A few days ago I wrote about the best funded project of the past summer. One of those caught my eye and I started researching it.
Story Protocol is a project that merges blockchain technology with intellectual property management, with the goal of redefining how we approach creative ownership and collaboration in the digital age. Basically a protocol that enables creators and IP holders to register, license, and manage their works on-chain, providing a new framework that empowers content creators and simplifies licensing and royalty distribution.
What is Story Protocol?
In essence, Story Protocol offers a decentralized platform where IP can be transformed into a programmable asset. It enables creators to register their works as NFTs, whether it’s digital art, music, films, fashion, or even games, bringing the benefits of blockchain to IP in a way that hasn’t been done before.
Here’s how it works, once an IP is registered on Story, it becomes an IP Asset , an on chain NFT that represents that intellectual property. If the work already exists on-chain, it can easily be registered. But even off-chain assets can be minted into NFTs and linked to Story. Once this is done, an IP Account is created, which is essentially a smart contract that manages and stores the associated data, like licensing terms or royalties, for that specific IP.
This smart contract system allows IP holders to manage their works in a far more efficient and programmable way. Imagine the possibilities: automatic licensing, revenue sharing, and seamless remixing of existing works all in one ecosystem.
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Vision
With the current system, licensing and royalties can be cumbersome and unclear, often requiring expensive intermediaries or legal teams to manage. Story Protocol aims to change that by providing a streamlined, automated, and decentralized system that empowers creators to control their work and get paid fairly, without needing to rely on third parties.
The long-term vision? To create an open, permissionless system that not only simplifies IP management but also encourages creativity and collaboration. By making it easier to remix, license, and monetize IP, Story Protocol is fostering a new ecosystem where creators can focus on creating — and the legal side of things is handled seamlessly in the background.
Backers
Story Protocol has attracted significant financial backing, raising $54 million in its seed round. The project has caught the attention of leading venture capital firms like Hashed, Samsung Next, and Insignia Venture Partners, as well as entertainment behemoth Endeavor Group Holdings. Other notable investors include dao5 and other prominent figures in the blockchain and entertainment industries.
Additionally, the project has a distinguished advisory board, with people like David Goyer, the screenwriter and filmmaker behind The Dark Knight trilogy and Blade, lending their expertise. Goyer has spoken passionately about how Story Protocol could reshape the future of content creation and distribution, particularly in an age where creators increasingly want to own and control their work.
Problems Story Protocol Solves
Fragmented IP Ownership: It can be difficult to determine who owns what, especially with complex chains of derivative works. Story Protocol’s blockchain-based system provides an immutable record of ownership, ensuring transparency.
Cumbersome Licensing Processes: Licensing typically involves lawyers, negotiations, and a lot of paperwork. Story Protocol automates this process, making it simple and accessible for creators to license their work to others.
Unfair Compensation for Creators: Many creators struggle to get fair compensation for their work in the current system, especially when their work is copied or used without permission. Story Protocol’s automated royalty system ensures creators are paid fairly and quickly.
Now I do like what they want to do ,the backers and the team seems great they have also raised a lot of money to help them achieve it. I am going to keep a close eye to this.
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