Theta Network (THETA) price has risen by more than 17% in the last 7 days.
Sony Electronics' successful launch of NFTs on the Theta Network blockchain has pushed up the price of THETA cryptocurrency on the market this week.
According to data from cryptocurrency price monitoring platform CoinMarketCap, THETA has pushed aside the crypto market correction and is up 17,8% over the past 7 days, trading at a value of $1,24 per unit, at the time of going to press.
Currently, THETA has a market cap of over $1.250 billion, so at its current price, the native cryptocurrency of the Theta Network ranks 37th among the top 50 cryptocurrencies by market cap.
On the other hand, the liquidity deposited in this blockchain, according to data from the DeFi Llama platform, has risen 9,7% weekly, reaching 39,9 million of dollars.
It may interest you: Theta joins the DeFi ecosystems through its decentralized exchange ThetaSwap
Theta Network, the blockchain for streaming in Web3
Financial services firm JP Morgan noted in its Crypto Weekly report that Theta Network could become a central part of the entertainment ecosystem, thanks to the innovation offered by this blockchain “by enabling faster and cheaper transmission of high-definition streaming.”
Sony Electronics' 3D NFT
Theta Network was chosen by the Japanese company Sony to launch a collection of 3D NFTs to offer its users a unique experience for the new generation of the metaverse.
Mitch Liu, co-founder and CEO of Theta Network, reported on Twitter that the launch of these 30D NFTs, announced in early May, was a huge success. According to Liu, Sony NFTs on Theta Network sold out in less than XNUMX seconds.
For Sony, the launch of these NFTs on the Theta blockchain was a way to show its users and consumers the rapid adoption of metaverse technologies that the company is currently undertaking.
Sony Electronics Vice President Nick Colsey had said in May that through these NFTs, its consumers can “enjoy a next-generation 3D experience without the need for 3D glasses.”
American Idol NFT on Theta Network
Theta Network has collaborated with the television show American Idol, launching an NFT contest in April this year, to commemorate its 20th anniversary.
During the five-week contest, NFT holders could earn rewards based on contestants’ performance and serve as judges in the competition. Liu said American Idol NFTs helped fans of the show become much more immersed in the reality TV experience.
25 validators on the streaming blockchain
On the other hand, Theta has added Replay as a new validator node to its network, for a total of 25 active validators, including Google Cloud, Sony and Samsung. This has been another positive news for the network this week, which has favored the recent price increase of THETA in the market.
Also, earlier this month, Theta Network developers integrated support for a new live video streaming API, the Theta Video API (VAT), in order to allow its users and streamers to stream decentralized live on any application or website.
Initially, TVA support will be available to Theta Network streamers in the United States. However, the streaming blockchain developers plan to integrate support for new regions in the future.
All these developments and innovations have made Theta the industry-leading decentralized streaming platform.
ThetaCon 2022
Next December, the Theta Network community will meet in ThetaCon 2022; an event that will explore new use and application cases for blockchain.
Continue reading: Google partners with Theta as validator of its Mainnet 2.0 blockchain network
