Competition is heating up in the world of decentralized trading platforms. 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 regard, as it recently announced the SingularX platform. It’s an interesting creation, even though it seems somewhat limited in its functionality.
SingularX Decentralizes Intellectual Property Trading
People who have kept tabs on the SingularDTV project will know the team is working on some interesting products. Their Tokit product allows anyone in the world to tokenize his or her content and creations. Those who specialize in creating intellectual property of any sort will especially benefit from this particular solution. It remains to be seen how many people will actually use this service in the future, though.
To complement the Tokit service, SingularDTV recently unveiled a decentralized peer-to-peer trading platform for tokenized intellectual property. SingularX, as this platform is known, has now officially launched and is ready to be used. While it may sound like any other trading platform supporting digital tokens, there are some big differences. Empowering content creators is still the main purpose of the platform, but things work a bit differently under the hood as well.
More specifically, all of the transaction fees generated through SingularX are captured in the SNGX tokens. Most people know of SNGLS, which is the native token of the SingularDTV project as a whole. However, there is also a SNGX token which is part of the SingularX platform. Anyone who owns said tokens will automatically earn revenue from additional fees generated by the decentralized platform. It is unclear just how much money people stand to make from this particular venture, though.
It is one thing to put all this down on paper, but proving this tokenized ecosystem can be successful is something else entirely. In reality, there may not be a great appeal to this service. Only time will tell what the fate is of SingularX and any related projects. For now, however, it is best to keep an open mind. It is also worth noting the SNGX tokens have yet to be released to the public, and there is no indication when this will happen either. Having the platform up and running first before issuing the tokens is a rather interesting approach, though.
Some people may notice that EtherDelta and SingularX do not look all that different from one another. In fact, there are quite a lot of similarities between both platforms, as SingularX took inspiration from EtherDelata. As it happens, the creator of the latter platform consulted on the creation of SingularX over the summer of this year. It is good to see interested parties come together to create new solutions. Indeed, collaboration is key in the world of cryptocurrency and digital tokens.
While the SingularX platform as a whole sounds pretty interesting in its own right, it remains to be seen how popular it will actually be. In a way, its success hinges on that of Tokit. The synergy between these two platforms could yield positive results, but it may turn out to be a big burden as well. Only time will tell what the future holds for SingularX.