Social music app Geojam raised nearly $ 6 million in private sales rounds for its crypto token – which is dropping today.
Social music app Geojam raised nearly $ 6 million in private selling rounds for its crypto token – which is down today.
Los Angeles-based startup’s token, $ JAM, allows users to interact with their favorite artists by placing tokens in “proposal pools”. These pools allow fans to come up with ideas for musicians who can then use the stand – if it’s large enough – to make the songs.
Tokens can also be used to purchase in-app products, and users will be able to earn $ JAM cryptocurrency by engaging with the app and participating in fan competitions.
Sarah Figueroa, CEO and Co-Founder of Geojam, said, “Artists want to engage more deeply with their fans, while fans have also shown a desire to engage with their favorite artists. The $ JAM Rewards provide a key benefit to the community while allowing artists to monetize their fandom.
Justin Rosenbaum, Director of Growth for Geojam, added, “The $ JAM community decides what happens on the platform, which means artists and fans can work together towards common goals within our ecosystem and share the rewards. “
Geojam, founded in 2019, is an Apple iOS social streaming platform. It allows users to have “interactive experiences” with artists and music by allowing them to communicate directly with musicians and share music with friends. It has the support of artists Mariah Carey, Nyjah Huston, 24kGoldn and others.
Its crypto token is launched today via the decentralized finance platform (DeFi) Lattice Exchange Launchpad – which is powered by Constellation Network’s Hypergraph protocol. $ 5.9 million was raised through two private sales rounds.
The token will run on a blockchain – like Bitcoin and Ethereum – and the idea is that with tokens having their own ID, timestamp, and unalterable rights information, artists (and fans) will be paid fairly for their work.
Investors can now purchase JAM token allocations at the initial launch pad offering a public sale price through the Lattice Exchange launch pad.