In just 15 minutes, SingularDTV sold all of their SNGLS tokens raising over $7.5 million.
The blockchain entertainment studio emailed willing participants on Friday about the upcoming token sale. In the email, the studio explained the sale would begin on October 2 at 9 a.m. EST/9 p.m. GMT +8.
SingularDTV will become one of the first entertainment studio to not only reward filmmakers and investors with profits, but also grant them creative rights. Artists will be compensated with SNGLS.
The studio wants to provide the transparency lacking in the entertainment industry. The creative rights management platform will implement smart contracts. Artists, filmmakers, and investors can track their earnings as well as view what percentage each person or group will receive on each project produced or created.
ICOs Are A Major Hit
There was some fear surrounding token sales since the crash of the DAO. It became one of the largest, if not the largest, crowdfunding projects after raising over $150 million in one month. Within a couple weeks, however, $60 million were stolen. Investors were quick to sell their tokens leaving the market cap of the DAO to be just over $10,000 at the time of publication.
But investors have not lost their faith in crowd sales. If they fully believe in the project, they will contribute to help it succeed. We have recently seen a couple other token sales that have exceeded expectations.
Much like SingularDTV, FirstBlood reached their token cap in a matter of minutes. The Ethereum-based Dapp eSports game raised $5.5 million within ten minutes.
ICONOMI’s crowdfunding campaign went the full 36 days, but it did raise an impressive $10.5 million, making it one of the largest crowd sales in history.