Story Protocol has officially launched its blockchain focused on intellectual property (IP), featuring an associated IP token. The protocol is designed to serve as the “world’s intellectual property network,” enabling users to register and monitor their IP while also monetizing it with the use of the $IP token. This token was recently introduced and will facilitate transaction fees, as well as provide users with governance voting rights on the platform.
The co-founder and CEO of PIP Labs, the primary developer of Story Protocol, SY Lee, emphasized that the initiative aims to set a new standard for IP, making the $61 trillion asset class programmable. This means that IP can be effectively tracked, protected, and monetized within the network, offering transparency and potential profit for creators.
Funding for PIP Labs has been substantial, with an $80 million Series B venture round led by Andreessen Horowitz, bringing the total capital raised to $140 million. The project positions itself at the convergence of blockchain technology and artificial intelligence, allowing individuals to track and receive compensation for data utilized in training AI systems. Lee pointed out the rampant unauthorized use of personal data in the current landscape, stating that original IP is crucial for the development of effective AI models.
The launch of Story Protocol’s mainnet coincides with an unlock event for the $IP token, releasing 25% of the initial billion tokens. A significant portion, 58.4%, is allocated for ecosystem development, community engagement, foundation support, and initial incentives.
For more information about Story Protocol, visit their official website.
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