Livepeer (LPT) Rides the Bullish Momentum Despite Bearish Market Sentiments
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- Livepeer’s user base grew due to the acquisition.
- Livepeer (LPT) is up about 4,400% from the beginning of the year.
Livepeer is an open-source platform built on the Ethereum (ETH) network for those looking for an alternative to traditional video streaming services. More than a month ago, the protocol collaborated with the Glass streaming platform to co-host the COLLIDE event, which was the first-ever concert to involve the live minting of video non-fungible tokens (NFT).
Livepeer (LPT) is up about 4,400% from the beginning of the year. Intending to lower production costs, it’s a distributed video streaming service. According to the company’s website, video streaming accounts for 80% of internet bandwidth. Additionally, businesses shell out a lot of cash to have videos produced. That’s something Livepeer feels it can improvize.
Staking of LPT Tokens
Livepeer leverages blockchain technology to tackle a real-world issue, despite the overall spike in crypto values. This distinguishes it from other cryptocurrencies. For videos to play on various devices and bandwidths, they must be transcoded. Livepeer’s infrastructure expenses, reduced by using a distributed work mechanism. This effectively pays LPT holders for donating their computer processing power and bandwidth to transcoding videos. Those who own LPT tokens may also assist the contributors by staking their tokens.
Livepeer acquired MistServer, a media server developed by video creators on October 19. Livepeer’s user base grew due to the acquisition, and the addition of skilled engineers strengthened the company’s staff.
According to CoinMarketCap, the Livepeer price today is $46.34 USD with a 24-hour trading volume of $80,956,841 USD. Livepeer has been up 11.37% in the last 24 hours.
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