announcer: from the heart of where innovation, power and money collide, from silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco and this is bloomberg technology. coming up in the next hour, one step closer to a covid vaccine for children. pfizer and biontech applying for emergency approval today.

plus, taking it off her stance on vaccine mandates. why some employees could be suspended without pay before the end of the year. plus, the future of work is hybrid. that is the view from fox ceo chuck robbins. we have conversations with both of them this hour. and apple's car ambitions take a turn. the company is doubling down on carplay. no drivers will have more control options with just a touch of their iphones. first, pfizer and biontech applying for emergency use authorization approval for their covid vaccine for kids. this is a huge step forward in the vaccination campaign of millions of people around the world. our san francisco bureau chief joins us now. how soon could this approval happen? how soon can kids between and 12 5 be vaccinated? carol: pfizer submitted

its application for emergency use approval today. the fda will meet later this month, followed by the cdc. our reporting indicates we could have shots in arms by the first week of november. so it could be very soon. and that would be a major step towards getting not just for kids, but getting parents back into offices who may have been comfortable to travel, really helping to jumpstart the economy for those parents who had been worried about this type of thing. emily: meantime, we are seeing more companies take a stronger stance on vaccine mandates. talk to us about what ibm just announced today -- employees could be suspended without pay before the end of the year? kara: right, ibm is one of a growing number of companies taking a stand on vaccine mandates. this follows president biden's orders last month saying that he wants companies to either mandate vaccines or require a weekly testing of employees. for some employers, weekly

testing is a headache and they just want to get their employees vaccinated, and that gives them a reason to. those rules are still being ironed out. by then west in illinois today. he met with united airlines, which has installed such a mandate and has had more than 98% of employees vaccinated. they are pointing to that as a success story, and pointing to that to increase rates for everybody. emily: especially with a vaccine for kids potentially coming, how could these steps shape their the way that families and schools are operating right now? there really has been so much uncertainty for all of them. kara: that has been a major issue for workplaces and the economy. parents, even if they are vaccinated, are still worried about going out and bringing the virus home and transmitting it to their kids. that said, there have been surveys saying only a little more than 30% of parents definitely want to get their kids the shot as soon as

possible. there are still a lot of people on the fence. it is not fully approved. this is an emergency use order. so there still a fair number of kids, as with adults, who will be hesitant about this, and it is not necessarily going to be widespread vaccinations for everybody right away. emily: thank you so much, kara wtzel, our san francisco bureau chief. i want to get back to gina martin adams joining us now. gina, obviously these mandates are certainly having an impact on workplaces, on parents. are we seeing it play out in the markets? gina: what we're seeing play out is more than the delta variant than we are seeing vaccines. we did see over the course of the summer as infections were rising due to the delta variant spreading, we saw a rotation to much more defensive plays in the equity market. domestic stocks outperforming, tech outperforming.

then once the rate of infections started to peak globally and turned her down near september, we have seen the reverse. we have seen some cyclical sectors, inflation plays a star outperform in the u.s. market, and we have started to see none domestic groups start to outperform again. so as much as the market has been down in that period of time, the rotation that we have experienced is very consistent with infections specifically. so to the extent that vaccines ultimately prevent another potential fourth wave in the winter, that would be amazing for the cyclical groups and the nondomestic segments of the global economy which tend to perform best in that kind of environment. emily: let's talk about the broader markets. we saw tech markets on a roller coaster this week. talk about a correction that hasn't seemed to be what is happening. we have seen a bounce back. where did the markets stand on the day? gina: tech was the beneficiary

of a willingness to jump in and buy a little bit on potential resolution of the debt ceiling risk. i think investors really only tiptoed in. i would have expected to see a much stronger surge, in some of the stocks that were most be in-down on that risk, if investors believed this was the ultimate resolution, and not just kicking the can down the road. broadly, what we have noticed is that tech stocks made their peak on the s&p 500 are year ago in september, and have generally traded in a sideways direction relative to the market. some months when there are more defensive strategies being deployed, tech performs well. early in the year, tech performed poorly as investors migrated to cyclically oriented groups. the earnings landscape, earnings next week, tech earnings in a week or two, i think we will get

more confirmation. i think that the cyclical spaces are likely to outperform. and as much as tech earnings are very strong, they are still not keeping pace with recovery in other groups like industrials and materials. so that leaves tech at a bit of a disadvantage in the long run. emily:, overachieve equity strategist gina martin adams, thank you. google will ban advertisements and stop funding media that contradicts scientific consensus on climate change. the new prohibition applies to commercials google places online , as well as the sites and youtube videos that run google ads. this includes any content that denies human contributions to global warming, or treats poor "playmate change as a hoax or a scam." meantime, bloomberg has learned apple is working on technology that will allow drivers to use iphones to control the air,

seeds, music, and more. apple's carplay interfaces are already used by millions of drivers to control music, get directions, take phone calls. mark gurman joins us. mark, what can you tell us? mark: you plug-in in your phone today into carplay, you get maps, third-party apps, google stuff, apple music spotify. but what you can't do is control your car's main function, whether that is windows or a backup camera, security, seats. your speedometer, basically everything else. what a lot of times you see drivers switch between the carplay interface and the interface that is built into the car. apple wants to bring all those interface elements, all those switches and controls you might use outside of carplay into the car experience. emily: how does this fit into apple's overall car ambitions?

as you reported, there has been some executive turnover and it is unclear what the direction of the unit is going. mark: this is not coming from that unit. this is not related to the self-driving car. but this would give apple as a company further insights into the car world. they would be meeting with more potential car partners. so it gives them a little bit more experience in the car world. i also think this is apple's biggest stay up-to-date in the automotive industry. obviously there was carplay seven years ago. they have tried other initiatives such as carkey, ev routing, stuff like that. none of that has taken off. so they are hoping that this new initiative will become as ubiquitous as carplay today. emily: how big a business could carplay be? mark: it obviously gives apple some form of royalties depending on the carmaker that they deal with on a model by mortal basis. but the important thing is that it gives apple increased

walking. any time they add a feature that makes the iphone a bigger part of your life, it gives you a reason to upgrade to the next iphone. not switch to google, motorola or whatever. every time they added a new feature, it is going to be a pain in the you know what to switch to sachsen. samsung. they are adding more barriers to that as they add new features that integrate into your daily things. emily: thank you for that update. coming up, tools for a hybrid work feature. box ceo aaron levie joins us to talk about his vision for the working world to come. this is bloomberg. ♪

emily: fresh of a win in a proxy fight, box ceo aaron levie shares his vision and strategy for the future of productivity at their annual conference with a bet on the future of work staying hybrid. box has two new tools that promised to beef up security and team collaboration, and he joins us now for a deeper dive. it has been a while. we have been a little busy with this proxy fight, so let's start there. now that this is behind you, i curious what it feels like to be am on the other side. aaron: we enjoy being on the other side. i think we had a very strong

message for shareholders about how our growth has been re-accelerating, and we have a clear plan to hit our improved profitability targets over the next couple of years. shareholders have voted in favor. we are super happy about that. but it has definitely been a crazy process, and it is nice to have that behind us and move forward. emily: are there any key takeaways or learnings from this activists challenge? aaron: i have always been a little bit conflicted about this, because actually i think activism is a strong force in the public and capital markets. i think it is helpful that shareholders can have a voice and they are able to share their perspective on businesses and business performance. two years ago when starbird came to the business, we actually embraced the changes that they were looking for and the energy they had, particularly

bottom-line performance. so we restructured our board of directors and put together a new plan and operating model for the company and ultimately we were able to exceed any of our bottom-line line targets that we laid out. now we are shifting a lot of focus on the growth rate and what we can do to re-accelerate growth. so overall, i think activism has had a very positive force on the company performance. ultimately, we agreed on the path forward on the top line. overall, i think we will always remain constructed with all of our shareholders, including star board at this point. we are looking forward to the next stage of the business. emily: you are steering box in the new directions. i want you to paint this picture of the future that you see with more hybrid work in it. aaron: there are three trends all companies are facing. you had a litany of guests that are either seeing this

themselves or creating software around it. one is we are going to be working from anywhere. there is no question, that is the future of how we are going to work. two is that every experience we create for our customers, partners, colleagues digital , suppliers, is going to be digital first. three, we know that data security, compliance and privacy are going to be at the forefront of how companies manage information in the future. so, if you think of a life sciences company that has to do clinical processes, or a media company that has to make films, all of that collaboration is going to generate content. they have to be able to secure the content, automate workflows around that content. so our platform that we have been building out is the leading , content cloud that serves over 100,000 customers and powers the end-to-end lifecycle around-the-clock. so, securities, workflow automation, collaboration, e-signature, all of that content

on a single platform. work is fundamentally changing and we want to build the best platform to help companies manage all of the data and content and the data that they are generating around that. emily: meantime, the pandemic has really exposed the challenges around cybersecurity. we have seen a spike in ransomware attacks. you are introducing some changes. how will they work, and what does that mean for your customers? aaron: one of our fastest-growing products, the fastest recently has been box shield. this is our advanced security product, where data that goes into the box can be viewed through the lens of data classification, malware detection, threat minimal detection, then we can alert the security team if there is any anomaly. box shield has been the most, sort of powerful addition to our portfolio in the past couple of years from a security standpoint especially. and we just released advanced malware detection, so if there is any malware that could infect a computer or machine, we can

detect that if that is coming into the system. so, advanced malware detection that can really ensure that there is no infection of data. but ultimately, you will see as build more capabilities over time that ensure that the more data and more collaboration you have in box, the more we can protect your information. emily: how are you personally thinking about return to work? what is your plan? you have a date? microsoft says they can't give a date at all, because things are so uncertain. aaron: 100% of the dates we have given have been wrong. so i can appreciate microsoft's ultimate stance on just stop playing that game. that we all kind of went through in the past year and a half. but we have some offices opening internationally right now. we do intend to open up offices in the early part of next year and throughout the u.s. they could come even sooner, as different mandates evolve, and

we think that health-care care conditions around delta improve. so we try to keep a very flexible approach throughout the entire pandemic. there is no point where we are dictating that all employees have to come back to headquarters. we know there will be greater remote work in our future. we know we are going to have to continue to evolve to have greater flexibility around when you come to the office and when you can work from home. our approach has been one of being prudent and pragmatic, where employee choice and flexibility is at the forefront of our decisions on this. emily: a lot of employees are having this come to jesus moment now where they are thinking, do i want to stay in this job or do something else, and is this job going to give me what i need? ? i have heard folks saying, companies are not going to be able to get engineers back in the office, and that will really raise the stakes in the war for talent. how do you see the war for talent changing in a world where remote work is the option and often preferred? aaron: it is definitely an environment where employees are

going to have two increasingly have more flexibility in where they work from. companies that have increasingly more flexible stances will have a heavier hand while recruiting. at the same time, there is a wide variety of where people fall in the continuum of wire to go to an office, or wanting to go remote. companies that have the greatest amount of flexibility around that, will be the ones that can hire the best talent. and there will be different approaches to some of the cultural aspects of how we create these environments over time. we are only in the earliest innings of what that looks like. at this point, most people are just guessing and trying to predict what could happen. very few of us have actually landed on that final balanced hybrid way of working and what that will look like. emily: we are seeing new legislation that is focused on payday transparency and pay equity, something that many industries and the tech industry have struggled with.

i am curious how you think this could impact retention, especially retention of women and underrepresented minorities where we have historically seen a lot of attrition? aaron: certainly, any increase the pay transparency and equity is a good thing. that box, we pay attention to it. to the extent that there is legislation or external forces that push it further we think is a positive thing. one of the aspects of remote work then being able to extend beyond silicon valley that we have actually seen start to play out is the fact that you can tap into talent pools that regionally you would not have been able to previously. -- able to hire from previously. that has the dynamic of being able to expand the total number of individuals we can get into the tech industry as another means of driving more diverse or inclusive organizations. emily: aaron levie. great to have you back. now that the proxy fight is behind you.

always appreciate you sharing your views of the future. thank you so much for stopping by. aaron: thank you. emily: coming up, as holiday season approaches, the question was the question remains, how will the supply chain impact shipping echo pete buttigieg -- impact shipping? ? transportation secretary pete buttigieg answers that for us next. this is bloomberg. ♪

emily: a few other stories we continue to watch, transportation secretary buttigieg warning supply chain

bottlenecks are not going to be solved soon. in an interview with bloomberg television, but a judge said the biden administration is taking short-term action in hopes of easing the holiday crunch. mr. buttigieg: some of this is a bigger picture, longer-term issue that will take years and years to address. these challenges will definitely continue in the months and years ahead, but we are wasting no time in taking steps that will make a difference right away. emily: buttigieg says the administration is working to reduce transfer times at key ports, and argued that the president's infrastructure legislation could help further limit delays. crypto billionaire michael regrets and invesco's new partnership is starting to bear fruit. they have come up with two crypto-flavored exchange-traded funds that began trading yesterday. the pair invested in a range of companies in crypto activity from mining to blockchain technology. industry observers say the green

light for actual futures-based bitcoin etfs could come this month. and according to sources, momentum global, the owner of surveymonkey, is exploring a potential sale after receiving takeover interest. it is in discussions with suitors in the early stages. it hasn't made any final decisions and could still opt to remain independent. and south korea has long been known for its manufacturing. now the netflix hit "squid game" is taking the country's cultural clout to another level. the show is about indebted people, people in debt, fighting for survival in a deadly game. it could help south korea's cultural exports become much bigger contributors to the economy. coming up cisco chair and ceo chuck robbins joins us to talk about the company's report on how the pandemic has changed the

way we work permanently. he joins us next. and as we head to break, let's get an update on wework's path to the public market. the company said its september revenue hit $220 million despite delays in the return to the workplace. the company is preparing to list on the new york stock exchange via spac. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." i am emily chang in san francisco. the pandemic has not only changed our way of life but has had a massive impact on the way we work. cisco has released the first of its quarterly reports into the hybrid work index, which examines how covid-19 and its associated lockdowns permanently reshaped the workplace. to talk about the findings and much more, we are joint as closely by the cisco chair and ceo, chuck robbins. great to have you back with us. what is the data telling you

about how the pandemic has changed the workplace for god? stock: emily, it is always great to be with you, even though i am virtual. [laughter] hopefully soon we can be back in the studio. i think about it across three categories. first, what the index says about the people, our employees. most two-thirds of them would say that the ability to work in a hybrid model will affect who they work for in the future. they believe that half their companies won't give them that opportunity. that is a big finding for us. second big one is, you have 61 million meetings we are hosting monthly on webex. but half the people in those meetings don't participate. so we have to bring together the technology and the people, to actually enable the technology to drive the inclusion of the participants into these

sessions. the second aspect of it is around the technology itself. we now know the home office is like a small branch, and we need the technologies that will allow us to treated like a small branch. we need to be able to troubleshoot and do observability and we need security at a different level. we need hardened technology. that's a big difference as we move forward. i think in the month of september, there were 100 million daily email cyber threats we were tracking. this is another aspect that is going on. and then, i think the place -- in a hybrid work world some people believe, if we ever return to the office, what's going to happen? the reality is from six months ago, we have seen a 60% increase in wireless activity inside our customers who have wireless networks connected to the cloud. it is significant. emily: we have been talking about "the great resignation,"

and also "the great reflection." a lot of employees taking a moment to evaluate their careers. how important do you think having flexibility will be with longevity? how long they decide to stay at a certain company. jack: it will be critical. we are taking a people-first flexible approach. that is what we'll have to do, because, on the one hand, working from home has been, i would say, effective and productive. on the other hand, it has brought a lot of stress. and people have been reassessing their work-life balance. we have the opportunity to give them more flexibly. -- flexibility. the second thing is it opens up access to talent. i think many companies were geographically limited in how they thought about where they would hire. i think this is can open up the opportunity for us to hire in lots of different places we otherwise would not have been thinking about.

emily: your report also looks at a.i. and whether it will help or hurt employment. i recently interviewed a longtime tech executive mostly working in china who just wrote a big book about a.i., and he paints this idea that by 2041, most jobs will be gone. take a listen to what he had to say. >> i think most jobs as we know them today, will be gone, and a.i. will be doing them for us. but there will be new jobs, just as with any technology revolution, with electricity, internet, small ones like the automatic elevator and uber, they have all taken jobs, and put jobs back. so that is my expectation. emily: do you agree with that? and in your view, how does a.i. fit into the implement equation? chuck: certainly, a.i. will replace some jobs.

easy jobs, like ceo, those will be replaced. [laughter] and i think it will create other new jobs. but what we have seen is that we have been able to leverage a.i. at the heart of the webex platform to actually create inclusion and more capabilities, like noise suppression. i have a lot of noise in my house right now that you cannot hear because it is suppressed by a.i.. we are doing language translation. there are benefits. we do not believe it is necessarily only going to replace jobs, we think it is going to enhance the employment experience. and we are using a lot of a.i. to drive the inclusive features we are building into cyber technology. emily: i will check in with that author after this test see if your job is safe, chuck. i will give you an update. [laughter] i do want to ask you about the supply chain, the chip shortage is something we have been talking about for 18 months. what are you seeing in the chip

supply chain, and where are the bottlenecks that still exist? chuck: i know for fact, speaking to folks in the semiconductor industry, we were on a call today together, the semiconductor industry is in the midst of building out capacity. it's not built out, it takes 12 to 24 months, even more. so they are working on it, but it hasn't gotten materially better at a time where we see demand continuing to spike. and so,, you know, but it is not just semiconductors, is technology, power supplies, it is memory. it is trucks, not having enough drivers. it is port capacity, power issues, covid outbreaks. so it is not just one thing. my current thinking is, sort of the middle of next year, we will start to see some gradual improvements, but it is probably 2023 where we see demand and supply line up again. emily: cisco chair and ceo chuck robbins.

good to have you back with us. thank you so much for sharing all of that today. emily: well, to the world of spacs now and billionaire equity manager orlando bravo has called for mark esper see around special purpose acquisition companies and their disclosures. he spoke exclusively with bloomberg's ed hammond about that and how his firm plans to invest in blockchain technologies. take a listen. >> in the next two to five years, it will move to regular transactions and we will be there just like we were 22 years ago as among the first software buyout firms in the world. ed: another area you and i have discussed is asked. . obviously, you did list through a spac last year. it is now de-spaced through another year. the spac game has been sullied solid. it has been abused by some

participants or perhaps too much energy too quickly. you said you had hoped to do another spac. is that still in the works? orlanda: yes. nobody likes that term. regulators don't like it and now investors don't like it so we will call it something different, because it will be something different. we believe there should be greater alignment between the spac sponsor and the investors, just like there is in private equity. investing real capital behind it, being the lead investor at the pipe, for example, which is something that we did in our deal with ion source. we believe there should be a lot more transparency in terms of what are the returns of that spark sponsor, what do they look like, and there should be transparency in terms of how does that company perform versus the projections they originally gave investors? that should be disclosed in every quarter. so we feel that spacs are one of

the great financial vehicles for absorbing this wave of large software companies and tech innovators that are looking for alternative forms of financing. it is able to combine the best of liquidity in the public markets, and the best of private equity as well. and we believe we have a -- for that. ed: yes, a lot of the spark deals done did involve those kinds of companies, and also the kind of companies that were highly speculative, had predictions of potentially would be met but they were fairly him vicious, to put it lightly. is that going to make it difficult to go into a spac in the future, because people will look and say, well, we don't believe the predictions, because the last time this was going around it was saying it was going to achieve xyz, and none of it was delivered? orlando: look, the spac is about

houthi investor is, who the sponsor is. and the spac is about the company. that is what it is about. it's like an ipo. would an investor value a company differently because it went public with this set of banks instead of with this other set of tax, or because a datadirect listing instead of a nondirect listing? that's irrelevant. it is about the fundamentals of the company. i do agree with you, that the spac market shouldn't be for venture deals because one of the advantages of the spac is a project or business. projecting a company, no matter who you are, is very difficult, because you have no track record or history of that company producing results and seeing where you will be in the future. now, of course, venture companies go public through spacs because there is demand for investors that can't access

the venture capital industry anyway. emily: orlando bravo. more on spacs coming up and one in particular involving a new internet provider on the block. the company is going public via spac, to make broadband internet more affordable. we will be joined by its cofounder and ceo, and amish jani. this is bloomberg. ♪

lee: wireless internet provider provider story is going public in a deal valued at $1.66 billion.

starry internet service which uses small devices to access high-frequency airwaves is available in five cities including los angeles, new york and boston. competing with internet and cable company giant like comcast. let's talk with the starry founder and ceo, chaitanya kanojia, as well as firstmark founder and partner, amish jani. chaitanya, you have a long history of trying to take on the tv industry and you were a guest on the program many times. i am curious what learnings you took from that experience with starry? chaitanya: you could argue that we started the entire streaming thing because we were the first provider that figured out how to live television. now that is the norm now. we predicted where the market was going to go. we also understood that court-cutting was real, and there is a real subscriber demand for what i would call a

simplified product, whether it is internet access or television or anything along those lines, a more modernized version. today the company experience is incredibly antiquated and disappointing for most consumers . emily: mesh what you think sets , starry apart from other internet providers? amish: we have been investors in technology spaces for a long time. the first thing we look at our our management teams. whether it was pinterest or draftkings. it is founders that can drive innovation and long-term disruption in the markets. we have got a 20 year history with chet and the team here and we are extraordinarily impressed with their ability to execute, we have seen it happen in action and they are a great team to back, number one.

number two, they are vertically integrated, which is different from any other service provider. they built all of their technology from the ground up. chips, equipment, software, even the routers are designed by starry, so that gives them the ability to control the experience from end-to-end. the third thing is the market. clearly, this is a massive market, a near monopolistic market, one of the most important resources one can have access to in terms of broadband, and we think it is right for disruption. emily: chet, how different is the user experience for starry? if i have starry, what does that mean in terms of my experience? chet: it starts when you order the product. we actually show up within 30 a 30 minute window of when you want it, versus we will come monday and friday at 4:00 at 8:00, whatever. so the experience really started there. second, at a technological experience level, it is network that we can control up-and-down. we can offer you different types

of capabilities, uplink and downlink and low latency. the wireless devices are designed by us, as well, so you are getting the fully managed network at home. think a world-class i.t. experience built in for residential broadband consumers, which is going to be increasing ly more and more important as your collaboration software consumption needs increase and you need a better, low-latency network. all those are long-term trends that are going to put us toward networks that are what i call "application sensitive," rather than just pipes moving bits. what we have done is build networks that are application-sensitive, and that ultimately we deliver a better experience. emily: you cover 4.7 million homes across six markets. what is the ambition here? is this the hope, to be the uber of transportation, or the airbnb

of travel? and how do you get there? amish: absolutely, the goal is to fundamentally disrupt the experience and launch across the u.s., and ultimately, internationally. i think our coverage with the existing spectrum we have covers over 40 million homes. our ambition is to go after that and build towards that. emily: chet, the competition is big time. you are competing with spacex,, amazon and their hyper satellite networks. what do you have on them? chet: it is interesting. capacity matters in this business. think of it, you are competing against gable, the largest incumbent, and they have about a gigahertz worth of spectrum. none of these other approaches come close to what the customer really needs in any kind of density. so those technologies that you have mentioned are appropriate for what i would call remote applications -- you have got a house in the middle of nowhere, or on a priori, or a vacation

homes. that works great. but in the metropolitan areas or suburbs, you need a lot of capacity, and your competition is coaxial fiber, and in most parts, it is just coaxial. this is designed for high population density centers, where many people live. emily: we will keep our eye on you. chet kanojia and amish jani, thank you both. the fifa soccer videogames have sold hundreds of millions of copies worldwide over two decades, but they could cease to exist in their current form, after publisher electronic arts says it might rename them. ea is exploring its naming rights with fifa, soccer's international governing body. that deal is separate from ea's other official partnership on licenses. coming up, the future of art galleries with the boom on digital art collectibles worldwide in the last few months. will art galleries become digital as well? that is next. this is bloomberg. ♪

emily: the future of art galleries is here. from meta-avarice and nft arch to virtual reality, there has been a craze over digital art. with the sector surging from $52 million at the end of 2020, to $490 million in april this year. this according to blockchain development company consensus. bloomberg quicktake's stella ko takes a look at what this means for the future of art collectibles by taking us to the first edition of the digital art fair asia, in hong kong. ♪ stella: meta-verse, nft, virtual reality. the first edition of digital art

fair asia shows a new generation of artists. >> at the digital art fair, we are particularly interested in educating the new generation of art collectors, and even traditional art collectors to enter the new digital world. stella: the fair features over 200 digital and nft artworks. from a turkish artists metaverse nft collection, to images being tribute to the hong kong architecture. >> i feel like the digital art place is evolving. i think social media plays a huge part in society these days. instagram has grown way bigger. we have this photographer. he likes to elevate his art by using photoshop techniques. they are doing light paintings with drones. they have actually programmed the drones to the shape around iconic hong kong buildings, so

in the photography section, we sell nfts which are available on the screen. you have to scan the qr code and it takes you to the website. there, you pay with ethereum, and you have to have a wallet, a new way of purchasing artwork. stella: nft, or non-fungible tokens, run on blockchain technology. unlike bitcoin, each can be a unique digital property. one nft can represent ownership of a specific work of art. nfts abilities to -- have led to a boom in digital art collectibility. nft art started making headlines in march when christie's auction images to a singapore-based crypto investor who paid $69.3 million worth of ether. this, artist whose work encompasses street art and stencil, started offering nfts in hong kong in november. >> it is not 3d, it is 4d.

you can get the whole story of how you approach your work, your process and your methods. stella: a report from blockchain development company consensus says, the nft art market was up more than 800% from $52 million in 2020 to $490 million in april 2021. christie's announced in september it had shattered the $100 million ceiling in nft sales worldwide with its first nft auction in asia hitting a total of $15.6 million in sales. and outside of asia, switzerland's art basel had its first nft auction that same month. but nft's soaring popularity has also raised concerns. some critics are calling it just another commercially affordable harry up, where others point to suspicions of washed trading. it was also the ecological impact. still, that is not phasing artists and collectors. >> i am excited about the whole

phenomenon at the moment. it is a new field, a new playing field, and i am out there playing and experimenting. >> i think the world is really ready for promoting digital artists, trying to understand what is nft, and the galleries are getting ready to jump into nfts as well. emily: that was bloomberg quicktake's stella ko. that does it for this edition of "bloomberg technology." make sure you tune in tomorrow. we will be joined by a couple of ceos including the cofounder and general partner at e capital group. i am emily chang in san francisco. this is bloomberg. ♪

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