SingularDTV has launched a beta version of their token sale on Morden (testnet).
Users and investors can contribute by purchasing SingularDTV’s tokens, SNGLS. Token holders will be limited at first in their usage of SNGLS. However, as the platform develops, the token’s functionality will increase. Token holders will then use SNGLS to pay or view content as well as acquire rights, revenue, and royalties for SingularDTV projects.
Contributions can only be made using Ether. One token costs 1.25 finney or 0.00125 ETH. The price will gradually increase until it reaches 50 percent. SingularDTV has prepared for any rapid changes in the price of ETH and will constantly update the token price if need be.
The sale is set to last up to four weeks, with the goal set at selling at least 34 million tokens. If it fails to reach its target, investors will be refunded.
SingularDTV was introduced in June after partnering with ConsenSys. Its objective is to become the first entertainment studio using the blockchain. SingularDTV will operate on the Ethereum blockchain by creating smart contracts to properly handle creative rights for film and television.