Imagine coming up with a song idea and the idea is loved by everyone so much you get backing via a crypto token. And you raise so many of these crypto tokens, your favorite artist then decides to sing it.
Sounds crazy? It’s possible — as of today. Yes, via the popular social music app Geojam you can do just that.
It works like this: Geojam is an Apple iOS social streaming platform, backed by artists like Mariah Carey and 24kGoldn. It lets users have “interactive experiences” with their favourite artists and share music with friends and other app users.
Today it dropped its very own crypto token, $JAM. 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.
With $JAM fans can direct their favorite artists music careers
Got a great song idea for your favorite artist? Stake $JAM in a “proposal pool” and if other users like it, they’ll back it. If it gets enough backing, the artist will create the song. That’s the idea, anyway.
“Artists want to engage deeper with their fans, while fans have also demonstrated a desire to engage with their favorite artists,” Sarah Figueroa, CEO and co-founder of Geojam, said. “$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.
And the idea has certainly gained some traction: $5.9 million was raised through two $JAM private sale rounds before its release today.
Geojam will run on the Constellation Network 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, Chief Growth Officer for Geojam, said: “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.”