Disrupting Copyright! Story Protocol Mainnet Eliminates Rent-Seeking Barriers

Story Protocol Mainnet Goes Live: Revolutionizing IP Licensing on Blockchain!

After a roughly six-month testnet period, Story Protocol’s public mainnet—a layer-1 network for licensing and intellectual property maintenance—is officially operational. The project, created by PIP Labs, aims to lower legal barriers for academics and creatives by providing a platform for IP registration and commercial use. Any two willing individuals may share, grow, and make money off of their content directly on the platform without the intervention of rent-seeking intermediaries, claims Story’s whitepaper. As a result, IP owners can establish programmable guidelines for the usage of their property.

$140M in Funding & 1 Billion IP Tokens Incoming

Its mainnet launch follows PIP Labs’ $140 million funding round, which was supported by venture capitalists Samsung Next and a16z. Story’s release could help the public understand the factors that led to PIP Labs’ purported $2.25 billion Series B financing valuation. A PIP Labs representative said that a native token named IP is debuting with an initial supply of one billion in conjunction with the launch of Story’s public mainnet.

The Story Foundation said in a blog post earlier this week that tokens assigned to early funders and important contributors are locked for a year. According to its whitepaper, the token will be used as Story’s underlying medium of exchange to enable user transactions and be used as a means of network security through a staking process.

Jason Zhao’s Bold Prediction: IPFi Will Be the Next Big Thing in DeFi

Jason Zhao, a co-founder of Story, said last year that the network might support the development of IPFi, a new type of decentralized finance, or DeFi. He claimed that because IP assets are represented as NFTs, they may be fractionalized or even used as loan collateral. Story is a layer-1 network that facilitates the development of IP-based technologies. According to Zhao, one project named Aria gathered $7 million to buy the rights to Justin Bieber’s song “Peaches,” dividing the proceeds among those who hold a portion of the associated intellectual property.

Anyone who has Instagram or TikTok or Snapchat, they produce and own IP, but that’s really opaque and inaccessible. So you have the $61 trillion market that is essentially only accessible to centralized intermediaries.

Zhao

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