In a bold move to reclaim social media, Iqram Magdon-Ismael’s latest venture JellyJelly promises to revolutionize the platform with unedited short-form videos and AI-powered moderation.
Fixing What Social Media Broke: Iqram Magdon-Ismael‘s Vision for JellyJelly
When Iqram Magdon-Ismael co-founded the payment app Venmo with his college roommate ‘Andrew Kortina’ in 2009, something changed in his brain chemistry. He became addicted to making startups and creating products that impact many people. Fast forward to his latest venture, a social media platform called JellyJelly, which aims to fix what social media broke.
The Problem with Social Media
Social media platforms like Instagram, TikTok, and Twitter have become breeding grounds for over-produced content and addictive environments. Magdon-Ismael believes that this is people’s frustration with social media now. ‘Imagine if every Zoom meeting you had was filled with filters and over-produced content, and we had to do all these crazy things to even show up to a video meeting,’ he said.
Social media has revolutionized the way people communicate and interact with each other.
With over 4 billion active users, social media platforms such as Facebook, Twitter, Instagram, and LinkedIn have become an integral part of modern life.
Social media allows users to share information, connect with others, and access a vast array of content, including news, entertainment, and educational resources.
According to recent statistics, the average person spends over 2 hours per day on social media, highlighting its significant impact on daily life.
A New Approach
JellyJelly takes a different approach to social media. The platform allows creators to publish largely unedited short-form videos that can go live instantly. Artificial intelligence handles the transcription and captioning, making it easy for users to share their content without needing extensive editing skills. When a video is posted, the app activates a phone’s front and back cameras, letting users share an almost 360-degree view of what they’re doing in real-time.
The Role of Memecoins
JellyJelly also incorporates memecoins into its platform. A memecoin backed by a real product can generate buzz and loyalty around a brand. Magdon-Ismael recognized the potential of memecoins as a way to integrate payments, transactions, collectibles, and commerce in a modern way.
Memecoins are a type of cryptocurrency that has gained popularity in recent years.
They often emerge as jokes or memes on social media platforms, but can sometimes develop a real market value.
These coins usually have a small market capitalization and are not as widely accepted as major cryptocurrencies like Bitcoin or Ethereum.
Memecoins can be created through initial coin offerings (ICOs) or other fundraising methods.
Their value is often driven by speculation and hype rather than fundamental factors, making them a high-risk investment.
Community-Driven Moderation
JellyJelly’s feed is strictly chronological and based on who users follow, much like the early days of Instagram. Content moderation is designed to be community-driven, with users able to flag inappropriate material. AI moderation will also be scaled up as the platform grows.
A Real Product Behind a Memecoin
What sets JellyJelly apart from other memecoins is its real product and company behind it. The platform’s name is inspired by the immortal jellyfish, which can repeat its life cycle indefinitely through cellular transformation. Magdon-Ismael hopes that Jelly will be like this jellyfish – long-lived and resilient.
A Vision for Longevity
Magdon-Ismael believes that longevity is a tall order in an ecosystem known for big promises and little follow-through. He wants JellyJelly to be seen as a forecast for how the platform will grow and evolve over time. ‘We don’t want to die, and we don’t want your jellies to die,’ he said.
Longevity refers to the study of factors that influence human lifespan and healthy aging.
Research suggests that genetics play a significant role, with some individuals born with a predisposition to live longer.
Lifestyle choices such as diet, exercise, and stress management also impact longevity.
Studies have shown that centenarians often share common characteristics, including a Mediterranean-style diet and regular physical activity.
In recent years, advances in medicine and technology have led to increased life expectancy worldwide.
Investing in Transparency
JellyJelly is backed by investors who are committed to transparency. The team meets with investors weekly to discuss product development, ensuring that everyone is on the same page. Magdon-Ismael values having investors who want to see him succeed, rather than just cutting checks.
A New Era of Social Media
Magdon-Ismael‘s vision for JellyJelly is a direct response to the problems with social media today. He wants to create a platform that is fair, community-driven, and focused on real value creation. As he said, ‘The best content wins.’
