Mariah Carey-Backed Geojam Launches Crypto Token To Help Fans Get Creative With Artists

Think about developing with a tune concept and the thought is beloved by everybody a lot you get backing by way of a crypto token. And also you increase so many of those crypto tokens, your favourite artist then decides to sing it.

Sounds loopy? It’s attainable — as of at the moment. Sure, by way of the favored social music app Geojam you are able to do simply that.

It really works like this: Geojam is an Apple iOS social streaming platform, backed by artists like Mariah Carey and 24kGoldn. It lets customers have “interactive experiences” with their favorite artists and share music with pals and different app customers.

At the moment it dropped its very personal crypto token, $JAM. Launched via decentralized finance (DeFi) platform Lattice Alternate Launchpad — which is powered by Constellation Community’s Hypergraph protocol — the token could be earned, held and staked by Geojam customers.

With $JAM followers can direct their favourite artists music careers

Obtained a fantastic tune concept to your favourite artist? Stake $JAM in a “proposal pool” and if different customers prefer it, they’ll again it. If it will get sufficient backing, the artist will create the tune. That’s the thought, anyway.

“Artists need to interact deeper with their followers, whereas followers have additionally demonstrated a want to interact with their favourite artists,” Sarah Figueroa, CEO and co-founder of Geojam, stated. “$JAM reward incentives provide a key profit to the group whereas additionally empowering artists to monetize their fandom.”

“Our crypto token permits artists and followers to leverage their collective affect in a approach that’s by no means been achieved earlier than to construct new alternatives and supply a approach for them to earn collectively,” she added.

The extra $JAM tokens a fan stakes to a selected creator’s pool, the extra seemingly their probability to earn a once-in-a-lifetime expertise with their artist will probably be.

$JAM tokens will also be earned by Geojam customers by partaking within the app and participating in fan competitions and duties — which could be so simple as simply sharing music and streaming movies.

And the thought has actually gained some traction: $5.9 million was raised via two $JAM non-public sale rounds earlier than its launch at the moment.

Geojam will run on the Constellation Community Hypergraph

$JAM will run on the Constellation Community — like Bitcoin and Ethereum — and the thought is that with the tokens having their very own unalterable ID, timestamp and rights info, artists (and followers) will probably be paid pretty for his or her work.

Justin Rosenbaum, Chief Progress Officer for Geojam, stated: “The $JAM group is who decides what occurs on the platform, which means artists and followers can work collectively in the direction of frequent goals inside our ecosystem and share the rewards.”