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SingularDTV Reaches ICO Cap in 15 Minutes

By

Danielle

Meegan

WriterETHNews.com

The entertainment studio's token sale raised $7.5 million.

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.

Other ICOs, such as Kibo and Gnosis, are currently pending or set to close in the upcoming months . Stay tuned for more updates.

Danielle Meegan

New Hampshire native Danielle Meegan is a writer based in Los Angeles. She has been published in a couple of sports and entertainment magazines and newspapers throughout the years and has dabbled with multiple virtual currency exchanges to understand the 'ins and outs' of trading. Danielle has invested in over 15 different virtual currencies, including Ether.

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