Cryptocurrency
Singer Vérité’s fan-first approach to Web3, music NFTs and community building
Carving out a sustainable career as an independent musician is no easy feat. The competition is fierce, support can be hard to find, and earning a living without the financial help of a major record label is an uphill battle. Yet, for those who are able to build a loyal fanbase, the freedom of complete creative control can be liberating.
Technology has long proven to be a potential friend to those musicians willing to embrace it, and nonfungible tokens are the latest innovation that many tech-savvy artists have begun incorporating into their careers. But NFTs remain both controversial and experimental, especially among the mainstream, and music NFTs are still relatively niche.
One artist who has cracked the code to maintaining a successful career as an independent musician is American singer Vérité, who has racked up hundreds of millions of streams without the support of a record label since releasing her first single, “Strange Enough,” in 2014.
After finding success and touring internationally, Vérité became one of the earliest musicians to experiment with NFTs in February 2021. Since then, she has built a strong Web3 community and had several successful high-profile drops, including releasing 1/1 NFTs, selling the master rights to her music, fractionalizing song royalties on the blockchain and giving NFTs to concert attendees. She has done all this while still retaining her dedicated non-Web3 fans, many of whom have little to no interest in crypto.
How does one walk this fine line and successfully integrate Web3 into their career without alienating their existing, perhaps skeptical, fans? Magazine sits down with Vérité to find out.
Don’t over-rely on Web3
For many musicians, Web3 is an exciting frontier filled with new possibilities for fan engagement and revenue generation. However, Vérité believes it is important that artists have diversified revenue streams and marketing strategies and don’t fall into the trap of assuming that the hype surrounding anything, especially NFTs, will last forever.
Building a music career in Web3 is “a bit of a double-edged sword,” Vérité tells Magazine. While it can help bring people together, “it becomes a negative when maybe artists limit themselves to only utilizing those tools and only existing within those communities, not really having the foresight that there was a hype cycle that then broke and these paths to monetization closed.”
“My focus is ‘How do I build a career that can withstand trend cycles, that can refocus on the foundation of my career while trying to push forward to build better?’ because we recognize that a lot of these systems are extremely broken.”
Protect and respect fans
Not every fan wants to join their favorite artist on their Web3 journey, and that’s fine, according to Vérité. When she first started releasing NFTs, she heavily emphasized that she was simply experimenting with the technology. “I was very, very clear that I don’t care if you come with me on this experiment — this is an experiment for me,” she states.
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Vérité actually took it one step further, actively encouraging fans not to join her. “A lot of my communication with them was, ‘Don’t buy this. Don’t participate unless you are fully educated and willing to fully educate yourself and take on the risks.’” Even now, she still tells her fans that they should never feel pressured to participate in anything Web3-related.
“More than monetizing, it’s really protecting the people who have supported my career for the last eight years,” Vérité emphasizes.
It’s clear that not everyone is sold on the power and potential of blockchain. The bear market certainly hasn’t helped the space’s reputation either, with the collapse of crypto exchange FTX making mainstream media headlines and the prices of even blue-chip NFTs crashing 95% from their bull market peaks.
“If you go on my Discord — and I do tag everyone and say, ‘What do you think about crypto and NFTs?’ — people are not jazzed. Most of them, honestly. It’s just general disinterest,” Vérité explains. But it’s not necessarily that her fans actively hate crypto. “I’m finding that people don’t have a desire to do something new because they don’t see a problem, right?”
According to the singer, “NFTs, Web3, how it’s been marketed out to the masses is also wholly unpalatable really to non-tech-native fans.” Instead, she offers the following advice:
“I would more so recommend people to frame it as utilizing tools because it’s a weird market, and it’s hard to justify some of the scams and the negative aspects that can cause real harm to someone who isn’t knowledgeable or educated on those things.”
Offer an option, not a requirement
Instead of forcing fans to join her on-chain, Vérité instead focuses on building experiences with a Web3 element that is present but optional. She describes her approach as offering a “door” for fans to enter, one where blockchain functionalities can be unlocked to further enhance the fan experience — but where fans will still enjoy the experience regardless of whether they open the door:
“Do you need to jump the technological hurdle in order to have the experience, right? Or is it just a door? If it’s a door, you can talk about it because it’s not a burden.”
“For me, it’s really trying to consider, ‘What is the experience that we’re offering, what are the actual viable use cases of blockchain technology that we can tack on that aren’t burdensome?’” she says.
One example is “The Vérité Crewneck,” a tech-enabled sweatshirt the singer dropped in late 2022 in collaboration with IYK, a company working with brands, artists and creators to develop phygital experiences. The sweatshirt has a near-field communication, or NFC, chip embedded in the sleeve, which can be scanned to access exclusive content and unlock an NFT representing a certificate of authenticity.
Vérité explains that fans who bought the sweatshirt received “premier access to the next era of my records.” Buyers could scan the chip with their phones and get early access to music and perks such as behind-the-scenes content. “That was the main value proposition — not a Web3 activation, right?”
But the landing page also features an option to verify the garment, through which curious fans can receive their NFT.
Fans are at the center of it all
Between straight-up telling fans not to purchase her NFTs to offering them experiences where the Web3 option is an added bonus, Vérité’s fan-centric approach has undoubtedly played a significant role in her ability to push boundaries — and see success — in Web3 while still maintaining a loyal non-Web3 fanbase. Or, in her words, “My fans come first, and I don’t have fans just so that I can sell them shit all the time.”
Regarding her long-term hope for the future of blockchain and music, Vérité says her vision is that “we can demystify the black box of data that exists between artists and their fans, that is held by social platforms, ticketing companies, etc., and that blockchain actually does have the ability to make that information transparent so that artists can communicate directly to the people who support them and reward them in long-term scenarios.”
If the hype is to be believed, this dream may one day come true. But based on Vérité’s experience at the forefront of it all, it seems the only way the music-Web3 revolution will be truly successful is if fans are placed at the center of it.
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Cryptocurrency
Cardano Price Analysis: Can ADA Crash Below $0.7 This Week?
Cardano’s price has experienced a massive drop recently following the Ethereum crash. However, things are still looking more positive for ADA, compared to ETH.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
Against USDT, the cryptocurrency has been consolidating between $1.2 and $0.8 over the past few months, forming a large descending channel pattern.
However, it broke down to the downside during the crypto market crash led by Ethereum, and ADA’s price briefly traded below its 200-day moving average, located around the $0.6 mark, before rebounding higher.
Currently, the price is trying to hold above the $0.8 support level, which would be vital if a bullish shift is bound to occur soon.
The BTC Paired Chart
The ADA/BTC chart shows a somewhat similar picture to that of the USDT-paired one. However, ADA is weaker than BTC.
The market has lost a key support level at 900 SAT and is now testing the 200-day moving average, which is located around the 750 SAT level.
In case of a breakdown, a deeper drop toward the 500 SAT area would be imminent. However, as the RSI is showing a clear oversold signal, a pullback toward the 900 SAT level looks more likely at the moment.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
BitMEX Launches 20 New Altcoin Options Featuring LTC, SUI, LINK, and More
[PRESS RELEASE – Mahe, Seychelles, February 5th, 2025]
BitMEX, a longstanding cryptocurrency derivatives exchange, has introduced 20 new options contracts, expanding its offerings to include a wider range of altcoins. Traders now have access to options contracts for Litecoin (LTC), Sui (SUI), Chainlink (LINK), Aave (AAVE), and additional assets, providing more instruments for risk management and market engagement.
BitMEX Options provides traders with access to robust market depth and minimal price fluctuations through an Orderbook and a Request-for-Quote (RFQ) interface. The platform supports both single-leg and multi-leg options trading with competitively low minimum sizes. Additionally, the Strategies Dashboard streamlines the execution of advanced options strategies, offering a more efficient trading experience.
Stephan Lutz, CEO of BitMEX said, “With the markets showing more volatility than ever, traders have an opportunity to push their strategies further, and we want to ensure they have every advantage. With this expansion, BitMEX is delivering what traders demand – a wider range of assets whilst empowering them with cutting-edge features that make executing sophisticated strategies effortless. With the addition of 20 new altcoin pairs, it reinforces our commitment to making BitMEX the go-to platform for options trading.”
Options traders can now access options pairs for BTC, ETH, AAVE, ADA, APT, AVAX, BCH, DOGE, FIL, ICP, LDO, LINK, LTC, MMPEPE, MMSHIB, MNT, OP, ORDI, SOL, SUI, TON, TRX, UNI, WLD, and XRP – totalling 26 pairs available for trading on BitMEX Options.
Users can sign up for BitMEX and explore trading options at https://www.bitmex.com/app/options.
About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity, and unmatched reliability.
Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure.
BitMEX was also one of the first exchanges to publish their on-chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – providing assurance that they safely store and segregate the funds they are entrusted with.
For more information on BitMEX, users can visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities.
For further inquiries, users can contact press@bitmex.com.
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Cryptocurrency
Ethereum Price Analysis: ETH Plunges 10% Weekly, What’s the Next Target?
Ethereum’s price is yet to recover from the drop it has been experiencing lately. Therefore, more downside could be expected in the coming weeks.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the price has been making lower highs and lows since getting rejected from the resistance at $4,000. Several support levels have been lost in the last few months, especially the 200-day moving average, located around the $3,000 mark.
While the price has already dropped to the $2,200 support and rebounded, there is still the chance for the market to decline lower as long as the cryptocurrency remains below the 200-day moving average.
The 4-Hour Chart
Looking at the 4-hour timeframe, the price has gradually declined inside a large falling wedge pattern. While the market broke the pattern to the downside on Monday, it recovered, reclaiming the $2,800 level. Yet, the RSI still shows values below 50%, indicating that the momentum is still bearish.
Therefore, if the price does not break back above the $3,000 level soon, a deeper correction or a longer consolidation could be expected in the coming weeks.
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Ethereum Open Interest
As Ethereum’s price is in a steep downtrend, market participants wonder where the price will finally find support. Analyzing the futures market sentiment could provide helpful insights into this situation.
This chart presents the Ethereum funding rates metric, which measures whether the buyers or the sellers are executing their orders aggressively (using market orders) on aggregate. Favourable funding rates indicate bullish sentiment, while negative values show bearish sentiment.
As the chart suggests, the funding rates have dropped significantly following the recent crash. Judging by its current values, it is safe to say that the futures market is no longer overheated. However, without sufficient demand in the spot market, the market will not be able to recover any time soon.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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