What is Geojam (JAM) and How Does it Work? | KuCoin Crypto Gem Observer
- What is Geojam and How Does it Work? | KuCoin Crypto Gem Observer
Table of Contents
What is Geojam?
How does Geojam work?
What makes Geojam unique?
Who created Geojam?
The creator economy is playing a significant role in shaping the future of digital work. At the moment, over 50 million renowned individuals, ranging from social media influencers and celebrities to athletes, are devising new monetization strategies alongside their fans.
However, an effective system would need creators to move their followers from centralized social media organizations, which capitalize on creators’ engagement and impressions. With creators already mapping their future, they lack platforms to actively engage with their fans while monetizing their content at the same time.
Geojam seeks to address this problem by encouraging fans to form Crowds. Crowds are groups of individuals who passionately stand up for what they believe, advocate for what they love, and represent their identity. Through crowds, Goejam offers creators an opportunity to develop scalable monetization plans while establishing stronger connections with their crowds.
Unlike fans who come together to hear creators, crowds form to be heard. Specifically, Geojam offers crowds the power to use their marketable collective influence and attention. The project achieves this by creating shared value with creators that leverage unique social experiences to positively impact and shape lives.
How Does Geojam Work?
Geojam uses a two-way interactive relationship to restructure the monetization system around social influence. The social engagement platform records engagement metrics around experiences to create intent-driven marketing. In doing so, Geojam helps foster a generative effect among all interconnected parties. That is, brands, creators, and crowds.
The platform works as a bridge to connect fans and creators, artists, social influencers, and athletes through gamification and real-life experiences. Unlike traditional advertising, which is based on the value of the advertisement, Geojam’s model focuses on interconnected relationships created through shared experiences and crowds.
Since its launch in 2020, Geojam has attracted tens of thousands of iOS users. To achieve this feat, the project allowed users to connect their Spotify and Apple Music accounts to its platform to sign up and start earning Jam Points. Jam Points let holders participate in the Geojam ecosystem.
What Makes Geojam Unique?
While music streaming platforms let users access their favorite tunes at a fraction of the cost of downloading the tracks, they do not offer a sense of community. Additionally, they do not provide users with a sense of identity or relationship with the music and artist.
By allowing crowds to form around music, Geojam helps nurture communities with robust discussions and dynamic partnerships. The platform uses Jam Points to measure engagement. Users that actively participate in their crowds get more Jam Points.
Crowd members can redeem their Jam Points in the Jam Shop to acquire highly-coveted platform-exclusive merchandise and once-in-a-lifetime experiences. Thus far, Geojam has on boarded artists like Mariah Carey, Machine Gun Kelly, 24kGoldn, and Nyjah Huston, to mention a few.
Through these collaborations, the platform has offered crowd members opportunities to win experiences like flying on a private jet to an artist’s hometown, playing video games with artists, designing apparel alongside artists, sharing a billboard with musicians, and getting one-of-a-kind memorabilia, among others.
To help crowds and creators tap into the benefits of the rapidly growing decentralized finance (DeFi) industry, Geojam launched a cryptocurrency dubbed JAM. This token will eventually replace Jam Points and help merge the perks of autonomous crypto communities and mainstream social networking. Users will earn JAM tokens for being active in crowds.
Creators that reach out to their crowds and share experiences and opportunities will also get JAM rewards. JAM holders can use their holdings to support crowds or creators. Alternatively, they can trade their tokens for real-world experiences, merchandise, and non-fungible tokens (NFTs).
By incentivizing engagement through JAM, Geojam benefits all stakeholders and eliminates the need for advertising. The platform achieves this by rerouting incentives from social media giants to the creator economy.
Who Created Geojam?
Geojam was co-founded by Sarah Figueroa, Sam Krichevsky, and Justin Rosenbaum. Figueroa serves as CEO, Krichevsky as COO, and Rosenbaum as CGO.
The rest of the Geojam features Jon Li as Head of Product, Eli Schiff as Business Development and Strategic Partnerships Lead, Gavin Prophet as Community & Social Media Manager, Alisha Cook as Executive Assistant, Outerskies as Artist Relations & Experience Manager, and Chris Giuliano as Finance & Token Community Manager.
Geojam also features Mariah Carey, Nyjah Huston, and 24kGoldn as celebrity advisors.
As an economy where artists, creators, and fans can earn together and generate value for experiencing moments together, Geojam is shaping the future of the creator economy. The platform also helps eliminate the need for social media platforms, which reap most of the benefits of creators engaging with their followers.
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