- Story, a blockchain firm, is emerging from stealth with a custom Layer 1 network designed for IP control.
- Investors include Samsung Ventures, Andreessen Horowitz, and Paris Hilton’s 11:11 Media support the project.
- Story is utilizing a unique “Proof-of-Creativity” consensus method in conjunction with an EVM-compatible blockchain.
According to co-founder Jason Zhao, blockchain company Story is coming out of stealth with its custom Layer 1 network designed for IP management, which is anticipated to launch later this year.
Renowned venture investors, including Samsung Ventures, Andreessen Horowitz (who led the project’s first $54 million Series A fundraising round), and Paris Hilton’s 11:11 Media are supporting the project. Story was founded in 2023, and according to Zhao, it has already attracted over 50 clients, some of whom are well-known NFT projects, who are eager to integrate intellectual property-focused technologies into their operations.
As Zhao put it, “We want to do for IP what bitcoin did for money.” Our goal is to transform intellectual property into these “programmable Legos,” enabling creators to integrate their creative assets into the chain and generating demand and liquidity for a category that is vital but sometimes ignored.
Story: What Is It?
For owners of intellectual property and everyone else wishing to access their works, Story is an open-source repository. The group is developing tools to manage intellectual property (IP) for nearly any kind of media, covering every stage of the process from creation to provenance to licensing and income sharing.
According to Zhao, managing intellectual property these days can be a costly, time-consuming, and difficult procedure that usually calls for teams of attorneys. Some of the difficulties can be avoided by moving IP onto a decentralized network that is regulated by rules defined in transparent, self-executing computer code.
According to Zhao, creators will be in charge of determining the conditions under which users can use their work, as well as any upfront costs, royalties, and limitations.
Technical information
Story made a big impression when it was first revealed this year, in part due to a lengthy list of well-known backers and the appointment of director David S. Goyer (known for Blade and The Dark Knight) as an advisor. However, this is the first glimpse of its web3 application, which will be released before the year is up.
Crypto pioneers have long aimed to use programmable NFTs and decentralized marketplaces to disrupt the intellectual property industry, with some degree of success. Networks like Silicon Valley veteran Antonio Garcia Martinez’s attribution network Spindl, which focuses largely on advertising, are recent newcomers to the industry.
Story, on the other hand, will manage issues like ownership and attribution by utilizing a unique Proof-of-Creativity consensus method in conjunction with an EVM-compatible blockchain. A customized version of the ERC-6551 token standard will be used to generate an NFT and account for users that upload intellectual property on-chain.
License Token NFTs with pre-coded terms of use are available for anyone who want to produce, remix, or market a derivative work of a creative work. The Programmable IP License, an off-chain contract, likewise governs those tokens, while on-chain licensing and royalty modules are also an option.
When disagreements unavoidably occur, there will also be a dispute module to assist users in using arbitration to settle their differences. Moreover, derivative work that fails to properly credit or acknowledge parent efforts may be marked with plagiarism-related tags.
The group intends to collaborate with outside specialists to offer advice on licensing, community development, and crowdfunding. AI was also given a lot of attention by Zhao, who believes it will fundamentally change how people create and consume information online.
If I were Drake, I might grant permission for others to use my voice in exchange for payment. You know, a portion of the revenue up front or something like that. That is really challenging for artists and remixers at the moment. This is mutually beneficial.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
