Theta Network delays mainnet 3.0 launch to focus on NFT marketplace
|- Theta Network has announced that it will delay the launch of its mainnet 3.0 due to further testing and reviewing of its code.
- The recent boom of the NFT market has led to the development of an NFT marketplace by the Theta team.
- An analyst has questioned whether the recent THETA token price surge was due to market manipulation.
Theta Network, the blockchain-based video delivery network, is expecting a delay in its mainnet launch. The expected launch date will be pushed from April 21 to June 30 due to additional reviewing and testing for its non-fungible token (NFT) marketplace.
Theta incorporates NFTs as part of mainnet 3.0
Theta Labs, the company behind the Theta Network, announced that its development team is currently working on incorporating “some building blocks” for its NFT marketplace for the launch of its mainnet 3.0.
This follows the recent hype around NFTs, as celebrities and entrepreneurs have been flocking to create their own unique tokens, attracting millions of dollars into the industry. Additionally, the world’s largest NFT platform will be launched on March 26 by Crypto.com.
Theta Labs has been devoted to putting more resources into building the Theta NFT marketplace, as the importance of its proof-of-stake protocol that was built for media has become more essential for lowering costs of minting and transacting NFTs on the Ethereum network.
The blockchain firm believes it is “highly impractical” for buyers to purchase lower-cost NFTs with the high transaction costs on Ethereum. The firm aims to also build cross-chain bridges between Theta, Ethereum and other networks to allow for decentralized storage for all NFTs.
Although the firm admitted that delays are never ideal, the team wants to ensure that the network functions properly when it efficiently scales to over 100,000 Elite Edge nodes.
The network faced a similar delay during its mainnet 2.0 launch last year. However, the Theta blockchain has not experienced any chain halts or core issues so far.
THETA overtakes Chainlink as the tenth largest crypto
The native token of the Theta Network, THETA, recently surpassed Chainlink’s LINK token to become the tenth largest cryptocurrency by market capitalization. The token also recorded a new all-time high on March 24, reaching $14.87.
Although the Theta mainnet 3.0 launch has been delayed, Theta has been making some major progress with recent developments. Prior to its token surging to a record high, Theta Labs secured a second US patent for its decentralized blockchain-based video and data delivery.
The Theta mainnet 3.0 has been a main catalyst for the THETA token price surge, which has outperformed Bitcoin. However, other announcements in the past have also proven to be key to the recent price pump, as seen in December 2020, when Theta revealed its wallet extension for Google Chrome.
However, Chinese crypto journalist Collin Wu pointed out that the team behind Theta could have a lot of money to control the market — which could be the reason behind the THETA price surge.
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