Theta Network aims to leverage blockchain technology to create the first decentralized video streaming and delivery network
Theta Network is at the forefront of innovating the metaverse’s virtual experience with a strong focus on delivering streaming video. A seamless digital experience of the metaverse heavily relies on the maturity of video technology. Despite the rapid evolution in the past decade, the latest video technology still faces issues, such as latency. Theta Network strives to bring the metaverse that people dream about with its cutting-edge video technology.
Theta has been around for quite some time, developing its blockchain-powered video platform for a couple of years already. With the rise of the metaverse and increased demand for alternative video distribution platforms, the time is nigh for Theta Network.
Video industry overview
Seventeen years have passed since Youtube went live. Video has undoubtedly become one of the most important forms of entertainment for people. The revenue of the global video streaming market stood at $70.845 billion in 2021, according to Statista. This number will likely hit around 116 billion by 2026, exhibiting a CAGR of 10.36% during the forecast timescale.
Apart from entertainment, greater adoption of video communication takes place in businesses and education due to the pandemic. Massive utilization of live video streaming by various industries further augments the growth.
In terms of business models, there are three types: subscription-based, advertisement-based, and transactional-based/rental. Additionally, live streaming platforms such as Twitch open up a new market segment providing real-time interactions. Also, it introduced an audience tipping system as part of the revenue model. These products aim to bring higher-engagement bonds between users and content creators.
With innovations emerging in this area, the user base multiplies. However, bandwidth crunch and latency issues encountered during streaming may restrain the market growth. As a result, the competition of video technology companies is heating up, striving to make breakthroughs in the above problems to ensure user experience. This is where Theta Network comes into play, merging video with blockchain technology to empower citizens of the metaverse.
Theta shifting the next paradigm
As the metaverse becomes the latest technological movement, it will fundamentally change the way people interact with the virtual world. These transitions will require a heavy reliance on video technology to deliver vivid virtual experiences.
Theta Network aims to leverage blockchain technology to create the first decentralized video streaming and delivery network. It allows video viewers to collect incentives to share their redundant computing and bandwidth resources. In addition to a peer-to-peer network, the company also provides comprehensive developer tools to fuel the metaverse boom.
- Theta Video API. Theta Video API is a protocol that provides an easy-to-use method for video integration. First, the developer/user can submit a video and get an embeddable URL for that video. Next, the developer/user can place the URL on any website or virtual world to distribute the video using the decentralized Theta network.
- Decentralized video distribution. Theta’s patented Peer Discovery technology utilizes advanced algorithms to enhance the robustness and connectivity of the peer-to-peer edge network. As a result, it significantly improves video delivery efficiency by improving the last-mile delivery issue.
- Video-based NFTs. These NFTs enable users to capture meaningful moments in the metaverse. But more importantly, NFTs can also guarantee the authenticity and ownership of these collectibles.
- Theta EdgeStore. The Theta EdgeStore network aims to be an append-only, content-addressing, decentralized key/value storage network for the permanent web. It also acts as a decentralized content delivery network (dCDN) for any file type.
- ThetaPass NFT virtual ticketing. ThetaPass allows websites, online events, and metaverses to use NFTs-backed virtual tickets that are transferable, tradable, and trustless.
The metaverse wouldn’t be so attractive without an extremely smooth user experience. Theta is ready to empower the metaverse citizens with its 360-degree technology stack. Theta Network offers a game-changing solution to tackle the high concurrency of video streaming and decentralized content storage. With its groundbreaking technology, Theta Network will play a crucial role in the future media and entertainment of the metaverse.
Theta has partnered with many metaverse and digital projects, providing them with an ultimate video experience.
Last year, Theta partnered with Decentral Games to host live streaming of their Metaverse nightclub featuring world-renowned DJs like Benny Benassi and Luciano. The event received a tremendously positive response. Theta is continuing work with Decentral Games on several other projects to expand its role as an essential video infrastructure in the metaverse.
ThetaPass has also started to see adoption, with Theta NFTs being used as tickets for the Synopsis conference and granting access to events only available to NFT holders. ThetaPass technology is also being used by generative NFT projects like The Passaways to verify holders for entry to members-only areas of their ecosystem.
Last but not least, Theta recently partnered with Samsung to release commemorative NFTs to any user in Korea who pre-orders the new Galaxy S22 and Tablet S8 models. These customers can claim their NFTs on Theta Network’s ThetaDrop NFT marketplace, and the NFTs will provide ongoing user benefits and access to exclusive members-only areas.
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