After Jay Z’s recent foray into the world of NFT, it’s Katy Perry’s turn to take the plunge with Theta Labs, through a first collection that should be on the market during the last quarter of 2021. Theta blockchain hopes to increase its adoption “far beyond the enthusiasts” of cryptocurrencies via this partnership.
Vegas residency: Katy Perry plays with NFTs
Katy Perry is getting into NFTs, and not just by halves. The singer announced on June 30 that she will be selling her first collection of NFTs by the end of 2021, with Theta Labs. These NFTs are in connection with her upcoming “Play” concert series in Las Vegas. The star also revealed the purchase of a minority stake in Theta Labs. In fact, this company uses the blockchain to decentralize the distribution of videos in peer-to-peer.
The Theta blockchain uses the proof-of-stake (PoS) mechanism, making it less energy intensive than Ethereum (ETH). Remember that the latter still uses the proof-of-work (PoW) mechanism, pending the switch to the same mechanism as Theta for Ethereum 2.0.
1 million daily transactions: the milestone to reach
Through this collaboration with Katy Perry, Theta hopes to increase its adoption and reach:
“(…) millions of music, media and entertainment fans worldwide. (…) [it’s] an important step towards one million daily transactions on Theta’s network.”Mitch Liu, co-founder and CEO of Theta Labs
The announcement of this joint Theta Labs project with Katy Perry also coincides with the launch of Theta’s mainnet 3.0. The network’s June 30 press release on the update states that it is essential to:
“(…) encourage Edge nodes to reach 100,000 and beyond, which will make the Edge network more useful to video platforms and other partners, and increase adoption of the Theta network as a whole.”
Theta 3.0 will also enable “decentralized storage for NFTs.”
Theta entered the top 10 cryptocurrencies in March 2021. Will Katy Perry’s voice be powerful enough to allow it to move up and gain a few more spots in the rankings?