Original｜Odaily Planet Daily
Author: Wenser
On April 21, according to official news , the jam.so creator economy app launched by Farcaster and LensProtocol ecological project jam had a transaction volume of over 10 million US dollars within 72 hours of its launch, with a total of over 47,000 transactions. According to Dune data , the current transaction volume of jam.so has exceeded 270 million DEGEN.
As another new seed of Farcaster and DEGEN ecosystem SocialFi, jam has currently received a donation of 1 million DEGEN tokens , which will be used for ecological development in the future. Today, Odaily Planet Daily will share with you about this small and beautiful creator economy application.
jam.so: A blockchain version of Instagram that allows creators to earn their first dollar?
As a creator economy application that mainly uses DEGEN tokens to reward and trade creators content, jam.sos mission is to allow creators to monetize their content and earn their first dollar: this can be rewards from other users, token incentives from the jam.so project, or taxes collected during content transactions.
How to play: Instagram on the blockchain
jam.so is an application built on Farcaster and Warpcast, so you need to prepare a Farcaster account and then start your jam journey. The specific operations are as follows :
Verify Farcaster account login, the system will prompt the user to pay 10 Wrap points (i.e. Farcaster ecological points, required to join some groups). After payment, you can enter after passing verification.
Create a new wallet or import an existing wallet. This will facilitate subsequent transactions. Please note that the Jam platform does not save the users wallet private key, so you need to save it yourself and keep it properly, and do not delete it by mistake.
As a creator, you first need to click Monitize under My Jam to set the starting price of your content. The price of subsequent content will gradually increase as the number of purchases increases.
As a rewarder, users can support their favorite creators, or invest in them by purchasing content, and can also mint content into NFTs that can be traded on the open market. Note that content converted to NFTs will not be traded on the jam.so platform.
The different functions of jam are as follows, among which, tippers are people who buy content, while creators are people who sell content on Farcaster and are able to collect 5% tax fees from subsequent transactions of the content.
Comparison of the roles of donors and creators
Potential benefits: DEGEN ecosystem tokens + points rewards
There are currently two main ways to gain potential benefits through jam.so:
The first is to publish high-quality content as a creator. Currently, popular content on the platform includes Vitalik’s views on recent projects, Korean content sharing, Base ecosystem views, project announcements, etc. It can be seen that the creator ecosystem is still in its early stages.
The second way is to get Jam Eco Points by inviting new users . Currently, for every person invited and a new user completes a transaction on the Jam.so platform, both the inviter and the invitee can get 1,000 points. This may be related to the potential airdrop of the Jam.so platform in the future. This function can be seen in the Airdrop column in the upper right corner of the platform homepage.
Project comparison: jam.so VS Earlyfans VS Story Protocol
From the perspective of creator economy and SocialFi, jam.so and Blast ecosystem SocialFi projects, and the on-chain IP protocol Story Protocol led by a16z can also be put together for comparative discussion.
First of all, in terms of the underlying ecology, there are significant differences between the three.
Different from jam.so, which is backed by Base and Farcaster ecosystems, EarlyFans is a SocialFi product on the Blast ecosystem and has won the Blast Big Bang project selection award. Its official statement is that the project aims to help creators and early fans make profits without advertising or commercial hype. Story Protocol is not limited to a certain ecosystem. It is determined to create a story Lego ecosystem that can be remixed and combined by creating, managing and licensing intellectual property on the chain, so that creators can create stories with ownership and incentives. From this point of view, jam.so is more like Instagram under Meta; EarlyFans is like the Twitter version of Xiaohongshu; Story Protocol is the Web3 version of the Disney Group.
Secondly, in terms of the source of creators, Story Protocol targets a wider group of people.
The creators of EarlyFans are still mainly from mature Web2 social media platforms such as the X platform, while the creators of the jam.so platform are mainly from the Farcaster ecosystem. Although the protocol has developed rapidly and the developer behind it, Merkle Manufactory, has previously announced that it will soon complete a round of financing led by Paradigm with a valuation of approximately US$1 billion, the current number of users is only around 320,000. As an on-chain IP protocol, Story Protocol is not only aimed at ordinary creators, but also mainly serves IP creators and holders, and has a broader imagination space.
Source: https://dune.com/pixelhack/farcaster
Furthermore, in terms of product functions, there are many differences among the three.
Story Protocol previously released a programmable IP layer, which aims to protect creators’ intellectual property while unleashing creativity and liquidity, allowing IP to be combined, reconstructed, and monetized through on-chain rules set by its creators, thereby increasing the readability and interoperability of IP.
EarlyFans is more like a product of the fan economy, where the content produced by creators has stronger speculative and transactional attributes and is more relevant to the content of platform X. jam.so is more like a product of the reward incentive mechanism, where the relationship between users and creators is a bit like that of angel investors and early debut creators.
Finally, from the perspective of financing amount.
Story Protocol completed a $29.3 million seed round of financing in September 2023, led by a16z Crypto. Participants included Hashed, Foresight Ventures, Samsung Next Fund, Two Small Fish Ventures, DAO 5, Berggruen Holdings, Mirana Corp and SLVC. In September 2023, it completed a $25 million Series A round of financing led by a16z crypto. The total amount of financing has now exceeded $54 million.
EarlyFans and Atticc Labs behind it have previously completed a $1.5 million seed round of financing, with participation from Alliance DAO, SNZ Holding, GSR, Zee Prime Capital, GBV Capital, ProDigital Future Fund, Alchemy Ventures, CyberConnect, Mask Network founder Suji Yan, CyberConnect co-founder Ryan Li and Waterdrop Capital partner Jademont. Other angel investors include 0x minion, angel, icebergy, naniXBT, toptickcrypto, Zeneca and other crypto KOLs.
According to official channels, jam.so has not yet received financing.
Summary: Creator Economy Still Has a Long Way to Go
In general, the creator economy is facing various problems in both the traditional Web2 field and the emerging Web3 field, such as: different standards for judging the quality of creative content, long monetization paths for creators, difficulties in protecting intellectual property rights, and diversified development of creative content. Jam.so and other related product applications are currently rare attempts to bridge the gap between content creators and content consumers, strengthen the diversified incentive forms of content creators, and introduce investment and trading attributes to enhance the liquidity of high-quality content. However, subsequent development still depends mainly on the following key points:
Whether the existing DEGEN token incentive system can continue to operate;
Whether the network effect of high-quality content can be gradually strengthened;
Whether the consumption needs of content consumers can be fully met.
If we can achieve certain results in these areas, both SocialFi and the creator economy will be able to gradually form their own closed-loop ecosystem, and then build a flywheel model between content creators-high-quality content-content consumers-content creators, promote the emergence of more high-quality content and better meet content consumption needs. I believe that there will be such a day, let us look forward to it together.
