Please note special time and location.   Motivated by work in Kahler-Einstein geometry, Chi Li defined the normalized volume function on the space of valuations over a singularity and proposed the problem of both finding and studying the minimizer of this function. While Li's problem is closely connected to the notion of K-semistability, it also relates to an invariant of singularities previously explored in the work of de Fernex, Ein, and Mustata. I will explain the motivation for this problem and discuss a recent result proving the existence of normalized volume minimizers.