Katy Perry Invests in Decentralized Streaming Community, Staked TFUEL Surpasses 1 Billion After Mainnet 3.0 Launch
Peer-to-peer video streaming community Theta, which awards lots of its million month-to-month customers in trade for unused bandwidth, is increasing its array of companies and now wading into non-fungible tokens (NFT).
Backed by Sony Group Corp. and Samsung Electronics Co, final week, singer Katy Perry additionally joined in saying she would make NFTs of her performances out there on the community.
The singer additionally mentioned she is taking an undisclosed stake within the firm.
“I’m each excited and curious to be launching my first ever NFTs later this 12 months with Theta Community,” the singer mentioned on the time.
“This can be a new, distinctive alternative to attach with my followers world wide,” she mentioned including, “I can’t wait to dive in with the Theta crew on all of the thrilling and memorable artistic items, so my followers can personal a particular second of my residency that’s each a digital collectible in addition to an IRL expertise.”
Mitch Liu, CEO of Theta Labs, which raised $20 million in an preliminary coin providing (ICO) in late 2017 and owns 20% of all THETA provide, referred to as this collaboration an “necessary inflection level” in Theta Community’s historical past.
This is able to take the community one other step nearer to international adoption and “an necessary milestone in direction of one million each day transactions on the Theta community,” he mentioned.
Theta Labs has additionally launched a decentralized trade (DEX). “Each Compound and Uniswap can run on Theta with none code change,” mentioned Liu.
As of writing, the $6.2 billion market cap token THETA is buying and selling at $6, down 62% from its all-time of $15.72 in mid-April however nonetheless up 215% YTD.
“It’s not only a pure monetary incentive or objective, we’re actually creating a brand new ecosystem,” mentioned Ali Farahanchi, associate at venture-capital agency DHVC which is an fairness investor in Theta.
“This can be a new method of conducting enterprise… that’s type of decentralized streaming. We’re simply getting began.”
In line with Liu, a mean Theta.television person watches for about 63 minutes a day, and a heavy “viewer can get $5-$10 a month.”
“It’s important in growing international locations. And that pays for half of your Netflix subscription,” said Liu including whereas their viewers is not rising, it has stayed secure for years.
“We made a strategic resolution that we’re not going to be competing with YouTube,” he mentioned. YouTube and Twitch co-founders are among the many firm’s advisers.
In the meantime, the token THETA may be staked in trade for which stakers obtain a secondary token referred to as TFuel, which itself is a $2 billion market cap token buying and selling at $0.37. TFuel tokens are additionally earned by Theta community customers for sharing their bandwidth with others.
Final week, the undertaking introduced the launch of its mainnet, which noticed the entire staked TFUEL passing 1 billion.
“Mainnet 3.0 has efficiently launched! At block peak 10,968,061 the chain forked to MN3.0 code and TFuel staking was enabled,” mentioned the crew.