Editor's Note: Story is reshaping intellectual property (IP) management in the Web3 era, empowering creators with greater control through decentralized registration, licensing, and monetization. This article outlines the core concepts and popular projects in the Story ecosystem, demonstrating how IP can become tradable and collaborative.
The following is the original content (edited for readability):
In 1935, "Happy Birthday to You" was widely believed to be in the public domain - until it was proven otherwise. The Hill sisters had actually registered the copyright, which was later acquired by Warner/Chappell Music, who charged high royalties for its use in films, TV, and even public birthday parties. In 2013, documentary filmmaker Jennifer Nelson formally challenged this copyright while making a film about "Happy Birthday".
Fast forward to 2018, when Match Group (Tinder's parent company) sued Bumble, accusing it of copying Tinder's iconic swipe-to-match mechanism. Bumble, founded by former Tinder employees, countersued, claiming Match Group was attempting to acquire it through intimidation tactics. The core dispute? Who owns the rights to the "right-swipe" matching?
In 2021, MSCHF released 666 customized Nike Air Max 97 shoes, dubbed "Satan Shoes", which included a Satan symbol and contained human blood in the sole. This was tied to Lil Nas X's "Montero" music video. Nike immediately sued, even though MSCHF independently modified the shoes, as the design was still based on Nike's registered Air Max trademark.
Regardless of how these cases turn out, imagine if these IPs were registered on the @StoryProtocol. Story could ensure fair attribution, simplify the licensing process, and create a more collaborative ecosystem.
More importantly, it can turn these IPs into tradable assets, allowing creators to seamlessly monetize their work while respecting the original creative intent.
What is Story?
To fully understand all the concepts, it is recommended to read the whitepaper. But in short, Story provides:
Programmable IP
The Story Protocol allows creators to register their intellectual property on the blockchain, making it "programmable". This means that IP rights, licensing conditions, and monetization rules can be encoded into smart contracts, enabling automated licensing and royalty distribution.
Example: As a creator, you can set specific conditions, such as allowing the community to issue meme tokens based on the IP, but requiring [x]% of the token supply to be allocated to the original creator. These conditions will be automatically enforced through smart contracts, ensuring fair distribution and compliance, without the need for intermediaries.
Tokenization of IP Assets
By onboarding intellectual property to the blockchain and tokenizing it, Story makes IP assets more liquid. Story ensures that any IP asset can always be licensed, traded, and monetized, while maintaining legal protection and ownership. This model can financialize the value of IP, unlocking new opportunities for IP holders, investors, and global fans.
Story also has built-in mechanisms similar to @pendle_fi's PT/YT, separating IP ownership (represented by NFTs) from cash flow/royalty income streams. This separation provides greater flexibility in IP asset management and monetization. Interestingly, there are also projects like Pendle in the market that can be used for the tokenization of royalty revenue streams, allowing investors to bet on future royalty earnings.
Before introducing the core protocols, it's important to note that the Story ecosystem is becoming one of the most attractive sectors this cycle. With diverse use cases and strategic partnerships, the Story L1 could host a roster of heavyweight intellectual properties, including top global artists' hit songs, community-built expansive IP universes (perhaps challenging "Star Wars"), AI-generated IP ecosystems, and more.
Popular Story Ecosystem Projects
Aria
IP Tokenization + RWAs (Real-World Assets) = Super Combo
Aria has onboarded top IPs like Justin Bieber's "Peaches", allowing anyone to invest in or build upon their favorite songs, books, movies, artworks, patents, brands, and AI training data - virtually any asset.
Currently, Aria has tokenized two IPs, including Miley Cyrus & Dua Lipa's "Prisoner".
These IPs are part of the Aria Premiere Launch, a collaboration with @Stake_Stone, which raised $7 million in 9 minutes. The funds were used to acquire over 50 partial publishing and performance rights, generating revenue from Web2 royalty streams, Story, Aria, and StakeStone.
Rumor has it that a top Korean idol brand (starting with B) may be the next acquisition target.
IPdotWorld
Remember Chill Guy and the $CHILLGUY meme token issued by an anonymous user on CT? The original creator, "Philip Banks", tried to assert his rights but ultimately failed.
This is where @ipdotworld comes in - it provides a platform to bind meme tokens with real intellectual property. When meme tokens are issued, a portion of the supply will be reserved for the verified IP holder, ensuring creators are properly compensated.
Verio
@verio_story is the IP staking layer/IP verification service in the Story ecosystem.
By staking $IP, users can vouch for the authenticity of assets, helping to filter out false IP claims. Similar to Ethereum's restaking mechanism, $IP staking leverages crypto-economic trust mechanisms to verify intellectual property.
$vIP (LST version) is similar to stETH and can be used in the Story ecosystem's DeFi system.
Jutsu World
@JutsuTCG is the on-chain card game in the Story ecosystem, using an enhanced ERC404 with a dynamic restaking mechanism to enhance the gaming experience.
Projects Launching Tokens/NFTs on the Story Mainnet
Benjamin / Unleashed
@BenjaminOnIp is the first DeFAI agent in the Story ecosystem, aiming to become the DeFi gateway for the Story ecosystem.
Managed by @UnleashProtocol, the protocol is the leading money market and IP launchpad in the Story ecosystem.
Unleash Protocol plans to develop AI agents into personalized IP characters, not just mascots or memes, potentially based on archetypes like Thomas Shelby or Steve Jobs.
Benjamin is set to launch its token on @FjordFoundry, expected to go live within 24 hours.
What the Freg
@WhatTheFreg is the first AI agent meme token in the Story ecosystem, utilizing Story's TCP/IP standard (the protocol in the Story ecosystem that allows AI agents to trade IP).
It is the arch-nemesis of Pepe, aiming to challenge the counterfeit meme culture in Web3.
SoloAI
@SoloAI_Agent supported by @sequoia is an AI-driven music creation platform that allows everyone to create music easily without a professional background.
Mimboku
@mimboku_story is the top Non-Fungible Token (NFT) project in the Story ecosystem (similar to Bit Bears on @berachain).
This will be the first OG-level collectible series within the Story ecosystem, and "may" receive airdrops and incentives from other projects.
The minting date has not been confirmed yet, but it is expected to be shortly after the Story mainnet launch.
If you actively participate in the Discord discussion or create high-quality content / memes / artworks, you may still have a chance to get whitelisted (WL).
Summary
The Story ecosystem is becoming one of the most exciting innovations in Web3. Whether it's music, memes, AI, or trading cards, Story is building a programmable and highly liquid IP ecosystem that empowers creators to control their own future.
The Story mainnet is about to launch, so stay tuned!
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