Story Protocol Launches Blockchain for Intellectual Property
On Thursday, Story Protocol introduced its revolutionary blockchain, specifically designed to focus on intellectual property (IP), alongside the launch of its associated IP token. This innovative blockchain is branded as the “world’s intellectual property network,” offering users a unique platform to register their IP and monitor its usage across various channels.
At the heart of this initiative is the newly minted token, aptly named $IP. This token serves multiple purposes; it is utilized for transaction fees on the platform and grants users a voice in the governance framework of Story Protocol.
According to a statement shared with CoinDesk, the project aims to establish a new standard for IP management: “Story is creating a new standard for IP, making the $61 trillion asset class programmable so IP is tracked, protected, and monetized, allowing everyone to see the upside.” This ambitious vision has garnered significant interest from investors. In a notable development, PIP Labs—the primary developer behind the blockchain—successfully raised $80 million in a Series B funding round, led by the prominent venture capital firm Andreessen Horowitz (a16z). This recent funding brings the total investment in the project to an impressive $140 million.
PIP Labs has strategically positioned Story at the convergence of blockchain technology and artificial intelligence. This approach aims to empower individuals to effectively track and receive compensation for the data utilized in training AI models. As co-founder and CEO SY Lee emphasized in an interview with CoinDesk, “Without great original IP, the AI models don’t develop.” He further elaborated on the current landscape, stating, “Today, AI is taking, stealing all your data without your consent.”
The launch of Story’s mainnet coincides with the inaugural unlock event for the newly introduced IP token. The project announced that it is unlocking 25% of the initial 1 billion $IP tokens, with a substantial 58.4% designated for the ecosystem and community, foundation initiatives, and initial incentives.
