Iqram Magdon-Ismael, the co-founder of Venmo, has embarked on a new venture with JellyJelly, a social media platform that incorporates authenticity measures and its own memecoin. Leveraging his experience from Venmo, Magdon-Ismael aims to create a space where creators can share short-form videos, known as “jellies,” while enabling direct monetization through cryptocurrency.
JellyJelly differentiates itself by merging real-time video sharing with blockchain technology. Unlike conventional social media platforms, it offers users the ability to tip creators using the native Jelly-My-Jelly (JMJ) memecoin, fostering a direct financial connection between content creators and their audience.
How Does JellyJelly Facilitate Creator Revenue?
“As we were brainstorming ways for our user base to monetize either their content or for us to make money as an app, we were exploring multiple angles for how to integrate payments,”
explained Magdon-Ismael. The platform implements a 1% transaction fee on JMJ payments, allowing creators to earn directly from their followers while generating revenue for the app.
What Makes JellyJelly Unique Among Social Platforms?
“We make it a level playing field for everyone to do that. The best content wins,”
Magdon-Ismael stated. By removing filters and over-produced elements, JellyJelly emphasizes genuine content, contrasting with the highly curated environments of Instagram and TikTok.
How Does JellyJelly Address Crypto Trust Issues?
“There’s a lot of that [rug pulls], but I have to say, there’s a lot of that in everything,”
Magdon-Ismael acknowledged the challenges within the crypto space. He highlighted JellyJelly’s commitment to transparency and consistent updates, aiming to build trust by being a reliable and community-focused platform.
Supported by investors such as Observer Capital and Slow Ventures, JellyJelly is currently in its beta phase and available by invitation only. The platform continues to develop its features while engaging early adopters through iterative updates and cryptocurrency incentives.
JellyJelly aims to provide a sustainable social media experience by integrating instant video sharing with functional cryptocurrency transactions. By addressing the flaws of existing platforms and incorporating blockchain technology, it offers users innovative ways to interact and support content creators.
