Before I started researching Jetcoin, I was looking for bounties/freelance work on Gitcoin. There was this one specific bounty with a description that went along the gist of 'A system for creators that would allow holders of NFT to poll their fans'. A platform where fans can vote for certain aspects of the artist's project. For example, choosing the album art or album name, etc. This project also has a good amount of money allocated for the developers that want to do the work.
Initially, I brushed off the concept of having fans decide the project's features. The idea that fans will do the work of the artists felt unnecessary. However, this conception of mine completely changed when I read about Jetcoin. There are some opinions that I hold in favor and there are also negative feedbacks that are valid.

Jetcoin Institute

Jetcoin Institute is a culmination of a vision to unearth stars of tomorrow and join them on their journey towards stardom, taking fans who believe in them along for the ride.

The vision of the institute is to promote the individuals who are interested in sports, music, and media as a career. There are some unique problems in the entertainment industry that this foundation wants to tackle. Challenging the existing norms is also a very ambitious decision taken by them.
Jetcoin Institute was founded by Eric Alexandre, who has been engaged in the cryptocurrency space since 2014. Eric has also worked as creative director, executive director, producer, and advisor in the past for other firms.

Problem

The entertainment business is very lucrative for the people involved on the other side. By 'other side', I don't mean the fans who pour the money inside the industry. I am also not talking about the artists, athletes, and people directly involved in the industry. There is another business that is thriving inside it, i.e., Talent Management. Personally, I don't have any problems with the existence of such entities. They make it easier for the stars to manage their lives. Rather, I am displeased with the way some of them handle their clients. I have read enough about the incidents that I have formed a bias against them. No name dropping of those cases will be done on this post. (You can also read the Jetcoin white paper for such instances.) So, it is unfair for the fans who support the talents during earlier years to not get anything in return for their loyalty and persistence.

Solution

Jetcoin Institute is employing a tried and tested method, called crowd-funding. This strategy is popular amongst startups and has been successful to an extent. They are combining the mentioned strategy with the NFT and cryptocurrency, which honestly, is another step towards the adoption of this technology. Jetcoin has introduced JET NFT cards which have interactive properties. These NFTs will be purchasable by the fans, which is part of the tokenomics of the platform.
The mechanism of this ecosystem kind of made sense to me when I read it for the first time. Even though there are some problems that I will talk about later, it is still a legit model. So, the institute will invest in potential talents by purchasing a portion of their image rights. The fans who will buy the NFTs of the respective talents will be eligible for the portion of revenue from them. Jetcoin states that the solution is unique for two reasons:
1. It allows the owners to generate revenue from Jetcoin. It also helps the talents to be more focused on their career.
2. Each time the rising talents sign an endorsement or contract, the percentage assigned to Jetcoin Institute is distributed to users who hold NFT.

This is an innovative idea on its own and is revolutionary when thought about it. The fans can also interact with the talents or 'Jetcoin Champions', as the institute likes to call them. In this way, the fans will also be more connected to them in their projects and ventures. The early supporters will have substantial gains from the success of the individuals that they sourced.

Critiques

Project Management

My first critique of this system is concerned with control over the projects. I know there are many exceptional members in the Jetcoin team but there is something I would like to recommend as a music fan myself. A system should be in place for artists to decide how much access is given to the fan on their projects. This is because there are indie artists that are very passionate about their art. Their work is an expression of themselves and the product of their work is something that fans resonate with. They are not making it for the sake of fans but are doing it for something that they like. Relinquishing this ability from these artists will discourage them from using the system.

Privacy/Harassment

Celebrities often receive death threats over minor incidents. And whenever money is involved, people tend to become more emotional over it. Jetcoin Institute should also provide a solution to mitigate the harassment done by some fans. This has been a prevalent problem in this industry for a long time. I think there is the possibility that it will increase because of the money factor here. However, this is just a 'skimmy' opinion on this topic. I am open to discussion and would gladly like to change my opinions on this point.

Pressure on Talents

This is almost the same as the above point. Due to money being involved, the individuals may feel more pressured to perform. They might feel that they owe something to the fans and might crumble under pressure. This has happened earlier so often in the sporting world. This is another subject that should be thought about.

Partnerships

May Myat Noe

May is a popular Burmese singer and model/actor. She has signed a 5-year agreement with the Jetcoin Institute. The team has scheduled some events for her to gain more exposure worldwide. They have also planned campaigns for her and are developing a website for interaction with fans. Jetcoin's team has a roster of marketing experts and this will be the first major project for them. The success of it will probably set precedence for future opportunities of the organization.

May has won beauty pageant contests such as Miss Myanmar and Miss Asia Pacific World. She also represented Myanmar in Asia's Next Top Model show. A resume like this should help promote this project.

Huddersfield Town A.F.C.

There are other platforms and coins that are sponsoring teams and events in sporting events like UFC, F1, etc. Jetcoin has also made several moves towards advertisement to make their brand known. In comparison, it seems that other companies are sponsoring in larger audience events. However, Jetcoin is reaching towards their potential clients that would want to engage in this platform. It will be much harder to buy rights of already established individuals for Jetcoin as well as fans.

Teams like Huddersfield Town have decent coverage and the players in this division have more room to grow as a talent.  So, investing here to garner attention is a much wiser decision by them. This partnership will be for the 2021-2022 season and is probably a good time to do it, as there has been an increase in the adoption of crypto since last year.

Conclusion

This post did not explain the technical aspects of tokens or the platform. This was supposed to be only a fundamental insight into what this project aims to do. There are some overlaying problems that need to be considered for it to be successful. The ability to bridge the connection between fans and talent is a powerful idea. The project offers a good product and has made quite a large progress. The time will test, how it will pan out in the long term. This is the specific problem with ideas like this. Since they have never been tested before, it makes it harder to speculate on them. On other hand, an imminent success can give them a large early mover advantage.