Geojam, the social media app for music, introduced the launch of its new $JAM crypto token via Lattice Trade Launchpad, a decentralized finance change platform, powered by Constellation Community’s Hypergraph protocol. $JAM is a crypto token designed to revolutionize the way in which communities of followers and creators work together. The $JAM token presale raised $5.9 million via two personal sale rounds.
Launched in October 2020, Geojam is a profitable iOS app that’s garnered tens of 1000’s of customers, together with movie star buyers Mariah Carey, Nyjah Huston, 24kGoldn and extra.
As creators drive fan engagement and centralized media platforms fail to compensate them appropriately, $JAM’s launch on the Lattice Launchpad will utterly change the creator financial system by bringing decentralized governance and monetization to the forefront of social networking. With staking swimming pools and mechanisms simplified for a new-to-crypto person base, the launchpad allows Geojam customers and $JAM holders to assist and work together instantly with their favourite creators.
“Our crypto token permits artists and followers to leverage their collective affect in a method that is by no means been executed earlier than to construct new alternatives and supply a method for them to earn collectively,”
stated Sarah Figueroa, CEO and co-founder of Geojam.
“Artists need to interact deeper with their followers, whereas followers have additionally demonstrated a need to interact with their favourite artists. $JAM reward incentives provide a key profit to the neighborhood whereas additionally empowering artists to monetize their fandom.”
Geojam’s entry into the blockchain will take away the barrier between artists and followers and compensate each teams for his or her artwork, time and engagement with direct crypto funds. By storing every asset on the general public ledger with a singular, unalterable ID, time stamp and rights info, blockchain know-how offers a revolutionary method to make sure artists and followers are paid appropriately for using their work, concepts and social affect.
“Constellation brings the distinctive degree of transparency that we have to instantly join artists with followers,”
stated Justin Rosenbaum, Chief Development Officer for Geojam.
“The $JAM neighborhood is who decides what occurs on the platform, that means artists and followers can work collectively in direction of frequent targets inside our ecosystem and share the rewards.”
With a crowd-governed basis, $JAM delivers direct worth to creators and followers. Every crowd round a creator varieties an financial system the place followers can earn $JAM cryptocurrency by partaking with the app and collaborating in numerous fan competitions and duties, corresponding to streaming movies or sharing music and alluring associates to affix. Not solely can followers use their $JAM tokens as in-app cash to buy merchandise within the $JAM store, however every creator can create a pool the place followers of their crowd can stake the $JAM tokens they earn for an opportunity to see their collaborative concepts come to life.
Staking tokens is like shopping for a Certificates of Deposit in a financial institution, the place you lock your tokens up for a set time period, incomes curiosity on the tokens in change. This curiosity is calculated as annual share yield or “APY” and is paid again to followers and to the creator as $JAM tokens. The staking swimming pools additionally provide tiered rewards and experiences to followers who take part. The extra $JAM tokens a fan stakes to a selected creator’s pool, the higher their likelihood to earn a once-in-a-lifetime expertise with that creator.
Customers may stake their $JAM tokens into “proposal swimming pools” the place they will suggest concepts for creator experiences to be supplied via the platform. If the proposal is accepted by the creator, the members will obtain an APY reward on their staked $JAM. The expertise will then be featured as a Geojam providing in a creator’s pool.
The Constellation Community Hypergraph is uniquely suited to all of those utilities, as a feeless decentralized community that helps free and democratic cryptocurrency switch. The Hypergraph can also be the one platform of its variety that permits creators to mint NFTs with zero gasoline charges.
“As a client utility, it’s important for Geojam’s buyer base to have the resilience, pace and value effectiveness that’s attribute of the Hypergraph,”
shared Ben Jorgensen, CEO and co-founder of Constellation Community.
“We’re thrilled to have Geojam be a part of our neighborhood and sit up for offering their person base with an unparalleled decentralized forex expertise.”
Traders can now buy $JAM token allocations on the preliminary launchpad providing public sale value via the Lattice Trade Launchpad by buying and staking Lattice’s $LTX tokens to ensure their spot. Study extra about securing your allocation of $JAM right here.