Tokit Vs Kickstarter
Why Tokit Isn’t Just Another Crowdfunding Platform
By G. Thomas Esmay, SingularDTV
When SingularDTV unveiled Tokit, the first of its development applications, it understandably drew comparisons to existing means of crowdfunding — Kickstarter, Patreon, Indiegogo and so on. “Isn’t Tokit just another crowdfunding site?” predictably followed.
The answer, as it turns out, is both yes and no.
TOKIT: THE EVOLUTION OF CROWDFUNDING
Let’s consider the more straightforward “yes” case; yes, Tokit is — or it can be — a crowdfunding platform. Tokit’s Launchpad feature is a crowdfunding tool, but to compare it to any previous iteration of crowdfunding is a gross oversimplification that ignores one of the fundamental features of Tokit-generated tokens. Tokit’s Launchpad feature is not about crowdfunding in the traditional sense because Launchpad is about value exchange.
Under the old crowdfunding paradigm, project backers would simply donate money to a project. Value exchange was limited; in fact, it was really a one-way street between backers and creators. Creators would take their backer’s money and go off and make something. They might toss their backers a t-shirt.
Tokit is a paradigm shift. Launchpad-style crowdfunding allows for a real and dynamic value exchange. Remember — and this can’t be repeated enough — a creator’s token represents their intellectual property and its associated revenue stream. By using launchpad to offer a portion of these tokens to the public, creators are in actuality offering their fans ownership of a portion of their art. Fans still support project creation, but now it’s a mutually beneficial relationship between audience and artist.
Content creators, imagine the possibilities of allowing the public to own a portion of your content. This is the creation of an entirely new system that incentivizes creators to make good art and audiences to be engaged fans. A token-holding audience is one that benefits personally from word-of-mouth advertising encouraging others to go seek out that bit of content.
IT’S ALL ABOUT RIGHTS MANAGEMENT
Despite the many innovations that Launchpad brings to crowdfunding, it is perhaps more accurate to say “no,” Tokit is not a crowdfunding platform, or at least it doesn’t have to be one. In fact, Tokit’s Launchpad feature is actually just a part — and a small part at that — of what Tokit is capable of.
Tokit is about tokenization. Tokenization is not about raising money.
In the world of get-rich-quick ICO scams, it is important to take a step back and look at the true power and potential of blockchain technology. From the perspective of content creators using SingularDTV’s platform, Tokit is not a crowdfunding platform, but rather a rights & royalty management application that simply has the ability to crowdfund as an add-on. Rights & royalty management refers to the complete control & ability to assign percentages of your revenue as you see fit. You, the creator, have both creative control over your project AND your project’s business model. You are not beholden to legacy business structures, unless you choose to be. You do not have to giveaway any of your revenue stream to others if you do not want to. You truly own your intellectual property.
One-size-fits-all business models do not work. Imagine a future where business models are tailor made to maximize a project’s potential for success, where every tokenized ecosystem can be as nuanced and creative as the intellectual property at its core. It’s this organic singularity of art and business, the genuine freedom for creators and empowerment of audiences — this is what Tokit is all about.
Want to tokenize to give away a portion of your art to your biggest fans on social media? Tokenization allows you to do that. Want to keep one-hundred percent of the ownership of your music for you and your bandmates? Tokenization allows you to do that. Want to crowdfund your video game project? Want to manage & automate a portion of your revenue flow to your managers and agents? Want to give some tokens to your family to thank them for supporting you through art school?
Tokenization allows you do all this and more. The possibilities are infinite. Let’s build the evolution of entertainment economics together.
Stay tuned — early next week SingularDTV will unveil one of our project’s truly groundbreaking tokenized ecosystems.
Tokit launches November 6. Creators, bring your tokenized ecosystems as creative & innovative as your art. Hope to see you there.