Attaching value to the non-financial interactions that occur within social media platforms
Social relationships between artists and fans have value, but it’s a value that’s yet to be quantified, and it’s currently not redeemable for monetary gain. The only way these relationships were quantified in the past was through streaming hours or social media vanity metrics. At Geojam we knew there was more value to be captured and returned to fans, incentivizing them to further engage.
The Social Media Old Guard
Often overlooked in the history of social networking, in 1999, Napster made its appearance by enabling peer-to-peer music sharing. This invited the socialization and democratization of music that set the stage for social networking. When Myspace made its debut in 2003, it marked a new communication path between peers, celebrities, and brands. Now, Facebook is one of the largest companies in the world with a $1T market capitalization around the advertising monetization of multimedia social experiences across texting, photo sharing, and virtual reality. The entire social media industry has gone from mere connectivity features to annual revenue of $62B (2021). By socializing multiple forms of media, they have paved a path for everyone to express their creativity, establish a voice, and become the voice of influence.
Social networking has been the cornerstone of connectivity for younger generations. It has empowered individuals to create influence by sharing and discovering the abundance of information at our fingertips. It has allowed people to present their creative perspectives and connect to people in unique ways. Generations are now evolving traditional social media into shared journeys, experiences, and access to what used to be inaccessible. Additionally, this new generation is gravitating towards the emerging value-based networks: social communities around cryptocurrencies. In cryptocurrency communities, the perception around the concept of community is that familiarity with open source development where contribution equates to accruing value in the company. Celebrities and influencers are shifting their focus to the $2T cryptocurrency market as an evolving path of monetization for their influence while measuring their global impact.
Evolution of Influencer to Creator
Today, social influencers are rewarded with advertising dollars and gifts from various merchants for mentions and posting their experiences. The value exchange between the influencer, consumer, and merchant can be improved by developing a token economy that rewards all stakeholders. A token economy provides tangible rewards, with monetary value, to all stakeholders in a way that existing social media cannot.
Influencers, artists, musicians, gamers, athletes, models, content creators, and thought-leaders make up the estimated $100+ billion dollar economy., called the “Creator Economy”. This economy is the evolution of influencers to creators, where creators can target niche communities with shared interests while establishing a highly engaged user audience that results in indirect promotion. At Geojam, we define creators as anyone who is able to capture the attention and value of their crowd to drive collective influence while enabling $JAM to provide a path to direct monetization.
Geojam and $JAM Accelerates the Evolution
Geojam has already developed Jam Points as a minimal viable product (MVP) to understand our users and the potential for a real-world token economy. With tens of thousands of users and over 5.4 million Jam Points earned to date, users have redeemed exclusive products, merchandise, and experiences for engaging on the platform. Geojam will be converting its existing point system into a cryptocurrency, $JAM, while creating the opportunity for token holders to use $JAM to engage in various opportunities on the platform. Thus the Geojam ecosystem will be underpinned by a true economic model and will be built on a decentralized financial system and a scalable protocol, Constellation’s Hypergraph, to enable the tokenized economy.
We have witnessed first-hand the impact and value that unique experiences, social community, and direct-to-fan interactions can bring artists/creators and their fans. A value-based ecosystem expands Geojam’s reach by rewarding artists and the crowds that support them with desirable exchanges instead of losing that value to advertisers. They’re receiving ROI from the intangibles of fandom — dedication, trend analysis, word of mouth, etc., as this behavior increases the value of the $JAM Token.
Our cryptocurrency, $JAM, redefines the music and creator economy by reversing the relationship between artists/creators and their fans. It allows us to shift the economic cycle away from centralized social media conglomerates that capitalize off your engagement and impressions, and back towards the creator economy that generates those engagements and socialization. Minting a cryptocurrency, and opening up the opportunity to integrate decentralized finance solutions, will pave the way for all stakeholders involved in social influence to win.
We are excited to be releasing our whitepaper in the next few days!
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About Geojam
Launched in 2020, Geojam is a social engagement platform that generates meaningful, passion-fueled fan engagement with celebrities such as Mariah Carey, Machine Gun Kelly, and Nyjah Huston. Geojam is the evolution of social community for the music industry, requiring a two-way interaction between artists and fans. This high-engagement ecosystem generates value-driven fan activity and cash flow for the artist and translates into one-of-a-kind perks and real-world experiences for fans using Geojam. Past experiences have included an artist taking a fan on a private jet to their hometown, being on a billboard in Los Angeles, playing video games, designing apparel, one-of-a-kind memorabilia, and more. In only one year, Geojam has garnered tens of thousands of users across iOS devices and has served as a bridge for fans to engage directly with artists and influencers in the world of music.
