Imagine creating a tune concept and the concept is liked by everybody a lot you return through a crypto token. And you raise a lot of of these crypto tokens, your preferred artist then chooses to sing it.
Sounds insane? It’s possible — since today. Yes, through the popular social music app Geojam you can do simply 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 preferred artists and share music with good friends and other app users.
Today it dropped its really own crypto token, $JAM. Released through decentralized finance (DeFi) platform Lattice Exchange Launchpad — which is powered by Constellation Network’s Hypergraph procedure — the token can be made, held and staked by Geojam users.
With $JAM fans can direct their preferred artists music professions
Got a fantastic tune concept for your preferred artist? Stake $JAM in a “proposal pool” and if other users like it, they’ll back it. If it gets enough backing, the artist will develop the tune. That’s the concept, anyhow.
“Artists want to engage deeper with their fans, while fans have also demonstrated a desire to engage with their favorite artists,” Sarah Figueroa, CEO and co-founder of Geojam, stated. “$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 included.
The more $JAM tokens a fan stakes to a specific developer’s swimming pool, the most likely their opportunity to make a once-in-a-lifetime experience with their artist will be.
$JAM tokens can likewise be made by Geojam users by taking part in the app and participating in fan competitors and jobs — which can be as easy as simply sharing music and streaming videos.
And the concept has actually definitely gotten some traction: $5.9 million was raised through 2 $JAM personal sale rounds prior to its release today.
Geojam will work on the Constellation Network Hypergraph
$JAM will work on the Constellation Network — like Bitcoin and Ethereum — and the concept is that with the tokens having their own unalterable ID, timestamp and rights details, artists (and fans) will be paid relatively for their work.
Justin Rosenbaum, Chief Growth Officer for Geojam, stated: “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.”