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Esports Crypto Streaming Service Become a $6 Billion Business

Esports Crypto Streaming Service Become a $6 Billion Business
  • Theta’s market value has grown to around $6 billion.
  • This puts it in the ranks of the top 20 digital tokens, according to CoinMarketCap.com.

After gathering more than 300% this year, Theta’s market value has grown to around $6 billion. This puts it in the ranks of the top 20 digital tokens, according to CoinMarketCap.com

Theta is a blockchain project that supports a peer-to-peer video streaming network. Also, it offers rewards to many of its 1 million monthly users in exchange for unused bandwidth.

According to Bloomberg, Sony Group Corp. and Samsung Electronics Co. are part of the business titans that back the project, which an esports live-streaming startup developed.

Bloomberg said that investors like Sony also stake coins, a process used to help validate transactions that create new blocks in blockchain networks. In exchange, they get rewards of a token called TFuel. As a result, this token has increased in value to about $2 billion.

A little over a year ago, Theta was trading for 4 cents. Now, it is trading around $6. Following this, Samuel Harrison, managing partner at Blockchain.com Ventures, said that the Theta token is up 100x-plus since they invested in it. Blockchain.com Ventures has an equity stake. More so, it holds coins and works as a validator of transactions.

In an interview, Mitch Liu, chief executive of Theta Labs Inc., said,

A heavy viewer can get $5-$10 a month. It’s significant in developing countries. And that pays for half of your Netflix subscription. An average Theta.tv user watches for about 63 minutes a day.

In addition, Liu said while Theta’s audience isn’t growing, it has stayed stable for years. “We made a strategic decision that we are not going to be competing with YouTube,” he stated. This is because the co-founders of YouTube and Twitch are among the company’s advisers.

Instead, the firm added that it is expanding its services. The company said it will also get into NFTs, or non-fungible tokens. As per Bloomberg, the pop star Katy Perry said she would make NFTs of her shows available on the network. And also, take an undisclosed stake in the company.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.