Launched in October 2020, Geojam has tens of thousands of users and has a sprinkling of celebrity investors, including Mariah Carey – and is the latest in a long line of platforms to use the historically cursed words “social media app for music” to describe itself. This time however, there’s a significant difference: it’s launched a crypto token called $JAM and intends to bring rewards to fans as they support creators. The $JAM token presale raised $5.9 million through two private sale rounds.
The token still uses the same “staking pools” and various crypto / DeFi mechanisms that are alien to most people, but Geojam says they have simplified them for a new-to-crypto user base (which is to say: the vast majority of music fans). Sarah Figueroa, CEO and co-founder of Geojam, says that reward incentives “offer a key benefit to the community while also empowering artists to monetize their fandom.”
This tokenisation of fandom is intriguing, and perhaps another example of a company starting to find the true long term value proposition of NFTs in the music business.