Celeb-Backed Social Music App Geojam Launches Token after $6 Million Private Sale 

FinanceFeeds Editorial Team

Social music app Geojam raised nearly $6 million in private sale rounds for its crypto token — which drops today. 

Social music app Geojam raised nearly $6 million in private sale rounds for its crypto token — which drops today. 

The Los Angeles-based startup’s token, $JAM, lets users interact with their favourite artists by staking tokens in “proposal pools.” These pools let fans propose ideas to musicians who can then use the backing — if it’s big enough — to make the songs.

The tokens can also be used to buy in-app goods and users will be able to earn $JAM cryptocurrency by engaging with the app and taking part in fan competitions. 

Sarah Figueroa, CEO and co-founder of Geojam, said: “Artists want to engage deeper with their fans, while fans have also demonstrated a desire to engage with their favourite artists. $JAM reward incentives offer a key benefit to the community while also empowering artists to monetize their fandom.”

Justin Rosenbaum, Chief Growth Officer for Geojam, added: “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.”

Geojam, founded in 2019, is an Apple iOS social streaming platform. It lets users have “interactive experiences” with artists and music by letting them directly communicate with musicians and share music with friends. It has backing from artists Mariah Carey, Nyjah Huston, 24kGoldn and others. 

Its crypto token today launches through decentralized finance (DeFi) platform Lattice Exchange Launchpad — which is powered by Constellation Network’s Hypergraph protocol. $5.9 million was raised through two private sale rounds. 

The token will run on a blockchain — like Bitcoin and Ethereum — and the idea is that with the tokens having their own unalterable ID, timestamp and rights information, artists (and fans) will be paid fairly for their work. 

Investors can now buy $JAM token allocations at the initial launchpad offering public sale price through the Lattice Exchange Launchpad. 

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