:13:57.640 --> 0:14:00.160
<v Speaker 2>every viewer had a concrete stake in the story they

0:14:00.160 --> 0:14:03.160
<v Speaker 2>were watching. The film ended up premiering at the twenty

0:14:03.240 --> 0:14:05.840
<v Speaker 2>twenty four Toronto International Film Festival.

0:14:06.320 --> 0:14:09.880
<v Speaker 5>The audience they were blown away, like there were people crying,

0:14:09.960 --> 0:14:12.920
<v Speaker 5>There were people like that. It gave them chills because

0:14:13.400 --> 0:14:16.280
<v Speaker 5>it's truly becoming a community, it's truly becoming part of

0:14:16.320 --> 0:14:20.000
<v Speaker 5>the IP and the brand versus just a passive participant.

0:14:20.480 --> 0:14:23.720
<v Speaker 2>Doodles posted the short film on YouTube for everyone to see,

0:14:23.760 --> 0:14:27.360
<v Speaker 2>like all of its original content, but Doodles also allowed

0:14:27.360 --> 0:14:30.280
<v Speaker 2>people to buy tickets for the film on chain and

0:14:30.440 --> 0:14:34.280
<v Speaker 2>users could add the film to their collectors' profiles. In

0:14:34.320 --> 0:14:37.240
<v Speaker 2>the end, they sold more than fifty thousand tickets.

0:14:37.680 --> 0:14:41.720
<v Speaker 5>And that concept right there is unheard of for most creators. Wait,

0:14:41.760 --> 0:14:45.360
<v Speaker 5>you can sell content and people want to own that content.

0:14:45.600 --> 0:14:48.880
<v Speaker 5>They're willing to pay you a dollar fifty cents thirty

0:14:48.880 --> 0:14:51.440
<v Speaker 5>cents to own collect that And the answer is yes.

0:14:51.480 --> 0:14:53.600
<v Speaker 5>And I think the more and more people start learning

0:14:53.840 --> 0:14:57.640
<v Speaker 5>about distributing content on chain, the more people are going

0:14:57.680 --> 0:15:00.360
<v Speaker 5>to be drawn to it. And a lot of that

0:15:00.800 --> 0:15:04.560
<v Speaker 5>really boils down to how can you have fun with

0:15:04.640 --> 0:15:05.960
<v Speaker 5>your friends on the internet.

0:15:08.880 --> 0:15:12.560
<v Speaker 2>Going on chain can give economic power back to creators

0:15:12.760 --> 0:15:16.240
<v Speaker 2>and help them create stronger relationships with their fans. And

0:15:16.320 --> 0:15:20.240
<v Speaker 2>this community building aspect of the technology goes beyond the

0:15:20.360 --> 0:15:23.600
<v Speaker 2>digital economy. Like, if you're dining out in New York

0:15:23.640 --> 0:15:27.040
<v Speaker 2>City anytime soon, you could check out an on chain

0:15:27.080 --> 0:15:30.960
<v Speaker 2>app called Blackbird. Here's coinbase is Jesse Pollock.

0:15:30.640 --> 0:15:34.280
<v Speaker 4>Again, they're building a new product on chain that lets

0:15:34.720 --> 0:15:38.200
<v Speaker 4>restaurants build that more direct relationship with customers.

0:15:38.560 --> 0:15:42.200
<v Speaker 2>Blackbird is kind of like a traditional dining rewards program,

0:15:42.600 --> 0:15:46.240
<v Speaker 2>but by going on chain, the app gives restaurants a direct,

0:15:46.480 --> 0:15:50.320
<v Speaker 2>transparent connection with every customer who's using it to make

0:15:50.360 --> 0:15:53.240
<v Speaker 2>a reservation, check in, or pay for their meal.

0:15:53.640 --> 0:15:56.400
<v Speaker 4>So when a customer goes in they just tap their phone.

0:15:56.600 --> 0:15:58.960
<v Speaker 4>The restaurant now knows who they are, they can kind

0:15:59.000 --> 0:16:00.880
<v Speaker 4>of customize the experience around them.

0:16:01.000 --> 0:16:04.400
<v Speaker 2>This creates an easy to see history for every Blackbird

0:16:04.440 --> 0:16:08.480
<v Speaker 2>customer at the restaurant, a personal profile that follows every

0:16:08.520 --> 0:16:12.480
<v Speaker 2>interaction you have, which really matters to restaurants who thrive

0:16:12.560 --> 0:16:15.040
<v Speaker 2>on building a community of local diners.

0:16:15.280 --> 0:16:17.480
<v Speaker 4>And then over time, as you show up more, you're

0:16:17.480 --> 0:16:20.480
<v Speaker 4>actually building kind of who you are, what you love,

0:16:20.720 --> 0:16:23.320
<v Speaker 4>which you can then choose to also take to other restaurants,

0:16:23.400 --> 0:16:25.320
<v Speaker 4>which means you're going to have a more intimate experience

0:16:25.360 --> 0:16:28.080
<v Speaker 4>at every next restaurant that you show up at. There's

0:16:28.120 --> 0:16:30.480
<v Speaker 4>now hundreds of restaurants in New York City that are

0:16:30.560 --> 0:16:32.800
<v Speaker 4>using this platform to make it so that they can

0:16:32.840 --> 0:16:34.840
<v Speaker 4>have more direct relationship with their customers.

0:16:35.320 --> 0:16:39.120
<v Speaker 2>Companies like Blackbird and Doodles are trailblazers today, but as

0:16:39.160 --> 0:16:42.920
<v Speaker 2>more businesses create closer relationships with their customers by going

0:16:42.960 --> 0:16:46.360
<v Speaker 2>on chain, these kinds of apps could become the new normal.

0:16:46.880 --> 0:16:49.120
<v Speaker 4>And so what I think we're starting to see right

0:16:49.120 --> 0:16:52.360
<v Speaker 4>now is almost this exponential ramp where people are seeing

0:16:52.440 --> 0:16:56.520
<v Speaker 4>whoa this thing is new and it might look small

0:16:56.640 --> 0:16:59.600
<v Speaker 4>right now, but if I opt into it, I can

0:16:59.640 --> 0:17:02.760
<v Speaker 4>live a better life for my small business, for my music,

0:17:03.120 --> 0:17:05.880
<v Speaker 4>for my art, from my day to day living as

0:17:05.920 --> 0:17:09.359
<v Speaker 4>a consumer in the American or global economy. And I

0:17:09.359 --> 0:17:12.240
<v Speaker 4>think as more people see that, we'll kind of see

0:17:12.280 --> 0:17:16.320
<v Speaker 4>this transformation where the world shifts from online to on chain.

0:17:16.640 --> 0:17:19.960
<v Speaker 4>And it won't happen overnight, but it will accelerate faster

0:17:20.040 --> 0:17:23.480
<v Speaker 4>and faster and faster until the entire world's on chain.

0:17:27.600 --> 0:17:31.119
<v Speaker 2>In eighteenth century England, publishers did everything they could to

0:17:31.240 --> 0:17:36.160
<v Speaker 2>maintain control and profit off author's original works. These guys

0:17:36.160 --> 0:17:39.560
<v Speaker 2>were classic gatekeepers, setting the rules for how ideas and

0:17:39.640 --> 0:17:43.280
<v Speaker 2>voices could be heard. Centuries later, we're still living with

0:17:43.320 --> 0:17:46.480
<v Speaker 2>that model. But every time a prolific writer, or a

0:17:46.520 --> 0:17:49.919
<v Speaker 2>local business or any of us goes on chain, we

0:17:50.000 --> 0:17:53.160
<v Speaker 2>could be ushering in a new era in history where

0:17:53.200 --> 0:17:56.480
<v Speaker 2>there's no gate, no wall that keeps creators from having

0:17:56.560 --> 0:18:00.040
<v Speaker 2>control over their work, earning money from their fans, and

0:18:00.160 --> 0:18:04.560
<v Speaker 2>growing with the community that matters most to them. Thank

0:18:04.600 --> 0:18:08.640
<v Speaker 2>you to Adrian Johns, Jesse Pollock, and Julian Hogan. This

0:18:08.720 --> 0:18:13.000
<v Speaker 2>is Evolving Money, a podcast from Coinbase and Bloomberg Media Studios.

0:18:13.320 --> 0:18:15.720
<v Speaker 2>If you like what you hear, subscribe and leave us

0:18:15.760 --> 0:18:19.240
<v Speaker 2>a review. I'm Maggie Lake. Thanks for listening.