Theta Labs is a project dedicated to both esports and cryptocurrency enthusiasts. It gives players the unique opportunity to earn crypto by simply watching video game streams.
How Theta Changes Streaming and Esports
Theta’s platform Theta.tv offers peer-to-peer streaming services that let viewers share their bandwidth while watching gaming videos. By doing so, they passively earn one Theta Fuel – Theta’s secondary cryptocurrency.
A Theta Fuel currently costs about $0.36, with the total price of TFuel tokens in circulation estimated at $2 billion. Although much lower than Theta’s other cryptocurrency – the Theta token (THETA), it is a good way for some people to earn money. According to Theta Labs’ chief executive officer Mitch Liu, a viewer that spends enough time can easily earn between 5 and 10 dollars per month. This may not seem a lot from a western point of view, but Liu reminded that it could be a lot in developing regions. Moreover, it is a way to passively earn some money.
Theta began as an esports streaming service called Silver.tv. Because of the low quality in some regions, the developers decided to adopt a blockchain solution. With a private token sale in 2017, they secured additional funding that helped establish Theta Labs as it is today.
Theta’s Approach to the Future
Theta.tv has an impressive 1 million stable users. According to Liu, the number is leveled and doesn’t increase or decrease dramatically. However, this isn’t to say that Theta isn’t moving forwards. On the contrary, the Theta token’s value rose from 4 cents to a whopping $6, making it one of the best crypto tokens. Its total market value currently sits at around $6 billion.
Theta has refused to go to war with YouTube. Instead, it uses experience from YouTube and Twitch co-founders who now serve as Theta Labs’ advisors.
In order to boost Theta’s performance, the developers have introduced new features such as non-fungible tokens – pieces of media included in the blockchain. The NFTs will even include performances of the American star Katy Perry who agreed to work with Theta for an undisclosed amount.
Theta currently hopes to decentralize a bit. Currently, it owns 20% of the total Theta tokens, as well as 15 main validator nodes and much more guardian nodes. Theta has launched a decentralized exchange with the goal of attracting decentralized finance apps such as Compound and Uniswap. Liu pointed out that the latter two can run on Theta without any change to their code whatsoever.
Aaron Brown from Bloomberg Opinion wrote that Theta is a strong contender in its field but will have fearsome competitors in the likes of VideoCoin and Livepeer.
Cryptocurrencies have quickly been finding their way into other industries such as competitive gaming and gambling. Their inherent connection with technology and the latter’s importance on modern society makes for a powerful and marketable combination.