>> from the heart of our innovation, money, and power collided, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: this is "bloomberg technology." tesla could be on the verge of reporting its biggest quarter ever, with record deliveries of its electric cars. what does it mean for the model s, x, 3, and y?

we will discuss. facebook facing the fury of washington and parens amidst revelations that the company knew instagram could be toxic to teens but did not do anything about it. just on harris -- tristan harris joins us to talk about how we build a safe online future for our children. a bitcoin surge two and a walkie -- rocky weaken the market. we will explore what is driving the rally. first, let's get a wrap of the week which ended on a high note for bitcoin. what about everything else? wrap it up for us. >> you did see green on the screen today, but tech not driving that charge higher. s&p 500 ending 1.2%. this is a little bit of a technical bounce. big tech was not driving today's action. what was worse, penny's adrs, big tech in u.s. versus china,

china really not able to get in on the technical bounce back. let me show you a terminal chart here of what that looks like for the ark innovation etf. this has an extra focus on tech in particular that does not include chinese adr. on a quarterly basis, this is the first quarterly outflow we have seen from this fund. important to visualize how severe that tech stock was after this major run-up. let's go back to the intraday story because a lot had to do with the biotech sector and mark helped some of that -- merck helped some of that travel trade. not only does their drug reduce the risk of hospitalization and death by 50%, it works against all of the variants including the delta variant. great news for them, but it did hit some of the vaccine makers and bring the nasdaq biotech index into the red, 1.9% at the end of the session. let's see if that turns around

next week. emily: thank you for that round up your test is expected to report a record quarter any moment now. analysts are estimating tesla delivered 224,000 vehicles in the most recent quarter, this would be another milestone for elon musk. deliveries are a key barometer of consumer demand for electric cars. 224,000 is consensus. what is your number? how big do you think the quarter will be? >> i think they are going to beat it by potentially north of 230,000. you think they would have taken a step back given that chip shortage. this is really something, back against the wall, chip shortage, some china issues, that i think is going to start a sentiment change in tesla. very impressive, especially in terms of this green title wave shift. emily: what is going to make the difference, whether it is 200

20,000 or 230,000, what will account for that getting it over the line? dan: if you look at july and august, we see about 90,000 units. you look at september, it could have had 250,000. that is significant because the ultimate story is when you take away the chip shortage and some of those issues in china, this is a company that is probably north of 1.5 million units next year and that is what the street is focused on. it is also profitability. if you look at the margin profile, especially what we see in china, that is continuing to uptick and that is part of our price target. emily: how does that set them up for the rest of the year and is this pace sustainable? dan: that is a great question. going into this, the street thought 900,000 was basically impossible. best case, 850,000.

now, they could track potentially towards that 900,000 number. there are about 40,000 units that are headwind because of the ship shortage. -- the chip shortage. in the next two to three years, you are looking at a burn rate even more. we are starting to see this in europe and the u.s. then you get berlin from a capacity perspective and austin next year, this is a company where we are going to be talking about millions of units per year, not hundreds of thousands. that speaks to early days of the $5 trillion title wave globally. emily: tesla has faced a major setback in china, losing this fraud case by a chinese driver. what do you think the fallout from this will be on the bigger

picture? dan: i think we have seen it earlier this year. i think elon musk and tesla ultimately may be push this aside in terms of the issue they were seeing from pr, the shanghai auto show, the safety issues, and now this. i believe they navigate these better than expected and that is something we are starting to see in terms of the china numbers. but these pr issues and legal issues in china, it is important because it is a linchpin in terms of china. we think 40% of deliveries next year come from china. this is something elon musk takes seriously. i think you have seen them do a better job on the pr front but it is important because, along with china goes tesla stock. emily: always appreciate you giving us a look ahead. thank you so much for joining us. have a great weekend.

another hurdle for the global economy, a metal used in everything from car parts to computer chips has become very scarce. the shortage has driven prices up 300% in less than two months. this is blamed on a production cut in china which was the result of efforts to produce power consumption. coming up, fallout from the facebook files, lawmakers and parents up in arms. what is the future of the social network and how can users take back control for themselves and their children? tristan harris joins us next. this is bloomberg. ♪

>> this research is not a bombshell, it is in fact -- >> well, i think this research is a bombshell. it is powerful, riveting evidence that facebook knows of the harmful effects of its site on children and that it has concealed those facts and findings. emily: facebook taking center stage in washington asked lawmakers grill the company's head of safety. we accuse the social network are prioritizing greed over the mental health of its youngest users based on documents leaked to the wall street journal in the account of a whistleblower. what is at stake? tristan harris is one of the most respected voices on these issues, notably in the netflix documentary the social dilemma.

great to have you back with us. obviously, you have been talking about these issues for a long time and i'm curious if you found the recent research that was leaked to the wall street journal bombshell, and what you find most alarming about these new revelations. tristan: well, in other news, water is wet. essentially, we know now the obvious which is that this business model of an enticing attention is connected to, just like more is good for gdp, things that we don't like that are profitable, suicidal ideation in teenage girls is good for engagement for facebook and instagram. alienation and body image dysmorphia issues is good for engagement. there is evidence that political parties, making political parties more negative and divisive, has been good for facebook. there was a change they made in 2018 in the algorithm, and that

change caused political parties in poland and spain and all sorts of places to actually go 80% more negative and divisive and only get traffic. these companies have an unparalleled amount of power. with respect to the hearings yesterday, i think everyone is frustrated because we already knew this and they are acting like a tobacco company. you asked if this is a bombshell. this is a bombshell in that it puts a nail in the coffin in the story on any doubt that they knew the harms they were causing and they continue to prioritize engagement anyway. you and i noted the stock price has not moved. does that mean investors don't care or that the business model of having a network effect on monopolizing the means of communication -- so if you are a teenage girl, you and i probably use text messaging on our iphones, but for many teenagers, instagram messaging is the number one way that you communicate with your friends. if you don't use instagram, you

are ostracized and excluded from your community and they know this. they designed it to lock you in. we have something that has taken hostage our country, our teenagers' mental health, and our democracy and we know it is bad for us, and even then the stock price does not move. but i do think this is the moment to make a transformational change to the business model of these companies and i think there is a way that can happen and i hope that happens, i think there whistleblower is testifying next week in front of congress. emily: we are going to be following that testimony. we often hear the argument, kids are online anyway, so we have to figure out how to manage that experience. how do you respond to that end can we trust facebook to be the one to shape and build that experience and if not, who should? tristan: great question. the reason why -- the challenge, obviously, it is a race for attention. instagram says, if i don't do it, tiktok is going to do it.

they are going to do the body image filters and the engagement machine. i think we have to have standards. when i was growing up, we had a saturday morning cartoons and there was time restrictions. we had child psychologists defined what was good for children during those hours. in an unregulated environment, it is a race to manipulate your kids. how could we allow this to happen? i think apple has able, because they controlled app store. they are almost like the constitutional sort of central bank of attention and they can define the terms by which things can interact with children. i also think we need standards for these companies. i don't blame one company. i see it as the social media problem. so long as the business model is addiction, addiction is good for the business and stretching earlier and earlier into a child's development. that is incompatible with our society. emily: who then is responsible

for regulating that experience? should it be congress? take a listen to this from a former google executive and now spends his time lobbying in washington, he wanted to hear more from these hearings, not just penalizing facebook. >> what i hear is parents grappling with these questions about screen time. kids are going to their adolescence online, the good, the bad, the ugly. it would be great to see congress work together with industry to devise solutions. but that is not what we saw today. emily: should congress have this responsibility? what they actually make it happen? tristan: i think we are at a fundamental crossroads because the private sector has eaten up the public interest, whether it is democratic elections or media. we do not have government that can define those things, we have technology companies defining those things.

we need expert bodies that can work out these issues. there is a way to design technology humanely. you don't have to design for maximizing the ability for one person to reach as many people as possible, especially in youth. i think that is a vision to say, when you put something as a 13-year-old, it is as visible to as many people as possible, that is what creates the bullying dynamics, that is what grieves the social visibility and social pressure and anxiety. but the whole design needs to change. it is the whole design model. you don't have to have children that are broadcasting their lives from this early. one thing we know from the documents, they had a slight called the plate eight is a growth lever where they said, how do we use the play date to get kids hooked into feeling comparison with other kids and you start getting into the sharing treadmill earlier in their lives? we don't have to have that kind of social media. we can have youtube that is all

about learning. china has recently created a platform where they forced tiktok, under 14, they limit usage and create museum and science experiments you can do at home, museum exhibits, they put this in the newsfeed for an educational experience because they see this as a threat. i'm not saying we should do what china is doing but we need an open society answer that recognizes that we have to do something. emily: take a listen to this from senator sullivan about china and how that played out yesterday. >> can you really, on your own, help people take a break, or do we, the u.s. government, have to help people take a break, like the chinese are doing? >> as a parent, i prefer to determine my child's time online than to have china tell me how to raise my child.

emily: does china have something right here or not? tristan: i'm not saying we should do what china is doing but we need an open society answer. right now, it is unregulated, basically a supercomputer pointed at her kid' brain -- pointed at your kid's brain to say, my job is to overwhelm your self-control. the way tiktok and instagram were, they figured out, what is the next video that is going to keep his schooling as opposed to giving you a stopping queue that allows you to take a break? in sesame street, elbow says, do you want to do a dance? once tickets are up, now they can do something else -- something else. sesame street can do that because their business model is not monetizing attention. instagram and tiktok are. we need something like that. we need to develop things like the five seconds of black between tv shows, we had to develop things like the alamo

concept in sesame street. i think these things can exist but we need to have an open society way, not the authoritarian model china is doing. emily: these things are going to take time and as a parent, i have four children, every parent is asking this question, how to like it keep technology for my child? i remember you recommending to adult a digital sabbath. taking a day off from your devices. but we do for our children when these tools and products are not necessarily available yet? tristan: often when we talk about addiction or what kids should do, it feels like we have to tie our hands behind our backs and not use it. but the reason we are so vulnerable to what we call a hyper normal stimuli, which is a dopamine, extra sugar, extra salt, extra dopamine kind of social media world is because we live in a under stimulate, under filling environment. when you don't have social

connection or touch or love or conversation that feels fulfilling, that is what makes us vulnerable. if you are out there doing yoga with your friends or sewing or having an engaging conversation with people you love or something you are passionate about, those are the things that make us less vulnerable. we don't want to check our phones. but what we need is technology that steers us in the direction of what this sauce up into a more fulfilling environment that we don't feel so compelled by these stimuli. that is the way out. to do that, we need collaboration with tack that is not about predating the vulnerabilities of our children. emily: do you think vulnerability -- do you think facebook should not be involved in these tools? should facebook stop instagram for kids? should we be looking to sesame street to build these products? tristan: i think the entire thing, tiktok, instagram,

snapchat are all bad for children. i would say they should not use them at all. the problem is that it is not an individual decision for one kid or parent to make because they have mark and effect and he will be ostracized from your community, which they do deliberately. i think apple has a role in trying to make safer standards. apple and google in setting the standards of the app stores. hopefully this pressure could leave that to happen because they are above the competition. if facebook is not billed instagram for kids, all the kids are right there anyway. i think these things are horrible for children and i would recommend that most parents, if they are looking for advice, to avoid it. emily: we take the ipads away from our kids right now until there are better options? tristan: keep in mind the distance and i'm saying. it is not about the technology, it is not this piece of metal, it is not a rectangle is the thing that we should feel worried about touching.

it is about, what is on there? are the interests of the people designing the technology the same as your interests? i studied sesame street, they had child psychologists who cared about the developmental level of children and what is appropriate for that level. they did that by using all of the things we know about television and combining it with what would be of value or interest to children's development. none of the people who are building this stuff are doing it in the interest of children and that needs to change. emily: quick question, and i know we could talk about this for days, but the next chapter is the meta-verse. how do we get this right for kids and grown-ups? tristan: i think it is one thing when you run out of attention that people are going to look at on the screen, it is another thing to create an entire universe that people are going to stare at through virtual reality and augmented reality 24/7. the way to grow the size of the

attention economy is to get people to live in these virtual worlds as full-time as you can. i think if we don't get it right at the beginning, i worry you're going to end up -- i wish we had these conversations so many years earlier. so many of us have been saying that we should not be allowing this engagement driven business model that focuses on monetizing attention as opposed to you are the customer, not the product. the dilemma is things that treat you as the customer, not the product, that is the distinction we need. what if we had for the meta-verse and augmented and virtual reality, there was no such thing as engagement driven business model? you want a brain implant in your brain, and the business model of that brain implant was to get you to think certain thoughts constantly and they wanted you to use it constantly, we would never allow that kind of brain implant. emily: questions to ponder as we deal with this. tristan harris, thank you, as

always, for your thoughtful opinions here. coming up, zoom's biggest potential acquisition has been scrapped. we will discuss next. this is bloomberg. ♪

emily: other stories we are watching, zoom and 59 have scrapped their merger agreement. a steep decline in zoom shares cut the deal's value by a third, that let shareholders to reject the offer. two advisory firms invite voting against the deal saying zoom's prospects have fallen in a post-pandemic environment. a step back for crypto platforms hoping to upend the finance system, a bucket and update -- a bug in an update sent users millions of dollars worth of crypto in error.

the company is now begging users to send it back. coming up, public listings keep coming for 2021. after the break, we are joined by the nasdaq senior vice president to talk about it. this is bloomberg. ♪ ♪ [ sigh ] not gonna happen.

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emily: welcome back. this just in, lynell gross was ordered to spend five days in jail for flooding a judge's order not to annoy his neighbor with loud music. that sentence was suspended citing the covid-19 pandemic but rose and his wife were both fined $1000 each. let's get back to the markets. what else are you watching? kriti: we have to talk about ipos because they were such the rage at the start of the year

and then they kind of fell a little bit. it seems like in september, they made a comeback. the s&p 500 and the last month has had quite the selloff, tech stocks a major part of it. dutch brothers, these have been higher. look at these, 100%, doubling almost in value. pretty interesting considering the broader week. i want to look at that year-to-date chart because if you compare the ipo index or the s&p 500, it has been underperforming. not recovering in the february peak we saw when ipos were all the rage. does that mean people are preferring direct listings? in the last five days, two major direct listings, amplitude and warby parker, have been doing pretty well. if this is an indication of where the new money is going, if they don't prefer attack, if they don't prefer the traditional etf's? it looks like it is going into these new ipos. that could change in october but something to watch.

emily: all right, thank you for the roundup. have a great weekend. it has been a record-breaking year for ipos on the nasdaq with 560 ipos year-to-date. companies like robin hood and amplitude have had major debuts and there's more to come. joining us now the head of western u.s. listings and capital markets. we do have you back with us. how do you see this you're going down in the record books, especially compared to last year? >> we are off the charts. we have added 560 ipos, raising $136 billion and we are only three quarters of the way through. you go two years ago, we had 124 ipos for the whole year net rate $24 billion. a lot of that increase has come from the spac ipos which are mixed in, but even if you just look at the operating companies, we had over 200 50 operating

companies go public this year. so it is off the charts. emily: let's talk about the surge of companies choosing that route. how many of these teeth think will end up being good bets? jeff: this year has already had 84 spacs on nasdaq, representing $200 billion in market cap, and some great companies including 23 and me, loosen motors. some big men are choosing this. -- big name companies are choosing this. a back is like an ipo but in reverse. in an ipo, you get your paperwork together, go back to the fcc. in a spac, he set the price and then fill out the paperwork with the sec, and then you are public. it is a lot of the same process, a lot of the same disclosure, but a different order of operations. emily: if you had your second direct listing of the year with amplitude. the ceo, one of the youngest

guys ever to take a company public. coinbase was your first of the year. how many more direct listings do you see coming up? do you see this as part of a longer-term trend? will these continue to be one-off? jeff: we are talking to 10 different tech companies right now about a direct listing. nobody is planning one for the rest of this year but i think in 2022, we are going to see this trend continue. there are twice as many companies that did a direct listing this year as last year. right now for a direct listing, you cannot raise capital. this is for companies that are well funded through the private markets and are more interested in liquidity versus capital raising. emily: amplitude shares ended the day up more than 50%. there was demand but they did not take that opportunity to raise money for themselves. was a direct listing the right call? jeff: they were well-funded, they did a private round this summer, so they had raise

capital. this was about a liquidity event for them, being able to get their shareholder the opportunity to sell on the open get, and the way the stock has traded has been phenomenal. they set the reference price. they traded within a tight range between $54 and $52 all week. emily: what are you anticipating for fall? jeff: we have a healthy lineup of deals coming this fall. we see a lot of technology, biotech, and retail companies getting ready to come to market. people are looking to take advantage of the attractive valuations and amount of capital that is out there in the ipo markets, also they want to raise that capital while the window was open. emily: if we see so many companies get out the gate this year, what does that mean for next year? could we see a slowdown? jeff: i think as long as there is a good valuation environment,

which we have right now, although it has been a little rock your lately, and that is one of the things we watched, the volatility index. we have seen the tech industry off a bit as interest rates have gone up. you have the 10 year around 1.5%. that is an indicator for what the future cash flows of these companies are going to trade at. if you see that fixed income markets start to rise, that could be trouble for some of the valuations. emily: you are also seeing more switches to nasdaq from other u.s. exchanges, which i know is a huge coup for you. what is driving this hind the scenes? jeff: it goes back to 2005 when the sec changed the rules where companies could take a stock ticker to either exchange. since that changed that rule, we have had to chilling dollars transferred from the new york stock exchange to nasdaq. one of the most recent ones was honeywell. on top of that, we have robust

solutions around investor relations over governance, yesterday disclosures that companies want to take a vantage off. they also love the visibility they got through a nasdaq listing. emily: there are some uncertainties about whether joe biden's economic plan will pass, tax issues that affect a lot of pre-ipo shares and could impact founders and their decisions to go public and seek that liquidity or raise additional funding on the public markets. how much do you think these macro economic uncertainties bill impact the decisions that founders and ceos are making over the next 12 months? jeff: i think it is driving stronger activity in the private equity of that companies. sponsors are looking at alternatives between a trade sale and liquidity. with a tax change is coming next year, a lot are moving to take the company's public this year as opposed to waiting until next year.

this week, you saw advent international bring out old plaques, which raised $1.5 billion, at first watch, a great restaurant brand on nasdaq. emily: with the pandemic, we are coming out of it, but you have had more virtual listings, less people coming to the nasdaq itself. do you see more of a blended listing day experience to continue in the future or do you think we will go back to that traditional, we are all here in new york mentality? jeff: our clients' health and safety is our top concern. we have good protocols around vaccination requirements for those who choose to come to the nasdaq market site to celebrate. fresh works and amplitude had great celebrations. we also have their employees in san francisco and our entrepreneurial center watching the bell on the west coast. we are back to those in prison

celebrations but we are not going to lose some of the virtual offerings that make the ipo day that much more inclusive. we have an app now that lets employees around the globe to watch the ceremony, snap a picture of themselves, then they can put that picture on our tower in times square. emily: rivian just filed for its ipo, seeking to list on the nasdaq. rivian, the heart electric carmaker, there is a long waiting list for their vehicles. anything you can tell us about this listing? jeff: we have a great run with the electric vehicle segment this year on nasdaq. lucid motors, that was another one of those transfers from the new york stock exchange, listed on nasdaq. our friends at tesla. there is a lot of interest in this space. rivian will be an exciting offering this fall and backed by amazon. emily: that we had you here to

react to that. jeff thomas, great to have you with us, as always. the white house plans to enlist 30 other countries to join forces in the fight against increasingly frequent ransomware attacks and other cybercrimes. the first meeting will be this month, hosted by the united states and held virtually. the group plans are looking into illegal use of cryptocurrency. coming up, crypto is on the docket, bitcoin's sudden rise, we will look at the cryptocurrency and the latest in the world of decentralized finance. this is bloomberg. ♪

emily: bitcoin rose within minutes to its biggest daily gains since july, as much as 10% following a slump of more than 7% in september and concerns about regulatory pressure in china and the united states. the feds now coming out with reassurance saying they intend on regulating crypto but have no intention on banning cryptocurrencies. joining me to talk about this, john wu. thank you for joining us. big jump for bitcoin today. these roller coaster rides, not unusual, but what you think is driving this particular stock rally? -- shock rally? john: i think people have to get used to some of this volatility. the statements that were made, where they don't plan on banning crypto, but possibly regulating

certain parts and that gave people more certainty that sensible regulation will happen at least in the u.s. that is the hope and is why a lot of these coins had a good day. emily: china is banning crypto and the u.s. says it is going to regulate but not ban it. what are the reptile -- what are the ripple effects? john: what china is doing is in line with what they have been doing in the cryptocurrency world. this is more harsh than normal, and it is in line with what they are doing with technology. they are becoming more heavy-handed in their regulation. from where i sit as an operator in this case, what i see is that it is actually an incredible boon for decentralized finance and distributed and governance and decentralized applications. if you look at what has happened since the announcements, that decentralized finance and

applications in the space have increased in volume and usage, sometimes three or four times in just the last couple weeks. so it is classic. they come in and they try to ban it and users who have such passion, they look for refuge elsewhere and they find a way in the hole he throws of crypto, again, is self-governance and they find a way to find decentralizing exchanges and applications to express themselves. emily: how big a step forward is this and what we need to know? john: it is a big step forward and i think what it is, it is a vote of confidence for the demand for u.s. individuals for fast and speedy and low cost blockchain where they can actually try some of these de-fi and other social tokens in a way

that is also -- what is exciting is it is also ethereum compatible, avalanche. now they can go back and forth and experience different ecosystems and see which features they prefer. that is why we are excited about it and that is why their users and hopefully the 60th million users at one days as well as incremental u.s. demand that avalanche will see will have an incredible experience. emily: what you think the role of avalanche or what do you hope the will of avalanche will be in institutional and decentralized finance? john: avalanche and the company behind avalanche was started to help create a decentralized permissionless world. however, the goal for ava labs is to enable traditional financial services companies and traditional enterprises to tokenize their assets.

it is not just about the $200 billion in the de-fi ecosystem, it is about the 700 trillion dollars of assets that sit on financial services' balance sheets. that is our vision for avalanche. that is why we are excited and that is why i see a lot of developers continuing to migrate to avalanche and tried to tap into basically a great market and provide access to people across the world for financial products that they do not have access to now. emily: there are some traffic congestion issues that are impacting the ecosystem, long wait times for ethereum users for example. how does your traction on the blockchain compare with ethereum or polkadots? john: avalanche is ethereum compatible and it is a way to basically become entry to ethereum. when there is a lot of activity

and atheneum, avalanche can easily provide the same ecosystem and sometimes native applications in de-fi and and fts, but giving them speed and finality. instant finality and speeds are probably 100 times faster and most importantly, the cost is pennies versus sometimes hundreds of dollars for one simple transaction. emily: what if the entire ecosystem debts regulated? is that a concern? john: great question. in the short-term, it is. in my opinion, if you have clear definition and people understand what is backing stable coins and transparency, i cannot see how that won't create even more adoption. obviously, stable coins now is one of the largest components. i can tell you, -- i can tell you, from talking with people

who use this, they feel sometimes hesitant because they don't realize what is underneath the collateral that supports these stable coins, so they gravitate to a few that they are comfortable. if there is proper regulation and transparency into what is collateral, this space will grow even faster. emily: john wu, ava labs president, thank you for breaking that down for us. we will be watching avalanche. coming up, has to world of marvel and dc comics enter the digital collectible realm? why it may not be good news for the artists behind this success. that is next. this is bloomberg. ♪

emily: dc comics is getting into and fts with a giveaway for fans this month. this comes months after marvel

entered the digital collectible space. while it may be good for publishers and fans, it is causing concerns for some artists. this from bloomberg quicktake. >> we are about to speak to a comic dealer about and fts. and fts are not fungible tokens, a way of classifying artwork for the blockchain making it possible to sell it in a purely digital form. the comic book industry would be an obvious winner in this one would assume, but that is not the case, as marvel ndc have clamped down on sales of and fts with their characters. >> the comic book industry is made up of marvel ndc, so marvel ndc are the biggest players because they are the majority of the ip's that you see on tv. the majority of artist and creators become big in the

industry ultimately will have some dealings with marvel and ac -- and pc. >> to they play? >> that is dependent on the individual. if you are a new starter, they pay to -- they tend to pay at a lower level. what artists make money from is from selling original artwork. >> let's cut to the chase, you sell nft's? >> currently know. predominantly because marvel and d.c. do not allow nft sales of their projects from the artists that draw digitally. that makes it hard to sell nft's. i would be interested if that stance softens, but as it stands, we have to wait and see what marvel and pc-tel everybody. >> why do you think the issue is this bad? if i can sell the physical original, why can't i sell it in a digital format? >> over the years, because artists have moved to a digital platform, that hurts them in terms of selling artwork because

they don't have physical artwork to sell. if that difference can be bridged, they can effectively sell nft's, then it will change things dramatically. if marvel and d.c. soften their attitudes towards nft's, i think the marketplace opens. some of those pieces could be sold for thousands. >> as we left the warehouse, it became evident that nft's are a new frontier. but simply put, they are a way for artists to make more money. >> what i wanted to do was a proof of concept. that is the only way i can show to do that was to burn my own artwork, which in its own way was cathartic. it sold for $182,000. and i am watching the oxen and i was like, what? >> what do you think is that potential for nft's in the comic industry? >> a new market likes this -- like this allows them to tap

into other moneys and also breaks the chains of traditional paychex. >> marble and d.c. are not happy with this nft situation. what is your take on that? >> there is a supreme court law that has been passed that an artist can paint or do an original piece. that is theirs, that is their interpretation, that is their everything. >> after speaking to rx -- two artists and dealers, i wanted to find out how important nft's will be and the ark of comic history. >> the value they can bring to creators or consumers is pretty profound. the main reason that artwork collectibles have taken off is because you can pass a royalty so every time a piece of work cats sold in the future, they receive a cut of that, which is pretty impactful if you are talking about the full career of

an artist. >> despite the size of the nft market, they will be a crucial part of the comic industry's evolution. they will define who reaps the financial benefits when the time comes. >> at a big company that wants to strangle the artist a little bit are going to need to think about it. think about what they are doing. >> in august, marvel launched into the nft space, selling nft's of spider-man for up to $400. so far, there has been no mention of their creators of the nft's or the original work. marvel says they are looking into the issue and will be addressing it in the coming months. emily: that was bloomberg quicktake. that does it for this edition of "bloomberg technology." my colleague david westin coming

up with wall street week and some great guests you don't want to miss. have a wonderful weekend, everyone. this is bloomberg. ♪

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david: are we sure about this recovery? this is "wall street week." i'm david westin. this week, larry summers. >> markets are substantially underestimating what is likely to happen to interest rates before too long. david: and whatever grand could mean for the chinese economic growth engine. >> i