The co-founder of payments app Venmo is launching a new platform that incorporates ideas and products from across the tech landscape. Iqram Magdon-Ismael is behind JellyJelly, a content hub that encourages users to upload unedited videos and supports them through a memecoin.
JellyJelly’s website describes the app as “the fastest way to post clips from a video chat.” The resulting uploads, called “jellies,” feature AI-generated transcriptions and captions. In a twist reminiscent of BeReal, posting a jelly turns on a phone’s front and back cameras, offering a real-time look at the poster’s current status.
Nascent content apps that synthesize popular features from other platforms are a dime a dozen, but Magdon-Ismael has a secret weapon that has boosted JellyJelly’s name recognition. His X-factor is Jelly-My-Jelly, a memecoin built on the Solana blockchain.
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Sam Lessin, the former Facebook VP of Product who now heads up early-stage venture firm Slow, is an early Venmo investor who is also backing JellyJelly. He helped Magdon-Ismael launch the Jelly-My-Jelly coin earlier this year, and it quickly soared to a $250 million valuation.
There have been many attempts to bring blockchain-backed assets into the creator economy, either as a token for shareholders or as the basis of an on-platform revenue stream. The inherent volatility of cryptocurrencies can complicate those plans.
Jelly-My-Jelly has lost the bulk of the value it gained during its early spike, but Magdon-Ismael sees his memecoin as a potent marketing tool that has already produced positive results. He told Decrypt that JellyJelly received 10,000 signups in a day, and about half of the platform’s users hold Jelly-My-Jelly coins.
“It brought an incredible amount of awareness,” Magdon-Ismael said. “I have to be honest, I never thought of using this whole meme coin world as a form of promotion [but] it’s starting to become very clear to me.”
Jelly-My-Jelly may be a mere marketing tactic for now, but it will eventually have utility on its namesake app. Magdon-Ismael told Decrypt he’s planning an on-platform tipping feature that will arrive “soon.” After that, Jelly-My-Jelly could be used to influence content recommendations on the app.
The first wave of JellyJelly creators includes vlogger Nas Daily (who once worked as a software developer for Venmo) and former NBA player Baron Davis. Magdon-Ismael is bringing together a lot of big ideas for his new startup, but the promise of a creator-friendly platform for authentic content will surely turn some heads — especially in the wide world of web3.
