Geojam, the social media app for music, announced the launch of its new $JAM crypto token through Lattice Exchange Launchpad, a decentralized finance exchange platform, powered by Constellation Network’s Hypergraph protocol. $JAM is a crypto token designed to revolutionize the way communities of fans and creators interact. The $JAM token presale raised $5.9 million through two private sale rounds.
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Launched in October 2020, Geojam is a successful iOS app that’s garnered tens of thousands of users, including celebrity investors Mariah Carey, Nyjah Huston, 24kGoldn and more.
As creators drive fan engagement and centralized media platforms fail to compensate them appropriately, $JAM’s release on the Lattice Launchpad will completely change the creator economy by bringing decentralized governance and monetization to the forefront of social networking. With staking pools and mechanisms simplified for a new-to-crypto user base, the launchpad enables Geojam users and $JAM holders to support and interact directly with their favorite creators.
“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,” said Sarah Figueroa, CEO and co-founder of Geojam. “Artists want to engage deeper with their fans, while fans have also demonstrated a desire to engage with their favorite artists. $JAM reward incentives offer a key benefit to the community while also empowering artists to monetize their fandom.”
Geojam’s entry into the blockchain will remove the barrier between artists and fans and compensate both groups for their art, time and engagement with direct crypto payments. By storing each asset on the public ledger with a unique, unalterable ID, time stamp and rights information, blockchain technology provides a revolutionary way to ensure artists and fans are paid appropriately for the use of their work, ideas and social influence.
“Constellation brings the unique level of transparency that we need to directly connect artists with fans,” said Justin Rosenbaum, Chief Growth Officer for 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.”
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With a crowd-governed foundation, $JAM delivers direct value to creators and fans. Each crowd around a creator forms an economy where fans can earn $JAM cryptocurrency by engaging with the app and participating in various fan competitions and tasks, such as streaming videos or sharing music and inviting friends to join. Not only can fans use their $JAM tokens as in-app money to purchase merchandise in the $JAM shop, but each creator can create a pool where fans in their crowd can stake the $JAM tokens they earn for a chance to see their collaborative ideas come to life.
Staking tokens is like buying a Certificate of Deposit in a bank, where you lock your tokens up for a set period of time, earning interest on the tokens in exchange. This interest is calculated as annual percentage yield or “APY” and is paid back to fans and to the creator as $JAM tokens. The staking pools also offer tiered rewards and experiences to fans who participate. The more $JAM tokens a fan stakes to a particular creator’s pool, the better their chance to earn a once-in-a-lifetime experience with that creator.
Users can also stake their $JAM tokens into “proposal pools” where they can propose ideas for creator experiences to be offered through the platform. If the proposal is accepted by the creator, the participants will receive an APY reward on their staked $JAM. The experience will then be featured as a Geojam offering in a creator’s pool.
The Constellation Network Hypergraph is uniquely suited to all of these utilities, as a feeless decentralized network that supports free and democratic cryptocurrency transfer. The Hypergraph is also the only platform of its kind that allows creators to mint NFTs with zero gas fees.
“As a consumer application, it is essential for Geojam’s customer base to have the resilience, speed and cost effectiveness that is characteristic of the Hypergraph,” shared Ben Jorgensen, CEO and co-founder of Constellation Network. “We’re thrilled to have Geojam join our community and look forward to providing their user base with an unparalleled decentralized currency experience.”
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