caroline: from bloomberg's world headquarters in new york, i am caroline hyde. romaine: i am romaine bostick. taylor: and i am taylor riggs. caroline: there are several conferences going on in the world. here in new york city, nft n.y.c., the world's largest non-fungible token event has attracted major players in the industry, and major announcements. for example, the auctioning of of 14 pop pop fiction art pieces

in the form of nfts. today we will talk about the growth of that industry and how all walks of life are trying to establish their foothold. taylor had. , there has been a lot of buzz around nfts. taylor: we thank you for leading the charge. let's get to one of our very own, sonali basak. what was the theme? ? and the tone on the ground sonali:? first of all, you normally go to morgan stanley, nasdaq, or barclays. today there was a nft takeover of times square. you go to margaritaville for registration, drinks on tap 11:00 a.m., then you make it over to the main event where there are galleries of different forms of nfts. people selling things that would make -- as well as physical items, you get an nft with it. or lots of games.

also, there was an esd element, which, in light of cop26 -- esg element, which in light of cop26, it was really nice to see. this was my favorite. you can buy an nft for example of an oceanic animal, and they donate to the world wildlife foundation. very wide-ranging thanks. romaine: talk to us about some of the people that were there. we have seen pictures of a lot of colorful characters down there. but we have also talked to folks who are more traditional finance folks who are pretty much knee-deep in this. sonali: so interested, you are right. a lot of people in the art world and the commerce world. i asked their background. the people in the payment part did not come from traditional backgrounds. interestingly, the game where you raise virtual horses, the chief strategy officer came from goldman sachs.

there were definitely some wall street types that moved over. interestingly, not a lot of women, that did catch my eye. a lot of people mentioned this that two years ago there was almost no one. there are more now. there is a push to make the industry more diverse, especially in the united states. caroline: yeah, women and people of color, make sure that it is an inclusive kind of growth. are we seeing anything other than speculation at the moment? it interesting that you talk about the game. i think of infinity which is played in the philippines, where you can earn crypto. and you are getting real money out of this. are we seeing anything out of it other than speculation it is a great question. because you see the future. sonali: we asked, could this be like fifa? can you start to work with big corporations? they are working with big operations.

stella artois had banners in the back of the actual horse run. you had companies working with -- spotify, for example working with merchants. but it is early, and that is clear. and a lot of those merchants were not at the event today. romaine: all right, sonali basak, our wall street correspondent for today. let's get back to our next guest, he is here in new york city for that event at his joining us in studio right now. he is the ceo and cofounder of a new nft platform specifically for musicians. i was particularly interested in this, primarily because my exposure to nfts was primarily through musicians that i know who sort of saw the nft space as a way for them to have more control over their art and commerce behind that art. >> yeah, the nft application for music is boundless.

we formed this company with quincy jones and have been working on this for two and half years. music as a platform is perfect for nfts and it creates a new platform for the biggest artists, it is the equalizer for everyone. taylor: it is interesting, we have been joking about it, but in all seriousness, in the middle of all these supply chain issues, the nfts, the lack of opaqueness, is actually refreshing in the time of supply chain issues. we joke about it, but this is the right time for this. lin: it is just a digital way of living. there is a reason why this really proliferated in 2021, and we think that is just out of our life going forward. we basically announced on monday that our nft platform formed a

three year grammy exclusive partnership, an indication that the music industry is all in on this. this is not a 2021 fad. the grammy organization is all in one believing nfts are a part of the business model going forward. caroline: they are releasing collectibles and experiences, celebrating the grammy awards. i want to make an nft, how do you do it? what are you offering? what blockchain? what is the underlying technology doing this? how are they owning and creating value for themselves? lin: it is very hard after this point for both the musician who needs creative help on how to transform their art to an nft format, and also fans. for the majority of fans, it is

difficult for them to figure out how to open a crypto wallet. so what we did is we aim to democratize nfts, bring them to the regular person. not just for the 40,000 people that already know how to trade them, it is for the next 100 million users. music has the power of ringing in passionate fans. for example, we work with music artist deutsche cat -- doja ca, designing a collection with a member of her team that brings fans into the experience. there is a token that unlocks experiences to her next to her. even i should have a vip experience. this is where digital and physical work collide and we see powerful use cases. romaine: i am a big fan of her. [laughter]

i am curious, a lot of our viewers may be less interested in investing specifically in nft, but they are interested in what underlies it, the platform and technology itself. can you explain how investable daddies at this stage? lin: a lot of blockchain support the nft platform. we decided to build our platform on the tassos blockchain. tezos is more energy-efficient. you have heard about how long chains are bad for the environment? that is true for older-generation blockchain that use proof of work. new or generation blockchain such as tezos use roof of steak. the transaction costs are basically pennies which allow our platform to offer the artists the ability to do free

minting of nfts. older blockchain's lake creating an nft sometimes in the hundreds of dollars, which means you have to price your work way out of the range of the average fan. older options like ethereum or a new or options like tezos are all treatable on most crypto exchanges. taylor: he also talked about enabling fans to pay with credit or debit cards or cryptocurrencies as well. what are you hearing from the user base, from the fans, about often, the way we think about blockchain as the underlying technology, a store of value, not necessarily a form of payment. given the volatility, are they playing with crypto? lin: both. we thought we were controversial having a hybrid model, allowing credit cards and also payment with crypto. the platform that embraces all communities. but what actually is happening

is that in order for the crypto and blockchain ecosystem to grow , you need much newer users. the earlier use case of speculating on crypto, we already have the users for that. how do you really get things -- the easier use case is signing up on oneof.com, getting your account, and buying your first nft for five dollars with a credit card, all in under 2 1/2 men two and half minutes. caroline: doja cat, john legend, these are the artists that you said you have been bringing in to this nft platform. are they managing to earn as the nft they have mentored confers ownership? do they gain value and make sure

that the can keep some of that? lin: that is what is revolutionary. we have built in a resale royalty anytime the nft trades hands. in the physical world if i have an exclusive michael jackson autograph and iselle to somebody else, the estate does not receive anything, right? in the nft world, there is a rule that can be written in to say, 5% or 10% of the resale royalty in perpetuity goes back to the artist, which is a game changer for musicians. taylor: caroline, doja cat tour, friday december 10 at madison square garden. we are going as a group. caroline: i thought it was great to be a virtual experience. romaine: [laughs] caroline: lin dai, thank you for coming into our studio, ceo of oneof. we will go back to what is

happening in the crypto world. in after hours, bed, bath & beyond is now up 65%, all because it is closer to launch a cross-u.s. e-commerce ability to be selling their goods, notably also, doing a share buyback to the tune of $1 billion. keep an eye on that stock. we will be talking more about the world of cryptocurrencies and nfts. christie's passes $100 million in nft sales. we will discuss the rise of nfts without a guest, the head of christie's digital sales. this is bloomberg. ♪

romaine: welcome back to "what'd you miss?" we are focused of all things nft nyc. we are talking about how nfts in a lot of ways have become art and a lot of people are capitalizing. credited tarantino has become the latest celebrity in this market. taylor: i think i need to go back and watch "pulp fiction." i am usually more of a -- caroline: nonviolent? taylor: a bit of more of a nonviolent kind of girl. but this is really cool. they will auction off seven never-before-seen scenes as nfts. each will contain secret content only revealedable to the owner. and the tokens are built on a secret network, caroline. romaine: i am going to guess, a lot of guns and violence. caroline: meanwhile, let's talk

about how -- we are aging ourselves -- we are really starting -- it feels like a lifetime ago, but you remember in march when christie's sold this piece of art for a night watering $69 million? noah davis is here to explain what it all meant. he is here with us now, the christie's head of digital art and online sales. i remember you coming on before the auction happened. . it was when nfts were fluttering among the more archaic financial news. suddenly, $69 million, then now $100 million in sales you have now made. you accept crypto dollars as well. how are you seeing this space evolve? noah: incredibly quickly. it is truly an amazing thing to behold. i think the age of web3: a

parnas, and watching this moment coalesce and seeing it happen in a decentralized way is really fascinating. romaine: the big question people have particularly for collectors is the idea of, who is doing this? is it younger people, or the old guard that we tend to think of that would go to a christie's auction? noah: it younger people, for sure. [laughter] sorry, i don't know how to overdressed anymore. [laughter] no, it is younger. i was surprised to find out that it is incredibly global, too, there are certain crypto enclaves, on planet earth but they are all over the place. taylor: what is interesting, you said "medicine to light, those are all words we talk about -- you said open, transparency,

decentralized, all words that we talk about. following the facebook announcement of going meta, people said it validated a lot of the people within the nft community to finally have someone like mark zuckerberg sort of solidifying what you are doing. . on the other hand, people say when you think about it, you think opaque, controlling. not open. how do you maintain a decentralized, open, transparency theme that you are going for? noah: i personally think there is room for a bit of centralization on top of the decentralization. we are going to see how this works in real time, there is no other way to do it, but the true real metaverse i don't think is going to be built by anybody, not facebook. it will be built by a lot of people together. i think one company got closer to building the crypto

metaverse. crypto might build the first metaverse before facebook does. we will see. caroline: what is interesting is christie's auction off that $69 million work. now you have a new one, nft plus, a video nft class a physical artwork. human born into the metaverse, beautiful. interested in how you think people will move across it. what was interested about the first auction was that people bid on that action and then came back and bid on all of the forms of art. are you expecting this cross-pollination to continue to happen? people attracted to nft work but then they will stick to other forms of art? noah: it is already happening. i would have expected to see more cross over from the blue-chip fine art world into

nfts. but so far, we have seen a lot more cross over from our crypto native collectors into the ira-based art world. certainly this time around -- i r l-based art world. certainly this time around, this auction is garnering attention from the "old guard." i like that terminology. [laughter] institutions and private collectors who we work with, from the pre-nft era. romaine: talk to me about this artist i learned about a couple of weeks ago. a pretty big deal in terms of, it was your first nft sale in europe. the nigerian artist, i should say. when you talk about the global demand for this, and the global interest in it, that seems to be reflective. as well and some of the other sales you have had over in asia? noah: he is an incredible artist. there is an affinity between his work and a lot of other young, emerging, african-american and

african artists, looking at identity and art history, and using nft in a really innovative way to reach the widest swath of people possible and communicate in a really authentic way with his community. so, really exciting to place his work in london. we have also placed some nfts in some hong kong sales. ultimately, most of these auctions are happening in the metaverse. i know that is a buzzword nowadays, but really, these are online-only sales, mostly crypto-native bidders, everything happening virtually and spontaneously, in a lot of instances, from the palm of your hand. taylor: when you think about it painting, i hear you accept crypto as a form of payment? noah: that actually was the way that i got the first beeple over

the finish line. i said i wanted to sell a new form of artwork and we can take cryptocurrency for payments. they were excited about that because i know a lot of people in the company and the higher ranks, suddenly many of our top clients, are interested in crypto. taylor: are they comfortable in paying with crypto despite the volatility? noah: that is an interesting point. many crypto-native bidders would prefer to hold onto their crypto because they want the exposure. they want to ride that rocketship. it could potentially go the opposite direction. but we have had more requests to pay with stablecoin than crypto. taylor: really appreciate your time, noah davis, christie's head of digital art and online sales. goodness. wide-ranging. romaine likes to have the final thought, so we will do that next. put your tie back on in the commercial break. [laughter] this is bloomberg. ♪ is bloomberg. ♪

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caroline: nft n.y.c. is upon us. we have been talking about the world of non-fungible tokens. one recently sold, this is a crypto punk, one of the most famed pieces of art. crypto kitty is another one. one crypto punk sold for half $1 million. it was basically a wash trade. the person sold it, bird money, but it back. you can see all of this on the blockchain. someone bought this punk for themselves with borrowed money, repaid the loan in the same transaction. it is interesting that regulation will start to come to ensure this does not happen. but it is also notable that with transparency on the blockchain, you can see it happening. romaine: it. romaine: is a reminder of how unregulated the world is right

now. for a lot of folks, that is the attraction. taylor: and the openness of the blockchain ledger, being able to see their transactions. romaine: i am really glad we had a chance to go to the conference today and see the show. taylor: not touching that one. romaine: [laughter] ♪ moving is a handful.

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