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The Weeknd Raises Over $2 Million in First NFT Auction

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The Weeknd Raises Over $2 Million in First NFT Auction | Crypto Briefing

















The Weeknd is the latest pop superstar to leverage NFT technology as a way of releasing new music. His first collection just raised $2.29 million.


Shutterstock cover by lev radin

Key Takeaways

  • The Weeknd has minted his first NFT collection, raising $2.29 million in sales.
  • The collection featured previously unreleased music by The Weeknd. A token featuring a full song sold for $490,000.
  • Despite the criticism surrounding NFTs, the technology could hugely benefit musicians and other creators.

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Abel Tesfaye just made $2.29 million from his collaboration with Nifty Gateway. 

The Weeknd Gets Tokenized 

Abel Tesfaye, the platinum-selling R&B artist better known as The Weeknd, just made $2.29 million from his first NFT collection. 

He sold the pieces through Gemini-owned Nifty Gateway, an NFT marketplace that’s recently sold tokenized work by Calvin Harris, Steve Aoki, and Grimes, among others. The collection was put together alongside visual artist Strange Loop Studios, who The Weeknd worked with to develop the creative direction. The collection also featured a previously unheard The Weeknd song. 

The drop included three open editions, two silent auctions, and two raffles. The cheapest pieces priced at $100, while others were sold to the highest bidders. The open editions, which featured excerpts of The Weeknd’s unreleased track, raised $1.4 million in a 15-minute sale window. 

The auction’s showstopper was a unique token of an animated video accompanied by the full song. Bidding ran for 24 hours and closed at $490,000 on Sunday evening. Adding in the open editions, the auction made a total of $2.29 million. 

When he announced the drop, The Weeknd said: 

“I’ve always been looking for ways to innovate for fans and shift this archaic music biz and seeing NFTs allowing creators to be seen and heard more than ever before on their terms is profoundly exciting. I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”

NFTs Draw Criticism 

Like many other artists who have recently used NFTs to release music, The Weeknd faced a backlash from some fans. Many of the technology’s loudest detractors have presented arguments related to the environmental impact of blockchain technology, often leaning on questionable statistics with little credible evidence to support their claims. Critics have also pointed to the speculative nature of the NFT market, accusing some artists of profiteering from their fans. 

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Though some of the bigger artists the space has attracted don’t likely need extra income, NFTs could hugely benefit artists with smaller fanbases. Due to the low royalty fees paid from music streaming, many lesser known musicians are dependent on touring for their main source of income. NFTs could change that through smart contracts, allowing creators to sell their work directly to fans rather than waiting until other intermediaries have taken a cut. These smart contracts can also be programmed to pay a portion of the revenue every time an NFT is resold, which is the norm for those listed on Nifty Gateway. 

“NFT” stands for non-fungible token, which means that they are interchangeable. When someone trades a Bitcoin for another Bitcoin, the two assets don’t differ from one another. With NFTs, each piece is different. It’s worth noting that more than one edition of the same NFT can be printed, like the open editions The Weeknd released. The difference lies in the data recorded on the blockchain for each piece. This data is the core of an NFT: it’s what proves the owner and scarcity of an asset like a piece of music. NFTs mostly run on Ethereum, which is where part of the criticism for the space comes from. Ethereum uses proof-of-work, a consensus algorithm that places a heavy toll on the environment due to its reliance on computational power. Soon, though, the smart contract blockchain will move towards proof-of-stake, which should significantly reduce its carbon footprint. 

With this weekend’s sale, The Weeknd has joined a growling list of artists who have recently cashed in on the NFT space’s growing momentum. The Weeknd has won three Grammy awards, performed at the Super Bowl halftime show, and collaborated with stars like Drake and Daft Punk. Since emerging onto the pop scene in 2012, he’s sold millions of records worldwide. His hit singles include ‘Starboy,’ ‘Can’t Feel My Face,’ and ‘Blinding Lights.’ 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptobriefing.com/the-weeknd-raises-over-2-million-in-first-nft-auction/

Blockchain

Bitcoin Cash Price Analysis: 10 April

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The correlation between Bitcoin and Bitcoin Cash stood strong at 0.729, showing a positive correlation between the prices of the two (denominated in USD). Bitcoin Cash saw some bullish news in recent weeks when it was announced that merchants that have integrated PayPal will be able to accept payments in BCH.

Bitcoin Cash 12-hour chart

Bitcoin Cash Price Analysis: 10 April

Source: BCH/USDT on TradingView

Bitcoin Cash was once again near the $670 resistance level. Further on lies the $750 resistance level, while support is at the $600-$610 area.

A leg upwards could be exactly the thing that has been brewing in the markets over the past month. Bitcoin and Ethereum have been unable to break past the stubborn resistance at $60k and $2000 respectively, suffering a sharp pullback before recovering. The positive sentiment around the market has been building for a few weeks now and could propel prices higher in the weeks to come.

The technical indicators showed that BCH has shifted back toward bullish momentum over the past two weeks, after dropping to test the $480 support level.

Rationale

Using the Elliot Wave Theory, the move from $220 (October) to $500 (January) appears to be the third wave in a series of five waves for BCH – and that wave also saw BCH register larger gains than the other two motive waves.

The move from $750 to $480 would then be Wave A of the corrective phase – and the recovery from $480 being Wave B. If this is indeed so, then BCH is unlikely to push past $750 once again.

The OBV showed that although buying volume was present, it has not yet made up for the selling volume seen since the drop from $750. This has to change if the bulls are to drive prices toward $800.

The RSI climbed back above neutral 50 to denote bullish sentiment.

Conclusion

A surging Bitcoin often sees market participants exchange altcoins for the king of crypto. This scenario would likely see coins such as BCH stagnate while Bitcoin soars. The $660 and $750 remain key levels of resistance and a move above them will invalidate the corrective phase scenario laid out in this analysis.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-cash-price-analysis-10-april

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How Ripple’s big win in court correlates with XRP’s 113% rally

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The bulls ride again on XRP’s side, as the token breaks about $1. On the legal subject, things seem to be going well for Ripple’s corner as rumors of an SEC settlement grow louder.

Back in December, the Commission hit Ripple Labs, executive Brad Garlinghouse, and Chris Larsen with a lawsuit for the alleged illegal sales of an unregistered security. In the coming month’s XRP’s price plummeted, exchanges delisted it, some investors lose faith.

As reported by lawyer Stephen Palley, Garlinghouse and Larsen scored a victory yesterday when Magistrate Judge Sarah Netburn rule that “discovery seeking 8 years of financial records along w/ subpoenas to 3d parties seeking same were too broad”.

Palley classified the decision as a “nice early win” by the defendants but is still skeptical about it being an indication for a resolution on the case. Palley added the following:

Winning a motion for a protective order on discovery doesn’t usually portend victory on the merits of the case itself. It depends. And the Court left open the possibility some of this could revisit later, if there are reasons to check veracity.

On the other hand, Galaxy Digital CEO Mike Novogratz said Ripple’s “equity is trading” at up to $3 billion in valuations on a secondary market. Novogratz speculated on the possibility XRP is rallying due to rumors of a possible settlement in the lawsuit.

Last February, the parties ruled out a settlement in a joint letter. However, the negotiations took place under the Commission’s previous directive. Gary Gensler is expected to be confirmed by the Senate and his more pro-crypto stance to have a positive influence on the legal process. Novogratz said:

Ripple equity is ‘trading’ in secondary market at $2-3bn valuation.  The $XRP on their balance sheet is worth approx $70bn. One price seems wrong. If XRP price is saying settlement coming, the equity is crazy cheap.   If not, the token seems expensive.   Thoughts?

Commenting on Novogratz’s statements Palley said there is no “public” indication a resolution is coming soon. The lawyer classified this subject as “inside” information and claimed a settlement will come after summary judgment practice. Palley added:

I don’t know how one can correlate price itself to settlement unless someone has inside information about potential SEC settlement/resolution and ability for exchanges to re-list for trading. Ripple has done better than I expected so far in preliminary motion practice and discovery fights, but there’s a long way from that to case resolution.

XRP in moon mode

Those who hold on to their tokens have been rewarded. XRP is trading at $1,32 with 29% profits in the past 24 hours and the biggest weekly rally in the crypto top ten with 113%.

Ripple XRP XRPUSDT
XRP on a bullish run in the 24-hour chart. Source: XRPUSDT Tradingview

Trader Kaleo said XRP is yet to reach its top and seems bullish on current price action. Comparing it to the 2017 bull-fun, the trader said XRP’s price quickly reach $2.45 when it broke the $1 mark. In the current rally, there is “way more capital” and fuel for the price to extend the bullish momentum.

In the last 24 hours, investors in South Korea are increasing XRP buying pressure as shown by the high trading volume in Upbit and Bithumb, two major exchanges in that country.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/how-ripples-big-win-in-court-correlates-with-xrps-113-rally/

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Chainlink, Aave, Decred Price Analysis: 10 April

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Chainlink moved within an ascending channel but a breakdown did not seem likely at least in the short term. Aave remained below its 200-SMA, while Decred was expected to break south from its ascending channel after touching $200.

Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink’s current price was at a crossroads on the 4-hour chart. On one end, a climb above $35-resistance on the back of a bullish broader market would likely boost LINK above its ATH of $36.9. The other end would see LINK move below the bottom trendline of its ascending channel.

A bearish divergence on the MACD did lead to a pullback, but the price was still within the confines of an ascending channel. If the fast-moving line does cross above the signal line, a breakdown can be avoided over the coming sessions. The RSI pointed north from 54 but was expected to fall towards the oversold zone after forming another peak in the upper territory. A breakdown would highlight $28.6-support, but the same could go as low as $24.4.

Aave [AAVE]

Source: AAVE/USD, TradingView

While Aave has attempted a recovery after the late February pullback, gains have been largely capped by a strong resistance line of $422.7. Another stubborn form of resistance came from the 200-SMA, a line that has subdued Aave’s attempt at a bullish comeback. At the time of writing, the candlesticks were below the 200-SMA and the bulls faced an uphill task to take control of the market.

The OBV moved flat over the last few sessions. On a whole, selling volume has outmatched buying volume since mid-February. The ADX pointed south from 26 as the price approached its long-term moving average. Even if the price does move north, failure to flip $422.7 to a line of support could lead to a breakdown once again. Support at $300 could cushion any losses seen during the mid-long term.

Decred [DCR]

Source: DCR/USD, TradingView

On the 4-hour timeframe, Decred moved within an ascending channel after a pickup from $175.7-support. Since the last two weeks, this has become a recurring theme for DCR. Ascending channels have led to a minor pullback but the bulls have swiftly negotiated them and maintained an upwards trajectory. Going by the same logic, a minor pullback was expected if the channel peaks at a psychological level of $200.

The $195 region could offer some support but a fall towards $175.7 was also likely in case of a sharper sell-off. For now, the RSI was in the process of forming its third peak in the overbought region and a reversal can be expected soon after. Meanwhile, bullish momentum was gathering according to the Awesome Oscillator.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/chainlink-aave-decred-price-analysis-10-april

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