Video streaming platform Theta.tv is launching an integrated system for NFTs for content creators, in an effort to boost engagement and increase monetization options. Streamers can create their own unique assets, ranging from digital collectibles, to emotes and badges. This is all done on their own blockchain.
Allowing live video viewers to collect NFTs based on their engagement and retention is one way to build a relationship between content creators and their audience. In the world of live streaming content creators have been developing methods in order to thank users for their donations. Think about special themed streams, a live performance and so on.
Allowing viewers to buy or earn NFTs is a new way to boost engagement. This way the content creator can also provide rewards to those who watch. It creates a new relationship between the one in front of the camera and the observer.
In addition Theta rewards both content creators and viewers with their own currency called TFUEL. The video platform is running on its own platform that they recently upgraded to version 3.0, introducing staking and burning mechanisms. In addition the platform offers smart contracts.
Theta slowly growing
Theta Network has been working hard in recent months. They released their whitepaper back in 2017, and are currently pumping out net products. In October they released the source code for their web wallet, allowing anybody to create their own version. With Theta Edgecast they have a decentralized streaming app, and last week they released a Chrome extension.
Currently there are approximately 800 content creators active on the Theta Network. Which isn’t that much. However, they are broadening their scope. A top manager from Korean tech company LG recently joined their advisory board, while they also signed a content deal with K-Pop channel New K-ID.
Live streaming platforms searching
Non-fungible tokens are one of the hottest asset classes on the blockchain right now. These digital assets embrace everything from insurance contract to crypto art, and from in-game assets to digital collectibles. It’s interesting to see Theta Network integrating these assets into their platform. In the past years streaming platforms on the blockchain have been searching for ways to create more engagement, improve their technology and ultimately steal a market share from Twitch.
Dlive, which was acquired by Tron one year ago, tried to reach a bigger audience by signing up PewDiePie. For one year all his streams were exclusive to Dlive. Similar to Theta, both viewers and content creators earn cryptocurrencies from watching content. Earlier this month they announced a live content distribution system in which each viewer also becomes a node to distribute the live content.
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