- ONE Championship (ONE) has announced that the Theta Network will be assisting in the launch of their NFT marketplace.
- Theta Labs has announced that it will unstake 15 million Theta tokens from its validators to fund future projects.
- The Theta Network announced one of the biggest prizes for a blockchain hackathon at $1 million.
- THETA tokens currently trade at $6.5895 which is up by over 10% month-date.
Theta first stole headlines for its incentivized, purpose-built decentralized video delivery network. Recent upgrades to its network have seen expanded compatibility with Ethereum, allowing Ethereum and ETH-compatible applications to be ported over and run seamlessly on the Theta blockchain.
Theta has managed to build an expansive ecosystem that currently includes Sony, Google, Samsung, Institutional Investment Group, Binance, ONE Championship, Chainlink, and a long list of others. So how has Theta fared in recent times?
NFTs have easily dominated recent happenings in the crypto space, and this also rings true for the Theta Network. Recently, ONE Championship (ONE), a Singapore-based mixed martial arts, Muay Thai, and kickboxing promotion, announced an exclusive global partnership with the Theta Network (THETA).
The Theta Network will be helping to launch ONE’s first-ever non-fungible token (NFT) marketplace. The marketplace will feature NFTs that celebrate ONE’s superstar athletes and their most memorable moments.
While the official launch of the marketplace has yet to be announced, the Theta Network is set to play a major role in the development process. At the announcement, Chatri Sityodtong, Founder, Chairperson and CEO of Group ONE, stated:
"Our exclusive NFT partnership with Theta Network is part of our long-term vision that fan engagement and commerce around our World Champions — and ONE's commitment to heroes, values, and stories — will transform live sports entertainment."
The pre-registration process is currently ongoing; after that, the date of the NFT marketplace will be announced.
Theta has also announced the unstaking of Theta tokens to help accelerate the growth of the network. According to the statement, Theta Labs will be unstaking an additional 15 million Theta from its validators (~8% of Theta Labs’ total current stake). The tokens will be used to fund future events.
While Theta will be part of the upcoming launch for ONE Championship’s non-fungible token (NFT) marketplace, there are also other exciting events taking place on the network. For example, the Theta Network has also announced its 2021 hackathon as it seeks to continue leading the decentralized video delivery protocol.
The Q1 2021 hackathon features one of the largest prize pools ever for a blockchain hackathon at $1 million. In addition to this, Theta aims to use the event to increase the community’s development and growth in the Theta ecosystem.
According to the project’s official roadmap, before the end of Q3, Theta Network will be launching the Theta Ecosystem and a new TDROP token white paper, as well as the unstaking of tokens on the network.
THETA (THETA) Price Update
Against the barrage of news and developments that have stormed the Theta Network over the last month, THETA, the native token of the network, has received some temporal price boosts. The majority of the gains were, however, lost during the sharp market sell-off in mid-August.
The 30 day price chart for Theta (THETA). Source Tradingview.com
THETA is currently trading at $6.5895, and month-date, THETA is up by over 10%. However, it doesn’t compare to the highs of $8.3 and $8.07 that THETA was trading at on the 16th and 24th of August, respectively.
Trading at $6.5895 means Theta now has a market cap of $6.804 billion, making it the 25th largest cryptocurrency.
From the developments being made by the Theta Network, it is evident that the project works. However, some members of the community are rather worried about the price of the THETA token.
One such person is ‘Matias Conti,’ a THETA owner who wrote;
“$Theta is my main alt after ETH. I got [it] early, and I plan to stay long, hope [I] never need to sell. Fundamentals are great, but, Lately, we are missing the pampamentals. What's going on? Why isn't moving even tanking against BTC?”
On The Flipside
- While Theta has dazzled the scene with new partnerships and announcements, the price of the Theta token still doesn’t live up to expectations.
- Another Theta owner, identifying themselves as ‘Joe,’ shared the same concerns writing;
- “Why are all these [pieces of] good news doing nothing to the price? The price has been still for 6 months now.”
The Theta Community Sentiments
Theta’s new involvement with non-fungible tokens has received mixed reactions from its community. A user identified as MadmaxTobe2 wrote the following about the NFTs;
“I am very bullish on #THETA and its fundamentals based on which I invested in the project, but since the focus shifted to NFTs, progress seems to have slowed down. Theta is lagging in the NFT sphere, their edge is not obvious yet. NFT adoption seems limited to the community.”
However, others support the move. Replying to the concerns of ‘MadmaxTobe2,’ ‘Facho Nuise’ wrote;
“They know they will not be able to face competition without a strong NFT pole. And that's true. If any other NFT platform starts invading their zone, they'll get massively wrekt because there are too many NFT consumers. See?”
No doubt, the Theta Network is growing, and this NFT marketplace could contribute as it strives to take its place as a dominant blockchain project in the future.
Why You Should Care?
It’s highly unlikely that you’re oblivious to NFTs (non-fungible tokens), given how they’ve been thrown around recently. NFTs, while making their biggest impact in the world of collectibles, are slowly creeping into the gaming industry, where they’re predicted to change the industry.