Entering the era of decentralized video streaming with Theta Network 🚨 This article is 3 years old...
Entering the era of decentralized video streaming with Theta Network
Purpose-built for media and entertainment, Theta’s blockchain technology is poised to bridge the online video industry into the new era–spearheading decentralized streaming.
3 min read
Updated: Feb. 1, 2022 at 2:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On the heels of new partnerships, the Theta ecosystem continues to expand, attracting new video content distributors, creators, and users.
Leveraging a next-generation end-to-end infrastructure for decentralized streaming, Theta enables media and entertainment companies to improve video delivery at lower costs, while expanding their reach–boosting views and user engagement through token incentives.
Enabling content consumers to participate in the network
“Our vision is for end-users to see themselves less as consumers of a service, and more as participants in a network that benefits everyone involved,” Wes Levitt, Head of Strategy for Theta Labs told CryptoSlate, explaining how Theta Video API lets users relay video with nearby peers, earning tokens for contributing to the network.
Theta changes video and content consumption from a one-way relationship into one where users are participating in the network just by watching a video.
“With more options to distribute video through decentralized networks like Theta, creators can better control their content distribution and retain more earnings,” added Levitt, noting that currently most value is captured by the largest platforms, while individual creators typically have little power to negotiate their earnings.
Powered by Theta’s blockchain technology, ThetaDrop is a real-time NFT marketplace that incorporates live streaming during auctions and NFT drops.
Based on a proof-of-stake model, creating and transacting NFTs on the Theta Network costs a fraction of a penny and is more than a hundred times faster compared to Ethereum.
According to the roadmap for 2022, Theta’s distributed network of more than 8,000 community-run Elite Edge Nodes will soon support decentralized NFT storage.
Soon to come cross-chain bridge between Theta Network, Ethereum and others will facilitate seamless NFT transfer and transactions across chains.
Major collaborations
“Our conversations with strategic partners like Jukin Media, Fuse Media, Entain group and many more all revolve around adopting the Theta core blockchain to power their initiatives around video, NFTs, gaming and Metaverse. In many cases, the initial pilot or launch is just the tip of the iceberg, there are so many growth opportunities in the media and entertainment space to leverage blockchain,” explained Theta Network CEO, Mitch Liu.
Last month, Theta partnered with Jukin Media to implement its decentralized tech into the entertainment company’s streaming model.
We're happy to announce @JukinMedia is launching an entertainment partnership with Theta Labs for blockchain video delivery and NFTs! https://t.co/Jq3OrkrMic pic.twitter.com/UrvsltS1YP
— Theta Network (@Theta_Network) December 16, 2021
Leveraging the Theta infrastructure, the partnership extends to collaboration on the launch of exclusive NFTs for Jukin Media properties–FailArmy and The Pet Collective.
“In the end, global brands are beginning to recognize the power of decentralization, peer communities and fan engagement. These add huge value to their brands but more importantly becomes a competitive advantage if they can go to market sooner than their competitors,” Liu added.
Purpose-built for video, Theta NFTs are unlocking new ways for traditional media to interact with fans.
ThetaDrop enables artists such as singer and songwriter Katy Perry, who chose the platform for her first-ever NFT drop, a way to reinvent and bolster fan engagement, while capturing live events and performances into timeless memorabilia.
Let’s look back as we move forward to 🍄#PLAY🍄
My ✨FIRST EVER✨ digital collectible NFT drop w/ @Theta_Network & @ThetaDrop officially goes live tomorrow @ 1pm PT! Sign up @ https://t.co/prMi6m4E0s now to register and pre-fund so u can jump on some limited edition NFTs! 🦁👀 pic.twitter.com/yIS7GKBq4N
— KATY PERRY (@katyperry) December 14, 2021
“Digital assets like NFTs let creators monetize their content in ways that benefit them instead of centralized platforms, especially as we start to see NFTs emerge with deeper utility and feature sets,” explained Levitt.
A new native token is about to drop
A new token natively built on Theta blockchain, TDROP, that rewards NFT liquidity mining and enables decentralized governance is about to drop.
The February 1st TDROP Launch is almost here! You can find everything you need to know about TDROP's VIP Benefits, Staking, and Governance in the newest blog here:https://t.co/aYEypWNbpf
— Theta Network (@Theta_Network) January 28, 2022
In addition to incentivizing ThetaDrop transactions and leveraging voting rights on proposals and changes concerning the NFT marketplace, the application-level token also unlocks several VIP benefits, such as early access and exclusive drops on ThetaDrop.
As such, TDROP will enter the expanding ecosystem and complement the two protocol-level tokens already in circulation–THETA and TFUEL.
While THETA is used for staking and securing Theta blockchain, TFUEL enables transacting between Edge Nodes for relaying and computing jobs.
Set to launch on February 1, TDROP will have a full supply of twenty billion, with 20% allocated for THETA validators and guardians, including delegated stakers, 20% for Theta Labs dev team, and 10% for Theta marketing, advisors, and partners.
The remaining 50% will be allocated over a 4-year period–30% for NFT liquidity mining on ThetaDrop, and 20% for TDROP staking rewards for decentralized governance.
