SingularDTV Releases Tokit Artist Monetization Toolbr>
SingularDTV has unveiled its multi-smart contract application, Tokit, a tool where artists and creators can now fundraise for projects with tokens and tokenized ecosystems, while fans can also benefit by referrals and revenue generated.
Tokit, short for “tokenize it,” is the first of SingularDTV’s planned suite of more than a dozen decentralized applications to launch on the blockchain.
SingularDTV is releasing three categories of application—development, production and distribution applications. When used together, they are designed to empower artists and creators to become their own economies, with the ambitious aim of creating a blockchain entertainment industry void of gatekeepers and intermediaries.
Tokit, the first of SingularDTV’s development applications, allows users to embed their intellectual property’s rights, revenue, and royalties into a programmable token using blockchain’s data-network convergence and consensus algorithm. The goal is to give creators control over the exploitation of their work.
“There’s an elaborate system of gatekeepers out there that oppress and suppress expression,” said Zach LeBeau, CEO of SingularDTV. “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.”
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.
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 from 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, 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.
“Tokenized ecosystems allow for audiences and artists to mutually benefit from the success of a film or television show,” said Kim Jackson, SingularDTV President of Entertainment. “And with no gatekeepers taking all the profit from the creators, this is the answer entertainment distribution has been waiting for.”