a16z has your back! A new startup story will introduce an IP blockchain dedicated to managing intellectual property.

Table of Contents

An Innovative IP Solution Emerges

A blockchain startup called Story has quietly surfaced with its dedicated L1 network designed for Intellectual Property (IP) management, drawing significant market attention. The network is set to launch by the end of this year, aiming to revolutionize the way IP is handled by providing a seamless, transparent, and decentralized solution.

Support from Industry Giants in the US and Korea

Founded by Jason Zhao, the journey of Story began in 2023 and quickly garnered substantial attention and investments. The project has received support from prominent investors including Paris Hilton's 11:11 Media, Samsung Ventures, and Andreessen Horowitz, the latter leading the initial $54 million Series A funding round. Jason Zhao revealed that Story has attracted over 50 clients interested in integrating IP tools into their businesses, including several renowned NFT projects.

Composable IP Management?

Jason Zhao envisions Story transforming IP into "programmable Legos" akin to how Bitcoin affects money, enabling creators to tokenize their creative assets. This approach aims to create markets and liquidity for a frequently overlooked but crucial asset class. Story's open-source repository is designed for IP owners and anyone wishing to access these creations, offering a complete IP lifecycle management tool from creation to attribution, licensing, and revenue sharing.

Addressing IP Management Challenges

In the current landscape, managing IP can be time-consuming, chaotic, and costly, often requiring extensive legal teams. Story seeks to alleviate these issues by moving IP to a decentralized network managed by transparent and self-executing computer code. This innovation allows creators to set terms for the use of their works, including payment requirements, royalties, and any usage restrictions.

Hollywood Celebrities Endorsement, Consensus Algorithm with "Proof of Creativity"?

Upon the joining of filmmaker David S. Goyer (known for "Blade" and "The Dark Knight") to the Story team, Jason Zhao showcased the web3 application of Story for the first time, set to launch by the end of this year. The platform utilizes a blockchain compatible with the EVM, combining a custom "Proof of Creativity" consensus algorithm to manage ownership and attribution. IP assets uploaded by users will receive corresponding NFTs using a modified ERC-6551 token standard.

Simplifying Licensing and Dispute Resolution

For creators looking to remix or commercialize derivative works, Story introduces "licensing tokens" NFTs with pre-encoded usage terms. These tokens are managed by off-chain legal contracts known as "programmable IP licensing" and can opt for on-chain licensing and royalty modules. An embedded dispute module offers arbitration to resolve conflicts, marking unauthorized derivative works that fail to properly credit or compensate the original project as infringements.

Collaboration and Future Prospects

Story plans to collaborate with third-party experts to provide crowdfunding, community building, and licensing guidance. Jason Zhao emphasizes the transformative potential of AI in reshaping online content creation and consumption. He specifically mentioned that artists like Drake could allow others to use their voice in exchange for upfront payments or a percentage of revenue, streamlining the currently cumbersome process for artists and remixers.

In conclusion, with its innovative decentralized approach, Story is poised to make a significant impact on the IP management industry. By leveraging blockchain technology, it aims to simplify the creation, licensing, and distribution of intellectual property, providing creators with new opportunities and greater control.