What happened
The prices of two cryptocurrencies on the Theta network rose today as investors await the full opening of the network's non-fungible token (NFT) marketplace and governance token for that marketplace.
The price of the Theta (THETA -0.59%) token, which governs the network by validating transactions, traded up nearly 6% over the last 24 hours as of 3:41 p.m. ET today. The price of TFuel (TFUEL 1.18%), which helps run on-chain activities such as payments capabilities, traded up nearly 12%.
So what
Overall, a lot of the crypto market seemed to struggle today, but it seems that investors are excited about the launch of Theta's NFT marketplace and governing TDrop token, with the distribution of the token slated for Feb. 1.
Theta in a blog post describes TDrop as "a new TNT-20 token natively built on Theta blockchain, that rewards NFT liquidity mining, provides decentralized governance via TDROP staking, and rewards Theta validators and guardians."
Image source: Getty Images.
Theta is launching a marketplace for NFTs, which are tokenized art, audio, and video files that are secured and authenticated through a blockchain network. According to Cointelegraph, there will be 20 billion TDrop tokens released over the next four years.
Now what
The price action of the Theta token was certainly disappointing last year after rising to a high of $14 -- it's currently at $4.36.
But I do like the use case of the Theta network, which is a different kind of blockchain that essentially creates a peer-to-peer network for video streaming and delivery. The goal of the network is to improve streaming by using individuals' excess bandwidth.
The addition of TDrop could help improve the network's visibility to others in the crypto space. Ultimately, I am still bullish on the network and these cryptocurrencies, especially at these price levels.
