2021 was a springboard for many projects in the cryptocurrency market, but like the nature of cryptocurrency, many coins reached new highs and then drifted lower over the following months as the hype around the project faded and traders moved to greener pastures. . .
This is exactly what happened with Theta, a decentralized streaming platform that allows users to earn rewards by contributing their computing resources to the health of the network.
Theta token was launched on December 11, 2020 when it rose 2468% from $0.621 to a new all-time high of $15.90 on April 16, 2021 when 500 global companies such as Google and Sony Europe joined the network testing program. Theta Labs received a second patent for the development of decentralized blockchain-based video and data delivery.
Data from Cointelegraph Markets Pro and TradingView shows that since peaking at $5.98 on December 27, Theta price has fallen to a significant support near $3.85 as the broader crypto market came under pressure.
THETA/USDT 1-day chart. Source: Trading View
Even if fate turns in the opposite direction, theta still has some major reasons why its bearers are positive in the long run.
Three reasons to stay positive about THETA in 2022 include the upcoming launch of the ThetaDrop Non-Fungible Token (NFT) marketplace, the addition of new resources, and an overall focus on live streaming and gaming, which are currently underpinned by key partnerships and integration.
ThetaDrop will be launched on February 1st
One of Theta’s biggest events in 2022 will be the full launch of the ThetaDrop NFT Marketplace. Plans to send TDrop governance tokens to Theta community members begin on February 1.
ThetaDrop does not plan to sell tokens and instead plans to issue 20 billion tokens over four years to community members who provide liquidity extraction from NFT or who own THETA, TFUEL and TDRop on the network.
Release plan for TDrop delivery. Source: TDrop White paper.
In addition to the upcoming launch of ThetaDrop, the network has also launched several new blockchain projects, including the OpenTheta NFT Marketplace and the Voltswap DeFi platform, which supports the Theta-based asset exchange.
Protocols such as Passport Meter and ThetaBridge also support bridging assets between Theta and other Ethereum Virtual Machine (EVM) compatible networks.
Improved access to staking
Improving access to voltage is another potential bullish factor for Theta, TFUEL instrument and the gas token.
When the network was first launched, users were required to invest at least 10,000 THETAs to manage the guardianship node and maintain the network’s security. Eventually, the minimum requirements were lowered to 1,000, but theta price of over $14 in early 2021 resulted in most token holders failing to hit that limit as well.
This has led to the creation of sites like GPooL and most recently Thetaboard, which give THETA and TFUEL holders access to staking for a small fee.
Thetaboard has also launched its own NFT Marketplace to service the growing NFT ecosystem which includes limited edition NFT kits from celebrities such as Katy Perry.
Related: Year of Sponsorship: Celebrities Embracing Cryptocurrency in 2021
Blockchain gaming and video streaming are still growth sectors
The third reason to be optimistic about the Theta going forward is that the protocol is focused on developing video streaming and blockchain-based games, in addition to its ongoing partnerships with Samsung and Sony.
Gaming was one of the emerging sectors in the crypto ecosystem in 2021, and it looks like this trend will remain strong in 2022 as blockchain technology continues to advance on the path of mainstream adoption.
Users of the Theta.tv interface can earn rewards by watching community members play games like League of Legends or The Witcher 3: Wild Hunt. Non-players can watch, contribute and win by watching NASA channels or the World Series of Poker.
The protocol could also benefit from several key collaborations, including a partnership with Samsung that will see the Theta.tv app preloaded on the company’s smart TVs. This will allow users to earn TFUEL rewards for watching their favorite shows. Theta also has partnerships with Google and Sony and all three companies (including Samsung) act as network verification nodes.
While theta basics look appealing, let’s see what the charts show.