By Zach LeBeau, CEO of SingularDTV
With the launch of Ethereum’s first multi-smart contract application, Tokit (Tokit.io), artists and creators around the world can now equip their projects with the power of tokens and tokenized ecosystems. Tokit, short for “tokenize it”, is the first of SingularDTV’s suite of decentralized applications to launch on the blockchain.
It took a few years to build the smart contract system that powers Tokit. It was slow going in the early days of Ethereum — the infancy of Ethereum actually — when we had to build the tools to build the apps before we could even start building the apps. It took a lot of time and money, and now we can share this power of decentralized computing with artists, producers and creators around the world. You’ll be able to start your own tokenized ecosystem and generate your own tokens in a matter of minutes and for a small fee — $100 USD if you pay with ETH, $75 USD if you pay with SNGLS.
Beginning this week, we’re presenting various use cases as we outfit artists and projects with tokenized ecosystems that give them control of their intellectual property. Every week after we’ll be announcing more artists and projects that join the mission to build a decentralized entertainment economy with SingularDTV.
SingularDTV is releasing three categories of applications — development, production and distribution applications. Used together, they are designed to empower artists and creators to become their own economies with the overall aim of creating a blockchain entertainment industry void of gatekeepers and intermediaries. Tokit is the first of our development applications and allows users to embed their intellectual property’s rights, revenue and royalties into a programmable token. These functions, which have never existed in software architecture before, are made possible by the blockchain’s data-network convergence and consensus algorithm. Combined with SingularDTV applications, it gives users unprecedented control over the exploitation of their work.
The technology behind Tokit was inspired by the smart contract system that powers SingularDTV’s SNGLS tokenized ecosystem. It was built upon the understanding that there is an elaborate system of gatekeepers that oppress and suppress expression. When an artist does manage to express to the world, there is an even more elaborate system of intermediaries that extract value and revenue from that expression, making it nearly impossible for most to make a living from their art. Those days are coming to an end as SingularDTV helps put the artist in control of their property from development to distribution.
A New Type of Artist-Fan Relationship
Tokit and the SingularDTV suite of applications also offer new and exciting benefits for the audience. Now artists and fans can enter into a completely new type of reciprocal relationship that can sustain an artist throughout the life of their career, while also enriching their fan-base in the process. Because tokens generated in Tokit are embedded with the intellectual property of a project, when those projects generate revenue, that revenue instantaneously appears in the token for the fans to either withdraw or store. Tokens can also act as the means in which to pay for content as well. In the present dynamic, fans don’t receive any tangible value for spreading the word to friends and family about their favorite film, television show or song, but if they hold their favorite song’s token, when their friends and family pay to access that content, that revenue is pushed into the token for the fans to benefit from. Now word-of-mouth marketing has real value.
Why Your Favorite TV Shows Never Have to be Cancelled
When project tokens are launched to the public, they realize a market cap through the various crypto-exchanges around the world where they can be traded. If a television series is tokenized, and generates a loyal and enthusiastic fan-base, that series can be sustained by its audience. Because revenue of the series is embedded in its own token, and also because the token can be used to watch episodes of that series — like a ticket for admission — audience will buy tokens to watch their favorite series. They will also buy tokens to hold for the purpose of receiving the revenue generated by that series. The more audience, the more revenue generated, therefore the higher the value of the tokens, which will theoretically drive buying demand for those tokens. As long as the television series has a “token reserve” in place, learn more about Token Economics here, producers can liquidate that reserve on crypto-exchanges to fund subsequent seasons. With a growing fan-base acquiring tokens, the market cap of the series could increase exponentially, sustaining its lifespan for several seasons, or as long as the audience wants to participate in the economy of that series.
SingularDTV will be launching various television series to prove this new model.
WHAT IS A TOKENIZED ECOSYSTEM?
In the centralized legacy world, what we call the “old-world”, business structures are called corporations, LLC’s, etc. But in this new world of blockchain technology, Ethereum and SingularDTV, the new type of decentralized business structure is called a tokenized ecosystem. A tokenized ecosystem is made up of tokens that can be programmed with various functions and features that are powered by a smart contract system.
Tokenized ecosystems allow for audiences and artists to mutually benefit from the success of a film or television show, and with no gatekeepers taking all the profit from the creators, this is the answer entertainment distribution has been waiting for.
SingularDTV is an EnTech (entertainment technology) company utilizing blockchain technology to create tokenized entertainment economies that empowers both content creators and consumers. The company presents filmmakers, musicians and artists with the tools to capitalize on its proprietary blockchain-based technology in order to fund, distribute and market their content, in a peer-to-peer environment, eliminating traditional funding obstacles and distribution intermediaries.
Blockchain is a revolution in technology for two main reasons, 1.) it converges data and network for the first time ever in computer systems and 2.) because of its consensus algorithm which gives all users the same transparent access to its immutable digital ledger. The combination of these two attributes will impact our lives as profoundly — if not more — than the internet has.
Ethereum is a smart-programmable blockchain protocol designed to accommodate the creation of complex applications powered by the utilization of blockchain’s data/network convergence and consensus algorithm. Launched in 2015, Ethereum and its thousands of developers are building the world’s next generation of software applications.
Zach LeBeau, CEO of SingularDTV
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