Story Protocol Launches Blockchain for Intellectual Property Registration and Monetization
Story Protocol launched its blockchain focused on intellectual property (IP) and the associated $IP token. The blockchain aims to create a network for registering and tracking IP usage.
- $IP is used for transaction fees and governance voting.
- The project positions IP as a programmable asset class worth $61 trillion, enabling tracking and monetization.
- PIP Labs raised $80 million in Series B funding led by Andreessen Horowitz, bringing total funding to $140 million.
- The project integrates blockchain with artificial intelligence, allowing users to track their data used in AI model training.
- 25% of the initial 1 billion $IP tokens are being unlocked, with 58.4% allocated for ecosystem development and community incentives.
CEO SY Lee emphasized the importance of original IP for AI model development and criticized current practices of data use without consent.