Theta Labs’ Wes Levitt on TFUEL and the future of NFTs in 2022

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As a result of the rampant success of the ERC-721 NFT, Theta Labs’ Wes Levitt is releasing a set of NFTs called TFUEL. TFUEL will serve as an in-game currency for the highly anticipated multiplayer game T-FUSION.

The NFT space is exploding. With the launch of the highly anticipated TFUEL, Theta Labs founder Wes Levitt has positioned himself as the leader in the new tokenized economy. But why Theta Fuel? Why is it so important? How will it bring change and revolutionize the world of NFTs? We asked Wes himself to answer these questions and more. The purpose of this post is to act as a reference guide to my writing, for future use and to track my progress as a writer. This record will contain all of my writing samples, all the publications I have written for and all future publications I will have. The purpose of this post is to act as a reference guide to my writing,

This post contains a video of Cryptonites. Play here ⤴️ Theta Labs’ Wes Levitt on TFUEL and the future of NFTs in 2022 It has been a roller coaster year for Theta Labs. For the uninitiated: The network is a decentralized video service powered by users and an innovative blockchain. Theta itself is an open source protocol designed to act as a decentralized streaming network, enabling platform-based decentralized vertical applications (dApps) for esports competitions, music, TV/movies, education, business conferences, peer-to-peer streaming, etc. Today Theta Labs’ Wes Levitt sat down with Cryptonites host Alex Fasel for an online conversation about all things cryptocurrencies, blockchain, the future of Theta, NFT, the usefulness of DeFi protocols, and more. Wes is responsible for business strategy, marketing and media relations at Theta Labs. Prior to that, he spent eight years in investment roles at Mosser Capital, a real estate firm, and Redwood Trust, a real estate mortgage firm. Wes is a CFA charterholder and holds a B.S. in economics from Oregon State University and an MBA from the Haas School of Business at the University of California, Berkeley. Levitt began by talking about what drew him to the blockchain space in the first place, away from lucrative jobs in traditional finance. I don’t think there’s one thing in particular. You saw all these different groups, from business people who wanted to get into it to IT people who said it was technically very important ….. As if everyone was aware of the potential, he shared.

TFUEL Comments Theta

The Theta network has two tokens, THETA and TFUEL, which run on its protocol and allow users to interact with it. And while Theta fans know they work perfectly, newcomers may be a little lost. But Levitt has a simple explanation for how the two work: The two chips are the main chips. The stack token is an integral part of the data block chain. THETA is a proof-of-stake blockchain that is technically a sub-variant of BFT. And then Theta Fuel, or TFUEL, is a type of transactional or gaseous payment protocol. He added: So everything that happens between, let’s say, you and I, we see the same video stream, and I pass the video on to you. The essence of the protocol is that you pay me in micropayments and TFUEL. Or when you launch a smart contract, whether it’s launching a brand new token on the blockchain or creating an NFT, the gas is paid in TFUEL. So almost everything that happens in the blockchain in terms of transactions that don’t involve holding batteries is TFUEL. The value of this system is pretty obvious if you’ve ever used Ethereum – it’s a gas that makes things work and rewards validators, Levitt said. The value of Theta is that when you bid, you participate in the production of the blockchain, you get Theta tokens as a reward, and as governance becomes more decentralized, those data tokens you bid on are your ticket to essentially having a say in how the protocol evolves, he ended.

Very many NKVs

NFT has become a big deal in the crypto currency market, recently reaching a market capitalization of $25 billion from a small market of $100 million in 2019. But with sales already dropping, the question arises: What’s next for the NFT market? Ask Levitt, and he’ll tell you the game has only just begun. He adds that there are currently different types of NFTs, and some may thrive more than others as the market develops. It depends a lot on the types we’re talking about, because they seem to be generalized as one, [because] there are many different types, Levitt says. He states: They’re collectibles if you get anything from Christie’s. It’s like symbolizing a work of art worth a million dollars or more. Others are more similar to what we do with WPT or NBA Top Shot, where the tokens are specifically embedded in the video content, or like the streamers who are on our platform, like the Esports streamers who have a moment they want to capture and symbolize. We’re definitely leaning in that direction, because streaming video is pretty much in our DNA. So it makes sense to us. And thanks to our relationships with broadcasters and content companies, we know what they like. So I think there will be different forms, he adds. However, there is a certain amount of skepticism. Hype aside, projects like the $50 million NFT may be a marketing mistake. But the value is there. Because we find that all players in the market want to participate, content creators want to participate, users want the NFT, he says. (Check out the rest of Levitt’s thoughts on cryptocurrencies, NFT, Theta Network Alpha and more in the Cryptonites episode, now available to stream in its entirety).

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Emilia James
By Emilia James

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