Theta Network rallies after NFT collaboration with Samsung

Theta Network will allow Samsung to use its NFT marketplace, ThetaDrop, to offer customers NFTs.
Theta Network will allow Samsung to use its NFT marketplace, ThetaDrop, to offer customers NFTs.
  • THETA rallied Wednesday by 5% to reach an intraday high of $4.
  • The move came in part of a rebound that started Jan. 24, netting THETA investors 70% in paper returns.
  • Crypto market recover influenced Theta’s recovery massively.
  • However, a portion of its massive move also came in the wake of Samsung’s collaboration.

LAGOS (CoinChapter.com) — Theta Network token (THETA) has surged by 5% in the last 24 hours, its gains coming in parts due to Samsung’s foray into the nonfungible token (NFT) sector.

The multinational company announced that it would utilize ThetaDrop, an NFT token (NFT) marketplace for digital collectibles built atop the Theta Network protocol, to distribute its “commemorative NFTs” among users “who pre-order either the Galaxy S22 smartphone or the new Tablet S8.”

Theta Network via its NFT marketplace, ThetaDrop, will allow Samsung customers to claim the new NFTs. Samsung also disclosed that the digital collectibles would be exclusively available to pre-book and pre-ordered clients in South Korea.

THETA rebound continues

The Samsung announcement helped THETA stretch its gains further in a rebound move that started on Jan. 24, trading for as low as $2.50. Measuring the overall retracement toward Wednesday’s high of $4, THETA’s net percentile profits came out to be nearly 70%.

THETA/USDT daily price chart. Source: TradingView
THETA/USDT daily price chart. Source: TradingView

Theta Network also indicated that the Samsung partnership would strengthen its mission to reward token holders, with Co-Founder and CEO Mitch Liu asserting that the collaboration would mark an important milestone for the blockchain platform.

“NFT collaboration with Samsung truly exemplifies global adoption of Theta’s blockchain technology. It marks an important milestone in the growth of our core blockchain purpose-built for the video, media, and entertainment industry.”

Liu said.

Theta Network TVL Surges

Furthermore, in addition to its token rise, Theta network Total Value Locked has also increased. The blockchain platform has recorded a 15% TVL spike in the last 24 hours, according to DeFi Llama data.

Theta Network TVL
Theta network Total Value Locked. Source: Defilama

The TVL figure has rallied from $206 million on Feb. 7 to $258 million on Wednesday. ThetaSwap is currently leading Theta’s DEX contributors with a whopping $166 million rising by 26% in the past seven days.

Meanwhile, Risk diversification token ThetaCash (TBILL) has risen by 29.60%, and the VoltSwap (VOLT) platform recorded the least increase, rising by 2.8%.

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