What is ThetaDrop?

Updated on 20 August, 2022 3:47 PM
1 min read

Jump to:

    So many NFTs and subsequent NFT marketplaces! Which one to choose, on what factors do I choose, which platform will give me maximum returns, and many more questions come to the mind of crypto enthusiasts with every new launch in the space. To ensure that you are updated about every new launch and the unique features of every launch, we conduct thorough research across various platforms and provide you with the best analysis at Flint! For all the crypto enthusiasts out there, we have come up with information about another NFT marketplace, Thetadrop about which we will be mentioning in detail in this blog.

    What is ThetaDrop?

    Before diving straight into the topic, let’s first ensure that all our readers are on the same page as every reader is valuable for us, be it a newbie in the crypto market or a crypto expert. So let’s begin by understanding what NFTs are and what are their uses. In simple terms, NFTs are Non-Fungible Tokens which when associated with digital assets, secure them from copyright infringement and make them irreplicable. 

    Now that we know about NFTs, NFT marketplaces can be imagined as virtual marketplaces where these NFTs are traded for profits. NFTs are virtual currencies and are traded via crypto wallets. 

    Back to Thetadrop. The platform was launched in 2021 and its first offering to the crypto space was the World Poker Tour digital collectibles. A part of its name is borrowed from the network that it is built on, Theta. Theta is a blockchain network specifically designed for entertainment and media purposes. It is registered in Cupertino, California under the legal name of Theta Labs Inc.

    Primary Aim of ThetaDrop

    Thetadrop primarily caters to the entertainment, gaming and esports industry. It is a real-time NFT marketplace where auctions and NFT drops are streamed live. Thetadrop has also collaborated with live televisions and broadcasters to expand their reach. This is a major step taken by Thetadrop towards increasing user engagement on the platform.

    Key features of ThetaDrop

    • Gas fees are charged on processed transactions.
    • Payments can be made through Credit Cards.
    • Information about completed, ongoing and future drops of the platform are available on their homepage.

    How to get started with ThetaDrop?

    Users can follow the simple steps given below to start trading NFTs on Thetadrop:

    Create a Thetadrop account

    Once you click on the “Register” button available on the homepage of the website, you will be asked to fill certain details in a form. Enter a unique Username and a Password and click on register. You will receive an account validation link on your registered email. Your account will be validated once you click on the given link.

    Complete KYC (Know Your Customer) procedure

    It is necessary to complete this on the platform to have a seamless user experience. KYC is a procedure through which companies validate their customers’ identities. Also, enter your phone number which will be required during auctions.

    What is TFuel?

    TFuel is one of the native tokens of the Theta blockchain. To be able to trade on the platform, one either needs a credit card or one needs to refuel its TFuel balance.

    How to deposit on Thetadrop?

    Money can be deposited on Thetadrop either in the form of USD tokens or TFuel. We will now explain the process to deposit by each of these methods in detail.

    First you need to click on the profile picture of your account available on the top right corner of your homepage. You will then be redirected to the Navigation Panel. Press “Go to Scale” and you will be redirected to the balances page. Here, you can deposit USD tokens or TFuel.

    Steps to deposit TFuel

    Follow the instructions given below to deposit money in your TFuel balance:

    Step 1: Click on “Deposit TFuel.”

    Step 2: Click on “I agree” once you have carefully gone through the terms and conditions mentioned on the page.

    You can now safely deposit money in your TFuel balance.

    Steps to deposit USD Tokens

    Follow the instructions given below to deposit money via USD tokens:

    Step 1: Click on the “Deposit in US Dollars” button.

    Step 2: Click on “I accept” once you have carefully read the terms and conditions mentioned for depositing in USD tokens.

    Step 3: Fill the form for payment and make the transaction using credit or debit card.

    Like this article? Spread the word

    Subscribe to our

    Receive timely updates on new posts & articles about crypto world.