ABS-CBN Corp. entered into agreement with Theta Labs Inc. to enhance ways to consume content and entertainment

Theta Network (THETA), a blockchain solution that handles video quality using DeFi principles. The network aims to provide a wider bandwidth with every consumer who can stream and share videos at high graphic quality.

In a recent development, ABS-CBN corporation entered into a partnership with Theta Labs Inc. to provide for Web3 media and entertainment. The move comes after the success of “Idol Philippines” non-fungible tokens (NFTs) on Theta Labs’ ThetaDrop last year.

What is the purpose of the partnership

The aim is to empower ABS-CBN’s various business units and its digital collectables. Users can own more NFT collections featuring their favorite characters and stories from ABS-CBN shows.

According to Jamie Lopez IV, Head of Digital Eugenio Manuel, ABS-CBN, the partnership will bring fresh opportunities for media and entertainment fans in the Philippines, starting with projects that have been finalized and are set to release in the coming months.

ABS-CBN will also be capitalizing on Theta’s video API (Application programming interface) across various business units. The feature will permit experimentation and explore the potential of Web3 technology to enhance the viewer’s experience. 

On the daily chart, Theta trades near the 21-day EMA with a mild bullish bias. The price appreciated nearly 14% from the low of $0.85. However, buyers felt pressured near the $1.09 mark.

MACD holds below the central line with an increasing bullish momentum.

On moving higher, the buyers will face the first hurdle at the high of March 14 at $1.10 followed by $1.20.

On the other hand, a renewed selling pressure could turn the price to the lower side with an eye on $0.99.