BitTorrent (BTT-USD) has flexed its ability to grasp onto new technologies in recent years. Many other early 2000s tech services have failed to acclimate to the growing needs of today’s internet user. However, BitTorrent has maintained a steadfast path into the blockchain industry. And even now, it continues to evolve, as evidenced by its latest dive into the non-fungible token (NFT) industry. The news is helping to bolster the value of the BTT crypto.
If you’re not aware of BitTorrent’s 2018 pivot into blockchain, seeing the project in the news today might be a little jarring. Indeed, it has come a long way since beginning as a peer-to-peer file-sharing service two decades ago. In 2018, Tron (TRX-USD), a layer-1 blockchain network that competes directly with platforms like Ethereum (ETH-USD), purchased the site.
The Justin Sun-founded Tron network sought to up its file-sharing offerings; given that there is perhaps no service better recognized than BitTorrent in this field, the blockchain network thought BitTorrent an obvious choice. So, it shelled out $120 million to purchase BitTorrent and revamp it for the blockchain.
By spreading the actual file-sharing duties across multiple different hosts, BitTorrent is already a decentralized network. Tron supplements this Web 3.0-friendly model with the BTT crypto. BTT is built to power dapps across a number of protocols. Users pay BTT to tap BitTorrent’s services, while hosts receive BTT rewards for sharing files.
BTT has been on a rollercoaster since launching. At the end of last year, developers announced plans to redenominate BTT and launch a new version. Since then, prices have seemingly stagnated. But today’s news is helping to kick off a new bullish attitude toward the token.
BTT Crypto Gets a Boost From NFT Marketplace Assistance
This week, BitTorrent is involving itself in the ever-growing NFT market. It will be underlying a new NFT marketplace operating on the Tron and Ethereum chains; this marks the protocol’s dive into yet another new tech subindustry. The news is helping to give the BTT crypto a price bump.
APENFT is one of the most hyped Tron-based NFT marketplaces, and it’s looking to help in putting the layer-1 network on the map as a serious NFT network. Originating in early 2021, APENFT (NFT-USD) spent nearly a year stirring up hype without even having a product on the market yet. Today changes that.
This morning, APENFT’s test network is going live across the Tron network. This launch greatly benefits BitTorrent; according to the APENFT site, BitTorrent will be providing its file system services to register the marketplace’s NFTs on the blockchain.
BitTorrent users and BTT holders are happy to see the network providing infrastructure in a space that’s only gathering more steam as the months progress. With the launch of the test network, the BTT crypto is seeing a price boost of about 5%.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.