Imagine you have an idea for song, and people love it so much that they give support via a cryptocurrency token. Once you have raised enough tokens, your favorite singer will be able to record it.
Sounds crazy? It’s possible — as of today. It’s possible with Geojam, a popular social media music app.
This is how it works: Geojam (Apple iOS Social Streaming Platform) has artists backing such as Mariah Carey, 24kGoldn, and others. It lets users have “interactive experiences” with their favourite artists and share music with friends and other app users.
It released its crypto token $JAM today. Released through decentralized finance (DeFi) platform Lattice Exchange Launchpad — which is powered by Constellation Network’s Hypergraph protocol — the token can be earned, held and staked by Geojam users.
Fans can now direct the careers of their favourite artists with $JAM
Have a song suggestion for your favourite artist? Stake $JAM in a “proposal pool” and if other users like it, they’ll back it. If enough people support it, they’ll create the song. That’s the idea, anyway.
“Artists want to engage deeper with their fans, while fans have also demonstrated a desire to engage with their favorite artists,”Geojam’s CEO, Sarah Figueroa stated. “$JAM reward incentives offer a key benefit to the community while also empowering artists to monetize their fandom.”
“Our crypto token allows artists and fans to leverage their collective influence in a way that’s never been done before to build new opportunities and provide a way for them to earn together,”She added.
The more $JAM tokens a fan stakes to a particular creator’s pool, the more likely their chance to earn a once-in-a-lifetime experience with their artist will be.
$JAM tokens can also be earned by Geojam users by engaging in the app and taking part in fan competitions and tasks — which can be as simple as just sharing music and streaming videos.
It is clear that the idea has gained some momentum: Before its publication today, $5.9million was raised via two $JAM privately sold rounds.
Geojam is available on Constellation Hypergraph
$JAM will run on the Constellation Network — like Bitcoin and Ethereum — and the idea is that with the tokens having their own unalterable ID, timestamp and rights information, artists (and fans) will be paid fairly for their work.
Justin Rosenbaum is Chief Growth Officer at Geojam. “The $JAM community is who decides what happens on the platform, meaning artists and fans can work together towards common objectives within our ecosystem and share the rewards.”