Mariah Carey-Backed Geojam Launches Crypto Token To Help Fans Get Creative With Artists
06 Dicembre 2021 - 3:38PM
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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.”
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