Crypto influencer Ben Armstrong is naming what he says is the most underrated non-fungible token (NFT) asset in the space.
In a new video, Armstrong shines a spotlight on Ecomi (OMI), a project that he believes will grow immensely as demand surges for NFTs – the unique assets that use crypto technology to essentially provide certificates of ownership in digital and real-world items such as art, virtual land, tickets or even tweets.
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OMI is the native token for NFT collectibles platform VeVe, which has locked in impressive partnerships with some big-name brands, including Warner Bros., Capcom, and DC. Armstrong notes that Ecomi’s global head of licensing Alfred R. Kahn is a titan of the licensing Industry, able to gain the rights to coveted digital merchandise.
“Kahn’s properties are responsible for more than $25 billion in retail revenue. Kahn was the founder chairman and CEO of 4Kids Entertainment from 1991 until 2011. He is recognized as an industry leader and licensing behemoth. His company 4kids entertainment was responsible for some of the biggest names including Pokemon, YuGiOh, Teenage Mutant Ninja Turtles, Cabbage Patch Kids, and of course ol’ Polly Pockets.”
Kahn also helped with branding and licensing of Nintendo, Mario Bros, Zelda, Donkey Kong, James Bond, and World Wrestling Federation.
Armstrong says that while Ecomi hasn’t announced a formal partnership with those brands as of yet, with Kahn in charge of licensing, it’s likely not that far away.
“So if only some of these brands join in the NFT craze, Ecomi and the VeVe app will be successful. Ecomi looks to have the premier brands NFT space cornered similar to how Enjin (ENJ) has the gaming scene…
NFTs are the next big trend and will take the world by storm reshaping the collectibles industry, and with all these connections and partners, Ecomi will be at the head of it. Don’t take my word for it, Alfred Kahn has this to say: ‘The magnitude of blockchain technology will disrupt the collectibles industry by giving licensed brands another platform to sell on and protect their digital IP. Ecomi will set the standard in this space.”
OMI is currently trading around $0.008 and holds a $1.4 billion market cap. The asset is up roughly 30,000% on the year, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Bitcoin continues to consolidate in the high $50,000 area, meanwhile, its fundamentals are strengthening and seem to point towards a price breakout.
Analyst Ali Martinez has shared data from Glassnode to predict the timing for a new BTC price rally. According to the analyst, when the cryptocurrency surpasses the 1 million threshold in the metric Entity-Adjusted Dormancy Flow, historically BTC “goes parabolic.”
Despite Bitcoin’s nearly 1,500% increase in a year, it is still below this threshold. The analyst stated:
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Despite the 1,465% surge that $BTC experienced since the March 2020 crash, the Bitcoin Entity-Adjusted Dormancy Flow has yet to move past the 1M threshold. When and if it does, #BTC could enter a new parabolic phase posting more gains than what we have already seen.
Conversely, Martinez stated that when the Entity Adjusted Dormancy is rejected before surpassing the one million threshold, Bitcoin’s price experiences a pullback. In 2021, this has happened at least twice back in January and late February. As seen below, the cryptocurrency is close to this zone.
Source: Glassnode
Bitcoin in an accumulation phase
Perhaps one of the most bullish fundamentals is Bitcoin miners’ behavior. Over the past few months, this sector had been selling much of its supply in BTC, increasing the selling pressure in the market.
However, analyst Lex Moskovski has shown that miners have changed their position and started buying BTC to increase their reserves. Since late March and early April, miners have bought around 10,000 BTC. Moskovski stated:
Miner optimism doesn’t necessarily predict the price but it definitely takes out of the equation a major selling factor.
Source: Glassnode
The above is in tandem with a reduction in Bitcoin supply held on exchanges. Research firm Glassnode records a two-year low in the cryptocurrency’s supply found on exchanges down to 2,399,090 BTC.
Analyst William Clemente has taken this data to predict a BTC supply crunch which will contribute to the appreciation in the price of the cryptocurrency in Q3 and Q4 of the current year. In the short term, the increase in funding rate could give BTC the boost it needs to reach a new ATH, according to Jarvis Labs partner Ben Lilly:
Jet fuel to the upside. Funding rates reset from the drop. Now the liquidity is higher, time to punch it.
BTC is trading at $58,150 with a sideways movement (-0,9%) during the last day. On the weekly chart, BTC has 4.2% gains and 19.3% in the monthly chart.
BTC showing sideways movement during the past day. Source; BTCUSD Tradingview
Historical trends act as a gauge for traders to assess the possibilities for the future. April has been a bullish month for Bitcoin (BTC) with eight monthly closes in the green and only two instances of negative returns.
Danny Scott, the CEO of the Bitcoin exchange CoinCorner, said that Bitcoin could rally to $83,000 if it emulates its average April return of 51% as it had over the past 10 years.
This could be one of the reasons why miners have started holding their positions instead of selling at the current levels. Lex Moskoviski, the CIO at Moskoviski Capital, recently highlighted that miners had hoarded 4,380 Bitcoin on April 2 and 4,494 Bitcoin on April 3.
Crypto market data daily view. Source:Coin360
While Bitcoin remains the undisputed leader, a positive is that some mainstream companies have started to explore opportunities in different sectors of the crypto sector.
Shopify CEO Tobi Lutke indicated that his company was exploring ways to integrate with decentralized finance. On April 3, Lutke tweeted a question to the DeFi community asking for ideas on what role the company could play in the space. If something concrete comes of this it could give a big boost to the entire crypto ecosystem.
Let’s study the charts of top-5 cryptocurrencies that may outperform the other major cryptocurrencies in the short term.
BTC/USDT
Bitcoin’s repeated failure to break above the $60,000 level in the past few days could have attracted profit-booking from short-term traders. That resulted in a drop to the 20-day exponential moving average ($56,518) today.
BTC/USDT daily chart. Source:TradingView
The moderating of the slope of the moving averages and the failure of the relative strength index (RSI) to rise above the downtrend line shows that bears are aggressively defending the $60,000 to $61,825.84 resistance zone.
If the bulls can thrust the price above this zone, it could trap the bears, resulting in a possible short squeeze. That could boost momentum, launching the BTC/USDT pair toward the target objective at $69,540 and then $79,566.
On the other hand, if the bulls again fail to clear the hurdle at $60,000, then the possibility of a break below the 20-day EMA increases. The pair could then retest the 50-day simple moving average ($53,771). This is an important support to watch out for because a break below it will indicate a possible change in the short-term trend.
BTC/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the formation of a possible inverted head and shoulders pattern that will complete on a breakout and close above $60,000. This bullish setup has a pattern target of $69,540.
However, the 20-EMA has started to turn down, indicating the bears are trying to gain the upper hand. If the price turns down from the 20-EMA, the pair could extend its decline to $54,700. A break below this level could open the doors for a decline to $50,460.02.
ETH/USDT
The range-bound action in Ether (ETH) resolved to the upside on April 2 and the price surged to a new all-time high at $2,144.59. However, the bulls could not sustain the higher levels as the price again dipped back below the breakout level at $2,040.77.
ETH/USDT daily chart. Source:TradingView
The bulls are currently attempting to push the price back above the $2,040.77 to $2,144.59 overhead resistance zone. If they succeed, the ETH/USDT pair could pick up momentum and start its journey to $2,618.14.
The upsloping 20-day EMA ($1,849) and the RSI in the positive zone indicate the bulls have the upper hand.
However, if the price turns down from the overhead zone and dips below the 20-day EMA, it will suggest that the bullish momentum has weakened. A break below the 50-day SMA ($1,751) could keep the pair range-bound between $1,289 and $2,040.77.
ETH/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the pullback in the pair has found support at the 20-EMA, which suggests the uptrend is intact. However, the bears are unlikely to give up easily. They will again try to stall the current rally in the $2,093.45 to $2,144.59 overhead resistance zone.
If they succeed, the pair may again drop to the 20-EMA. A break below this support will be the first indication that supply exceeds demand.
On the contrary, if the bulls can sustain the rebound and catapult the price above the resistance zone, the uptrend may resume.
BNB/USDT
Binance Coin (BNB) broke out to a new all-time high on April 2 but the bulls could not sustain the higher levels and the price dipped back below $348.69. This suggests that the bears tried to trap the aggressive bulls.
BNB/USDT daily chart. Source:TradingView
However, the bulls did not allow the price to break below the $315 support. This is a positive sign as it indicates that bulls are accumulating on every minor dip and are not waiting for a deeper correction to buy.
If the bulls can thrust the price above the all-time high at $356.98, the BNB/USDT pair could start the next leg of the uptrend that may reach $400 and then $430. The rising moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.
On the contrary, if the price turns down from the current level or the overhead resistance and slides below $315, it will suggest that the bullish momentum is weakening.
BNB/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bears are aggressively defending the overhead resistance zone between $348.69 and $356.98. They had even pulled the price below the 20-EMA but could not break the $315 support.
The bulls will now make one more attempt to push the price above $356.98 and if they succeed, the pair could pick up momentum.
On the other hand, even if the price turns down from the overhead resistance zone but stays above $315, it will indicate strength. The bears could gain the upper hand in the short term if the price breaks and sustains below $315.
DOT/USDT
Polkadot (DOT) broke above the downtrend line on April 2 and made a new all-time high at $46.80 on April 3. However, the higher levels attracted profit-booking as seen from the long wick on the day’s candlestick.
DOT/USDT daily chart. Source:TradingView
The bears could not build upon their advantage as the bulls purchased at lower levels and have pushed the price back above $42.28 today.
The 20-day EMA ($36.57) has turned up and the RSI has risen into the overbought zone, indicating the bulls are in control.
If the bulls can now drive the price above $46.80, the DOT/USDT pair could resume the uptrend and rally to the target objective at $53.50.
This positive view will invalidate if the price turns down and breaks below the moving averages.
DOT/USDT 4-hour chart. Source:TradingView
The moving averages are sloping up and the RSI is in the positive zone, indicating that the short-term trend is bullish. The strong rebound off the 20-EMA indicates that the bulls are aggressively accumulating on dips. This increases the possibility of a break above $46.80.
However, if the price turns down from the current levels and breaks below the 20-EMA, it will suggest that supply exceeds demand. Such a move could pull the price down to the 50-SMA.
EOS/USDT
EOS broke above the $5.60 overhead resistance on April 1 and closed at $6.25 on April 2, its highest close since June 29, 2019. This shows that the altcoin is once again generating interest among investors.
EOS/USDT daily chart. Source:TradingView
The bears dragged the price back below the breakout level of $5.60 on April 3, but the positive sign is that the bulls have not allowed the bears to assert their dominance. They have again pushed the price back above $5.60.
If buyers can sustain the price above $5.60 for three days, it will suggest the start of a new uptrend. The EOS/USDT pair is likely to pick up momentum after the bulls propel the price above $6.50. If they can do that, the pair could rally to $7.64 and then $8.69.
The 20-day EMA ($4.68) has started to turn up and the RSI is in the positive territory, indicating the bulls have the upper hand.
EOS/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bears attempted to trap the bulls when they pulled the price back below the 20-EMA and $5.40. However, the buyers did not give up and they successfully defended the $5.20 level.
This shows the bulls are buying on dips. The 20-EMA has started to turn up and the RSI is in the positive zone, suggesting advantage to the bulls. If they can sustain the price above $5.60, the possibility of a breakout of $6.48 increases.
Contrary to this assumption, if the price turns down and breaks below $5.20, it will suggest that the breakout above $5.60 was a bull trap.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Goldman Sachs is reportedly preparing to issue its first investment channels for Bitcoin (BTC) and other crypto assets by the second quarter of 2021.
The Wall Street behemoth plans to offer the financial product to clients in its private wealth management group that targets high-net-worth individuals, families, and endowments with at least $25 million to invest, according to CNBC.
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Mary Rich, the newly-named global head of digital assets for Goldman’s private wealth management division,saysthe bank wants to eventually offer a “full spectrum” of investments in BTC and other cryptocurrencies amid rising demand for the emerging asset class.
“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term.”
People familiar with the matter reveal that the bank is now securing the green light from regulators, including the U.S. Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYSDFS).
Rich tells CNBC that their clients are seeking exposure to Bitcoin both as a hedge against inflation amid a turbulent macroeconomic backdrop and as an asset that may be at the forefront of a technological revolution.
The report comes as another banking giant, Morgan Stanley, reveals in a filing with the SECthat 12 of its mutual funds may indirectly invest in the leading cryptocurrency through cash-settled futures contracts and Grayscale’s Bitcoin trust. Rich says Goldman Sachs is looking to offer similar Bitcoin investment funds.
“We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be, but I think it’s fairly safe to expect it will be part of our future.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Via his Twitter handle, the CEO of subscription-based retail platform Shopify Tobi Lutke revealed that he has started “dabbling” with Ethereum. Specifically, Lutke stated that he has explored the decentralized finance sector and smart contracts on Ethereum for the purpose:
Mainly to understand how ERC20 works better. Fascinating world.
With approximately 500,000 active “stores”, 1 million subscribed businesses worldwide, and a market share surpassed only by Amazon and eBay, Shopify is one of the most relevant eCommerce platforms today.
Since 2014 or so, Shopify has accepted USDC and PAX, and other digital assets as a form of payment. Integrating the platform with a DeFi protocol could be the next step. In a subsequent tweet and after experimenting with smart contracts, Shopify’s CEO asked the following question to the crypto community on the referenced social network:
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What are the commerce related opportunities that you are most excited about? What role do you want Shopify to play?
The executive stated that decentralized finance will be good for Shopify and was curious about a variety of topics such as NFT regulations, DAOs, and oracle services. His tweets received responses from users and Ethereum Core developers. Lutke asked:
what’s the technical mechanism for doing that? I imagine the oracles are basically smart contracts that periodically write these external values to the chain (and cause Events?). Is that funded by the users of the oracle? Is there an open source example contract?
Ethereum DeFi “aligned” with Shopify
Responding to a user’s concern about the incompatibility of decentralized finance and Shopify, Lutke stated that the “spirit” of the platform and DeFi are “aligned” and fit together. The executive explained:
Usually companies see a market like retail and say “cool, I’ll go win that market”. Shopify did “cool, let’s make sure everyone can participate”. So in spirit (not by your definition) we are helping push against centralization. Makes sense?
Lutke revealed that his mind “exploded” with the various opportunities but did not disclose further details about possible integration with the DeFi sector.
ETH is trading at $2,081 with gains of 1.7% in the last 24 hours. In the past week, ETH posts gains of 21.4%. Early last week, Visa announced that it would begin settling transactions on Ethereum. After the announcement, ETH received a bullish boost towards a new ATH.
ETH with minor gains in the 24-hour chart. Source: ETHUSD Tradingview
One, DeFi is huge, so extensive it can describe any financial activity executable in a decentralized manner. While decentralized exchanges, trading, insurance, and more dominate, other areas under this umbrella remain under-explored but, nonetheless, a gold mine.
Second, in this “under-explored” category are the innovation in prediction markets. Believers assert that the idea behind a prediction market is powerful, specifically with the blockchain’s intervention.
Polars in the Prediction Market
And this is where the creators ofPolarsare setting their eyes on–for good reasons. Prediction markets, just like any other sector, allow asset trading. Herein, these “assets” are packages of potential outcomes for a future event.
These events’ outcome is often binary: Yes or No, meaning the participant is banking on that event happening or failing.
Prediction markets are, therefore, a portal allowing the trading of the outcome of future events.
However, in the blockchain scene, how a prediction market operates is quite different.
Through the blockchain’s trustless nature, decentralized prediction markets can effectively capture “knowledge” about a particular event using multiple oracles.
Presently, there are several prediction markets dApps in operation. Some of them include Gnosis and Augur—both of which operate from the Ethereum platform, Polymarket, and Hivemind.
Admittedly, all of them exist to allow anyone to create a market, bet on an outcome, and resolve or report these outcomes.
Polars: DeFi in Prediction Markets
While popular, most of them face numerous challenges, including liquidity issues and low trading volumes.
This is where Polars comes in.
Aware that punters are not usually interested in low liquidity and trading volume events, the project aims to integrate DeFi. This way, they hope to once and for all resolve liquidity problems even in unpopular events.
At the same time, they are flexible, aiming to allow users to choose their preferred platform. Polars will first deploy in the Ethereum and Binance Smart Chain (BSC) networks before launching on the interoperable Polkadot platform.
Later on, Polars plans to launch in other EVM-compatible platforms, allowing users to optimize the fees.
Polars Tokens
Polars is introducing two tokens—BLACK and WHITE, to create an efficient and transparent predictions market free from liquidity and trading volume problems.
To make participation more interactive, they are creating the White and Black Teams.
Both will be actively competing against each other with the winner depending on results of external events like results of Presidential elections, exchange rates, or any other event that users can punt on.
However, as they compete, the value of both polar tokens will remain the same. Whenever the White team wins, the value of the White token rises. At the same time, that of Black falls in the same margin so as to maintain their aggregate price.
At the same time, there are earning opportunities for liquidity providers enabled by the platform’s secondary pool design that has no impermanent loss risks.
From the secondary pool, traders can swap Polars tokens without slippage. Market makers and liquidity providers with Polars tokens can supply liquidity to this secondary pool. Fifty percent of all fees earned by the Polars platform will be distributed to liquidity providers.
Each of these tokens (BLACK and WHITE) exists exclusively in pairs and has an aggregate value. When the price of one token falls, the other automatically rises. Therefore, regardless of price movement, their aggregate value is retained.
In any of Polars’ competition, these tokens’ volatility can move within a standard five percent, influenced by between 5 to 15 unique events every day. Accordingly, the price of these tokens can change at least ten times every day.
Polars also has another token, POL, for governance. Holders receive 30 percent of fees generated by the platform proportional to between holders. By holding POL, users can vote on proposals and directly participate in influencing the project’s trajectory.
At any time, POL holders can stake their portion via a smart contract activating voting access and more yields. In the future, the platform aims to use these staked POL to acquire historical NFTs.
Polars MVP is Ready, Beta Testing Scheduled
Presently, the Polars platform has its MVP ready.
They are completing their internal product testing and auditing of smart contracts. Once ready, it will be deployed in a test network.
Beta testing is ready for users whose addresses have been white-listed. The opportunity for this is currently open. Another advantage for white-listed users who participate in this beta testing is getting access to pre- investing.
Plans of Liquidity Mining and Launching on Ethereum and Binance Smart Chain
With this clearance, they can access the presale where 25 million POL tokens have been set aside. Here, testers can purchase each POL token for between $0.15 to $0.45–a considerable discount. During the Public Sale (a two-day window period) via Balancer, each POL token will sell for anywhere between $1 and $0.50.
What’s more, during the Public Sale, there will be 10 million fewer POL tokens.
Moreover, testers will stand to earn even more POL tokens via an airdrop once Polars list on Uniswap (Ethereum) and PancakeSwap (Binance Smart Chain). This will be at a tentative time in May 2021, when they also plan to launch in mainnet on the two platforms.
Additionally, Polars have allocated five million POL tokens for liquidity farming.
Lee Hsien Loong, Prime Minister of Singapore, claims someone set up a profile on the social token platform BitClout to sell tokens using the information from his Twitter account.
In a Facebook post Friday, Loong urged Singaporeans to “to remain vigilant when dealing with cryptocurrency platforms.” He said that someone had used BitClout to create one of the platform’s Creator Coins using his name, Twitter account bio, and photo. According to the screenshot Loong posted, there were 27.4088 of his tokens with a market capitalization of more than $9,800, with at least one user holding $4.77 worth.
“I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency,” said the prime minister.
He added:
“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.”
Loong’s account has since been removed, but could have been added to the platform at launch. According to BitClout, the site pre-loaded the top 15,000 Twitter influencers — purportedly based on the number of followers — allowing users to “buy and sell their coins even though they’re not on the platform yet.” The Singapore PM has more than 792,000 followers.
However, it appears that the figures behind the BitClout accounts do not have to reserve their profiles for the buying and selling of the tokens to start. Tesla CEO Elon Musk’s BitClout profile shows he has not officially joined the platform, but many users are currently holding his tokens, worth $89,379.39 each at the time of publication. When creators activate their accounts by tweeting out their BitClout address, they’re entitled to claim a certain number of their own tokens.
I’m going to be upset if I’m listed on bitclout without my consent.
But I’m going to be furious if I’m not.
— Ryan Selkis (@twobitidiot) March 22, 2021
The prime minister’s warning went out to his 1.6 million Facebook followers in addition to his Twitter followers, but was purportedly intended for all 5.7 million people living in Singapore. Loong seemed to imply investing in the crypto platform was akin to “falling prey to scams,” and encouraged users to only deal with companies regulated by the Monetary Authority of Singapore.
BitClout has also attracted the attention of former Baywatch star Pamela Anderson, who is handing out signed copies of her final 2016 Playboy magazine cover to the three biggest holders of her Creator Coin. Anderson’s token is currently valued at $6,749.89 with a market cap of more than $800,000.
A prominent crypto strategist and trader who amassed his large following with his lucrative altcoin calls says Bitcoin looks ripe for an exponential surge in value within a 24-hour timeframe.
In a new tweet, the analyst known in the industry as Kaleo tells his 115,500 followers that it is only a matter of time before the leading crypto asset prints a huge $10,000 daily candle.
I have a feeling $BTC will see its first green $10K daily candle soon.
— K A L E O (@CryptoKaleo) April 2, 2021
His remarkably bullish expectation for Bitcoin comes as he reveals his long-term price target for the flagship cryptocurrency. According to the crypto strategist, Bitcoin’s current price action reminds him of the sideways consolidation before Bitcoin erupted above $20,000 in December 2020.
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“Breakout above $20,000 to a new all time high vs. where we are now. If you aren’t taking advantage of longing the **** out of this low volatility, you’re not going to make it.”
Source: Kaleo/Twitter
Looking at the price action that catapulted Bitcoin from around $13,000 in November 2020 to above $40,000 by the start of 2021, Kaleo copies the pattern and overlays it with BTC’s current market structure to reveal a massive target of nearly $200,000.
“Bitcoin/BTC
Long your longs.”
Source: Kaleo/Twitter
Kaleo’s makes his optimistic call as Bitcoin is in the midst of a supply-side crisis. On-chain analyst Willy Woo believes that Bitcoin will go far beyond $200,000 and trade at $2 million as institutional investors ignite an unprecedented BTC supply crunch.
“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.
If you look back in the 2017 bull market, we saw like a five-month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology
On a Reddit post, Stellar community has discussed the most recent developments on the possible issuance of a central bank digital currency (CBDC) by the European Union. According to statements by the president of the European Central Bank, Christine Lagarde, a decision on the project will be made by mid-year.
Lagarde has had an unfavorable position on cryptocurrencies, CBDCs and digital assets. The president of the banking institution has been more in favor of stablecoins. However, in an interview with Bloomberg, Lagarde said that the decision on whether to approve the Digital Euro will be made by the ECB’s Governing Council.
Outlining the roadmap for the Digital Euro, ECB president said that they will soon publish an analysis of the public consultation process that was opened for the project. The institution will then deliver these results to the European Parliament and receive the green light to pilot the CBDC.
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Lagarde estimates that the subsequent assessments will last between 6 months to 1 year. In total, the deployment of the Digital Euro may take 4 years. The ECB President stated:
Because it’s a technical endeavor as well as a fundamental change because we need to make sure that we do it right. We owe it to Europeans; they need to feel safe and secure. They need to know that they are holding a central bank-backed […] equivalent of a digital banknote with the same level of security. […] We need to make sure that we are not going to break any system but enhance the system.
Stellar’s features would favor Digital Euro
Lagarde stressed that the “intermediaries” that depend on the current system will be able to continue to operate with the current institutions, credit lines and cash which ” will coexist” with the CBDC. The backbone of the project is to create an improved payment system “safe, solid and secure for the Europeans”.
In the Stellar community many users speculated about the possibility of the CBDC be deploy on top of Stellar Lumens blockchain. One user involved in the discussion stated that the institution could opt for this option to take advantage of the benefits of a “public-private partnership”. The user stated:
they are not collapsing the current system to go secretive again. the secrecy of the whole current financial system is its biggest issue and the reason nobody trusts the bankers. (…) the money is going to have to be a public utility, trusted by everyone.
Users in favor of this thesis highlighted that Stellar Lumens meets the requirements described by Lagarde: capacity to settle transactions, cross border remittance, and medium of exchange capabilities.
The community failed to reach a consensus. Most users believe that the banking institution will opt to use a private blockchain built specifically to host the CBDC. However, they did not rule out that the Digital Euro could be “interoperable” with other CBDCs and could even be convertible to cryptocurrencies on the Stellar Lumens, Ethereum, or other blockchains.
XLM is trading at $0,4 with 4.1% losses in the last day. On the weekly chart, XLM has 11.7% in gains.
XLM with bearish momentum on the 24-hour chart. Source: XLMUSDT Tradingview
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 excerptsof 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 heannouncedthe 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 theenvironmental impactof 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.
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 towardsproof-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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