Is Theta becoming the new Alpha?The Theta Network grabs investors’ attention when it rallies on news of yet another partnership.
- Theta has partnered with Samsung (005930) to drop NFTs on the tech giant's latest line of devices after being chosen for its impressive transaction speeds, which are about 100x faster than Ethereum.
- It’s also collaborating with iconic TV show The Price is Right to launch a series of NFTs, as it carves out a niche for itself as a specialized blockchain for media, video and entertainment.
- Its native token shot up 7% in Tuesday morning trading, reversing a weekend of losses that wiped away the 18% it gained last Thursday following its The Price is Right deal. It’s up 30% for February so far for its first month in the green since October.
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Theta storms HollywoodBoth Theta Token and Theta Fuel soar amid mad excitement for the network’s mainnet launch later this month. Theta Token jumped 35% in the last week of May, and it’s been bouncing around ever since, while Theta Fuel rose 50% in the same week and a further 44% to June 7. Fun times.
The Theta protocol ecosystem has been heating up over the past month, as the network gets ready for its upcoming Mainnet 3.0 launch scheduled for release on June 30. The current hype around the token recently has got people wondering what exactly Theta is – so in case you don’t know, here we go.
The Theta blockchain project is a purpose-build decentralized video delivery network and cryptocurrency, which means that users can use blockchain to access a global infrastructure for video and data delivery designed to benefit the streaming industry.
The main Theta Token is the governance token of the network, while Theta Fuel functions as the central utility token in the ecosystem. The whole idea of the blockchain is to make it so that way less infrastructure is needed to stream a good quality video. We’ve all been through that annoying buffering struggle, and this blockchain aims to end that. We’re fully on board.
The blockchain-enabled content streaming platform has attracted some impressive investor attention and a global user base, and even made its way into the top 10 cryptos market cap after the month of March saw a wild increase of almost 300%. Theta Token’s performance this year has been pretty spectacular, taking prices from below $1 to highs of above $15. But Theta Fuel is also gathering up interest – in the month of May, prices jumped by over 95%.
Major protocol updates are well known to get prices rallying in the crypto world – who doesn’t love a new toy. Things really started to heat up at the end of May after the LA-based talent and sports agency (and Hollywood Powerhouse) the Creative Arts Agency (CAA) was revealed as the network’s newest validator node operator, joining other external validators like Google, Samsung, and Sony to ensure the robustness of the network. The news made headlines, and it’s given investors a whole lotta hope in the eventual outcome.
It’s hoped that the upcoming Theta Mainnett 3.0 launch, originally due to happen in April, could lay the foundation for a dedicated NFT (non-fungible token) marketplace – a big deal, given that the sector exploded by nearly 2,100% in the first quarter of 2021. If you want to learn more, we’re sure that Lindsey Lohan’s Guide to Getting Filthy Rich on NFTs will tell you all you need to know...
Now, is Theta actually worth all the hype? I am not sure because it’s too early to tell. I want to see how well their mainnet does. However, they have a solid advisory team and are solving an important problem, so that’s definitely working in their favor,
said Marie Tatibouet, chief marketing officer of cryptocurrency exchange Gate.io.
It’s everything to play for until June 30.