Projects focusing on peer-to-peer trading are of special importance to keep this industry alive and moving forward. It seems the SingularDTV team is on the right track in this aspect, as it recently announced the SingularX platform.
Individuals who've kept tabs on the SingularDTV job will know the team is working on some interesting products. Their Tokit product enables anyone in the world to tokenize her or his creations and content. Those who concentrate on creating intellectual property of any kind will especially benefit from this particular solution. It remains to be seen just how a lot of people will really use this service in the future, however.
What Is Singular X?
To match the Tokit service, SingularDTV recently unveiled a decentralized peer reviewed trading platform for tokenized intellectual property. SingularX, as this platform is known, has now officially launched and is about to be used. While it might sound like any other trading platform behind electronic tokens, there are some huge differences. Empowering content creators remains the most important intention of the platform, but things work somewhat differently under the hood too.
Most people today understand SNGLS, which is the indigenous token of the SingularDTV project as a whole. However, there's also a SNGX token which is an element of this SingularX platform. Anyone who owns said assets will automatically earn earnings from additional fees generated by the decentralized platform.
SingularDTV will launch 10 percent of SNGX tokens for people to collect $10m of ETH, this $10m will then be dropped to the SNGLS token to showcase this new and advanced process of how value is shared and how it flows between SingularDTV applications. As previously mentioned, SingularDTV is rolling out 11 software that constitute our decentralized amusement market.
These 11 applications will be an interconnected web of value and function. It is this design and the financial models behind it which can jumpstart the SingularDTV entertainment economy and possibly be the beginning of a usable blueprint to explore a Universal Basic Income model. In the event the release of 10 percent SNGX tokens is not completely received by the general public, SingularDTV will keep those tokens and push whatever ETH was accumulated into the SNGLS token.
SNGX holders gain from trade fees, SNGLS holders benefit from SNGX trade fees, and SNGLS holders benefit from the $10m offer. These activities are an integral part in the overall experimentation and understanding of how the SingularDTV market works.
While the SingularX platform as a whole sounds pretty interesting in its own right, it remains to be seen how popular it will really be. In a way, its success hinges on this of Tokit. The synergy between both of these platforms could yield positive effects, but it might prove to be a big burden as well.
In summary, Singular X could potentially be a profitable venture if it is able to achieve its given goals. However, like all ICOs, only time will tell if it can live up to its investor’s expectations.