It’s all about that $JAM — Geojam’s token utility explained
How Geojam uses its $JAM token in Creator Access Pools and Proposal Pools to monetize its Creator Economy and support Decentralized Governance
According to crypto investment strategist, Raoul Pal, when describing the creator economy in a recent interview:
“If you give (people): a leader, a mission, a set of rules, and a system of money, you’ve created an economy, a country — a digital country.”
And Geojam is doing just that.
Geojam captures the essence of music, sports and other forms of entertainment as a social experience by enabling crowds of fans to form around musicians and celebrities and share their common interests.
Each crowd around a creator forms an economy where fans can earn $JAM cryptocurrency by engaging with the app and participating in various tasks such as streaming videos or sharing music and inviting friends to join.
Say Hello to the Geojam Creator Economy with Creator Access Pools
Each creator on Geojam can create a pool where fans in their crowd can stake the $JAM tokens they earn.
The staking pools, called “Creator Access Pools” or “CAPs” offer tiered rewards and experiences to fans who participate. Each creator designs an experience for fans to win which is promoted and featured as a creator pool. Fans stake their tokens into one of the creator pools by locking up their $JAM, allowing them to earn APY (annual percentage yield) in the form of free $JAM tokens, and the opportunity to win the featured experience with the celebrity and other tiered rewards.
The featured experiences are way cool too. These include things like private jet trips and daylong visits with hip hop star, 24KGoldn, facetiming with Mariah Carey, skateboarding with Nyjah Huston, and many more.
With Geojam’s unique Creator Access Pools, creators are compensated for their content and fans are compensated for their engagement and loyalty. Everybody wins!
Decentralized Governance with Proposal Pools
Fans can also stake their $JAM tokens into “proposal pools” where they can propose new features in the app and ideas for creator experiences to be offered through the platform. If a proposal for a new experience is accepted by the creator, all participants in the pool will receive free $JAM as an APY reward on their staked $JAM used to vote on the proposal. The proposal will then be featured as the experience fans can try to win by participating in the creator access pool.
$JAM Shop Purchases
And finally, fans can use their $JAM tokens to transact in the $JAM Shop, which is full of unique and one-of-a-kind merchandise. Geojam will take a fee from each transaction sending funds directly to the community rewards treasury wallet.
Check out our whitepaper for more details: https://geojam.docsend.com/view/h42c9i546p7v3wuj