New writing contest, new awesome project, so new blog post ! Here we go !
Since I enjoyed the last challenge on Publish0x, I decided that I might go for a new one if the project is good. And here is my chance. The next writing contest is for a SUPER good project, which is JETCOIN. So, if you like sport, entertainment, NFTs or sponsorships, let's get on a ride with me & check that project out.
WHAT IS JETCOIN ? THE CONCEPT EXPLAINED
So, what is this project all about ?
It is all about using the blockchain technology to enable the next champion to get a sponsor. Since it is quite hard for artists/athletes/performers to find a sponsor, why don't we make this process a little bit easier by democratizing sponsorships ? This is the aim of Jetcoin.
You have a champion that you admire & want to help. What else can you do in a pre-Web3 world ? You just go to the stadium, the concert, or wherever you think the next super star is performing to cheer them & get the best out of them, right ? Good. Quite good, actually. But now, you can do even more ! You can support them via Jetcoin. How do you do that, you may ask ? Let's understand how the process work out.
It all starts with the Jetcoin Institute. First of all, the Institute finds new & exciting talents so that they can become the so-called Jetcoin Champions & buys a portion of their image rights. These champions can come from almost any industry : music, sport, film-making, you name it. Currently, Jetcoin is focused on helping the careers of soccer players but anyone with a big chunk of talent & lots of potential in another industry can be part of the Jetcoin Champions Club ! So if you enjoy playing the clarinet, no worries, you are good to go !
Ok, so once the Jetcoin Champions are selected, YOU, the mega fan, can purchase their NFT via the Jetcoin cryptocurrency & gain the Jetcoin token as the career of your selected champion is advancing & your champion is becoming a legend !
Quite simple but devilishly effective if you want my opinion !
Ok, nice. But how is this disruptive ? Can't I just help my champion without using the Jetcoin token ?
You can, but Jetcoin is special for several reasons :
- First, it creates a "win-win" situation. The burden of the champions to find new sponsors & handle the sometimes difficult relationship with them is gone. They can focus on their goals & their career.
- Second, it democratizes the access to sponsorship, it is no more a relationship based on lots of power from the sponsor & little from the champion (especially in the start of their career), now everyone can be part of it, it is fair & put far less pressure on the champions so they can focus on becoming better at what they do.
- Lastly, as the champion rises, so does the share of the Jetcoin contributors for the champion. The value of Jetcoin rises along side & the Institute can fund & enroll more champions.
It is even better than a "win-win" situation, it is a virtuous circle !
So you can have a better understanding of what the Institute does, here are the main activities of the Institute according to Jetcoin's White Paper. As explained, it is at the core of the business model of Jetcoin : the people there recruit the next champions, develop the partnerships, secure the strategy & the relationships with the NFT holders so that everyone can thrive in this system ! Lots of work there, but very rewarding !
THE BUSINESS MODEL IN FEW SIMPLE WORDS
JET NFT CARDS
How does it all work out with the NFT concept ? How can I buy one & how can I get my JET token in return ? All this & more in the next paragraphs, so follow along !
Well, I guess we can skip the part where I explain to you what a NFT is (if you don't know, just type NFT in Google & a lifetime of info will be waiting for you there) so we can go directly to the NFT technology that Jetcoin uses to help their champions !
Basically, Jetcoin uses what is called Jet NFT cards that can be viewed in the JET NFT viewer to support their crowd-funding strategy. (I will not go through the entire process but if you are curious the youtube channel from the team explains everything you need to know - great content, you will see.)
What is special about these Jet NFT cards ? Well, they have several interesting characteristics :
- They display unique features about the champions & are therefore a perfect fit for NFTs
- They use interactive content (text, photos, videos) that can be uploaded & airdropped. And quoting the team itself, "in the foreseeable future, Jet NFT cards will hold rewards at purchase or be airdropped a later time"
- The Jetcoin token uses 2 chains simultaneously : you can use it as an ERC-20 token as well as a BSC token (the best of both worlds)
They are basically NFTs specially designed so that they can fit the role of token for fund-raising in the sport or entertainment industry & uses both ETH & Binance chains so that more people can come along & join the party.
INITIAL TALENT OFFERING
Then comes the Initial Talent Offering. So, basically, once a talented champion is signed, the team creates a series of Jet NFT cards that you can purchase to support your favorite artist/athlete/performer. And from that stream of revenue, up to 70% is directly directed toward career development & the rest goes to marketing and branding for the most part.
ASSIGNING & RELEASING JETS
After that, it is all in the champion's hands. And the team distributes the Jet token to the fans according to the revenue stream of merchandising & the image rights from the champion. Nice, easy & everyone can have a piece of the pie in the end. Told you it was a nice one !
But for those of you who are still confused, here is a super simple recap :
Also, just so you know, here is the NFT viewer that you can use to go through the process of being a direct supporter of your champion - you just need to go to jetnft.com, connect your Metamask on it & you are good to go ! Also, you can have a look at the marketplace where all the NFTs are minted, on mintable.app !
Now that we know what the concept is & how it works, let's have a quick look at some interesting facts & figures about Jetcoin and the team, so that you can see for yourself that this project has a bright future !
QUICK FACTS & FIGURES ABOUT THE JET TOKEN AND THE TEAM BEHIND IT
Ok, so great project, great concept. But one important aspect that matters in the end is Tokenomics. So here we go about some facts & figures about Jetcoin so you can get the full picture.
Here is what you can find on their website. As you can see, the distribution has been quite fair between all the parties involved. No greedy team here, that is always a good point. Also, they have been audited by Coinscope with a very positive feeback, so regarding the figures, it is all square !
What about the team behind Jetcoin ? Who are they & who is the mastermind behind this brilliant idea ?
So, for a bit of context, Jetcoin has been created by Eric Alexandre around 2019.
Eric Alexandre has been working in the blockchain industry for quite some time now & the idea came up when he realized during a discussion with the CEO of Mintable that NFT tech could be leveraged & that there is a possible niche for NFTs to support emerging talents. From there, it has been work & action to make this idea a reality.
To assist Eric Alexandre, there is Jay Vansadawala who is the CTO of Jetcoin & has been working on the Jet NFT solution since the start of the project.
There is also Mayur Kapadia who is the lead dev with lots of experience with software development & a big fan of cryptocurrencies for quite some time now as well as Dimas Pra who is the designer of Jet NFT art with his very unique composable layers, just to mention a few !
So, the team has been working consistently since 2019 for this innovative supporting system to become a reality in the near future and they have been quite successful in doing so. They have been gaining traction on social media & the partnerships that they have developed are just proof of their dedication. Here are a few examples :
- They are a sleeve sponsor of Huddersfield for their FA cup against Burnley. The game will be broadcast worldwide with possibly over 130 million viewers. Quite a nice achievement I must say ! Plus, they secured a partnership with them for the rest of the season & will be one of their main digital sponsors
- They have sponsorships with very good teams already (Serie A team) : Chievo Verona, Hellas Verona, etc.
- They were sponsors for the Rendez-vous - a big luxury event - in Singapore recently
- Last but not least, The CEO of Jetcoin will be a keynote speaker at FinTech Asia on January 20th!
Ok, so final words about the project. After giving you an overview of the concept, the mechanics of the Jet NFT cards, the tokenomics & the team, I must say that I believe this project is so undervalued. It is just my opinion but the team should get more recognition for the concept itself because it can really help both the community & the champions. So, very good feeling on this one.
The team just needs to put the work as they have been doing for the past years already so that the idea can become real & I wish them to get there because this is exactly what sponsorships need right now : decentralization, access for everyone & less pressure on the champions.
Now, quick word from you : what do you think of the project ? Do you like the concept & think it can make a revolution in the sponsorship industry ? If so, please leave a comment & tell us more about it !
Hope you guys liked this article, that you enjoyed this new concept & that you learned lots of interesting crypto-knowledge.
See you on the next one & take care, as always.