Theta Drop Marketplace Review: An Entertainment Platform With Quality NFT Collections

By June 22, 2022NFT
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Theta Drop provides a unique selection of NFTs from partners that include musicians, sports organizations, artists, crypto influencers, and much more. The platform makes it quick and easy to buy NFTs, and it accepts both cryptocurrency and card payments. Read our full Theta Drop marketplace review to see if you should sign up.

Theta Drop

Theta Drop marketplace is an NFT marketplace that's part of the Theta Network, a video and entertainment blockchain. The platform's partners offer drops (NFT collections). These can include various types of NFTs, including videos, photos, music, and redeemables, which are NFTs the buyer can redeem for a physical item or real-world experience.

Theta Network has dozens of partners, including:

  • Katy Perry
  • Samsung
  • World Poker Tour
  • Resorts World Las Vegas
  • Pittsburgh Knights

You can buy and sell NFTs offered by Theta Drop's partners on its marketplace. It has NFTs for any budget, as there are pieces available at prices ranging from under $10 to over $5,000. Theta Drop does tend to be on the more selective side compared to other major NFT marketplaces, but it has new drops regularly.

One of the cool things about Theta Drop is its redeemable NFTs. A redeemable is an NFT that you use for a physical item or an experience. For example, Theta Drop has offered redeemables that buyers can redeem for props from Katy Perry performances and toy capsules. There have even been redeemables that entitle the buyer to be added as a character in a comic series.

The best NFT marketplaces are easy to use, and Theta Drop fits that description. Everything is straightforward, and new users can quickly browse the marketplace, create an account, and buy NFTs. Another plus from a usability perspective is that Theta Drop includes prices in both U.S. dollars and cryptocurrency. Some marketplaces only provide the price in crypto.

You can fund your account and pay for NFTs on Theta Drop using a credit card, debit card, or the platform's Theta Fuel crypto token. If you pay in Theta Fuel, you receive a 5% discount. While this cryptocurrency isn't widely available yet, you can get it on Crypto.com.

What could be improved

Fees on Theta Drop are high compared to other NFT marketplaces. It charges a 10% service fee for selling NFTs. If you want to withdraw cash you've deposited to your account, there's a $25 withdrawal fee. The fee for withdrawing Theta Fuel is much lower, as that only costs 0.3 TFUEL tokens per withdrawal.

Theta Drop has a much smaller selection of NFTs compared to many of the market leaders. You would likely only want to use Theta Drop if you're interested in any of its partners. If you want a wide variety of NFTs from both large and small creators, then you probably need to go with a different platform.

This marketplace currently only allows its branded partners to drop NFTs. If you want to launch your own NFT drop on Theta Drop, you need to complete an application. According to its current FAQs, Theta Drop will allow approved content creators to launch NFTs when it opens its general NFT marketplace (the marketplace that's available now is the beta version).

Minting NFTs on Theta Drop isn't available at the moment, and even when it is, it will require filling out a creator application. That's a notable disadvantage, considering how simple it is to mint NFTs on other marketplaces.

If you want a larger NFT selection: OpenSea is the largest NFT marketplace and has an impressive roster from both well-known and smaller creators. It lets you browse several types of NFTs, including art, music, collectibles, and photography.

If you want to mint NFTs: True to its name, Mintable makes the NFT minting process as simple (and cheap) as possible. With Mintable's user-friendly design, anyone can jump in and mint their NFTs. It even offers gasless minting, meaning you can list your NFTs without paying expensive gas fees.

The Theta Drop marketplace features a range of NFTs that are released in collections called drops. Here are all the key features for this platform.

Theta Drop allows you to buy and sell NFTs. You can also upload your own NFT projects on Theta Drop, but only if you apply first and receive approval.

The Theta Drop marketplace is built on its own Theta Network blockchain. This blockchain uses the proof-of-stake model to validate transactions, which allows it to offer fast, efficient transactions that cost a fraction of a penny.

Theta Drop uses its own NFT wallet called Theta Wallet. Your account on the Theta Drop marketplace serves as your wallet for depositing funds as well as buying, storing, and selling NFTs. You can access your wallet on the marketplace's web platform or by downloading the Theta Wallet mobile app.

Theta Drop accepts payments made with its Theta Fuel cryptocurrency or in U.S. dollars through credit cards and debit cards. There's a 5% discount on every purchase made with Theta Fuel.

Theta Drop charges a 10% service fee to sellers, which is deducted from the proceeds at the time of the sale. It also charges a withdrawal fee of either $25 or 0.3 Theta Fuel. The minimum withdrawal amounts are $50 or 100 Theta Fuel.

Theta Drop's security features make it a safe place to buy and sell NFTs. The platform offers two-factor authentication (2FA), which requires entering both your password and a code sent to your mobile device to access your account.

You have the option of turning 2FA on or off for logins. Theta Drop requires 2FA on withdrawals, so even if someone hacked your account, they wouldn't be able to withdraw funds without your mobile device.

To change the email address on your account, Theta Drop requires confirming a code sent to the old email address. This is done to prevent account takeovers.

Since Theta Drop only offers NFT drops from partners it approves, you're less likely to run into counterfeit NFTs. These are a big problem in the NFT industry, but Theta Drop's system of requiring an application for NFT drops makes it far less vulnerable.

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