Theta Network (THETA) rallies over 7%: Here is why

Theta Network native token, THETA, recovered some of the losses it has experienced during the current crypto bloodbath from which the majority of the cryptos are trying to recover.

At the time of writing, THETA was trading at $1.23, up 14.65%. It has hit a daily high of $1.37.

Let’s dive into the reasons behind the THETA price pump.

THETA partners with Sony Electronics

One of the main reasons for the token rally is the announcement made by Theta Network about their new partnership with Sony Electronics, a prominent world-class tech company. 

According to the announcement, the tech company Spatial Reality Display will release a 3D NFT on ThetaDrop. The drop will go live tomorrow, June 17 at 1 pm PT, but the pre-funding and waitlist are already available.

We’re partnering with @SonyElectronics Spatial Reality Display to release the first 3D #NFT on ThetaDrop!

Drop Starts Friday, June 17 @ 1pm PT

Waitlist and prefunding available now

View Drop: https://t.co/imWMJxNbBQ pic.twitter.com/QBhBwtFnDf

— ThetaDrop (@ThetaDrop) June 15, 2022

According to the announcement, The Tiki Guy NFT will be a 3D asset that SONY’s limited electronic display will project, besides the NFT was made to be more frightening as possible. The website stated that the Tiki Guy is a limited edition NFT with a quantity of 500.

Meanwhile, ThetaDrop NFT Marketplace had earlier hosted drops for some of the prominent game shows and celebrities like the ‘American Idol and many more.

Replay launches their Theta Validator Node

Another reason for the rally is the announcement made by Theta that Replay, a video tracking, and payment platform, has launched its new Theta Validator Node which will be one of the 25 official node validators on the Theta network.

As the Theta Validator group continues to explore the various cross-section being used by different users, many media and big tech firms like Sony, Samsung, and Google are among the top in their validators. In addition, projects and Crypto exchanges like Gumi cryptos, blockchain, and Binance are part of it.