Story Protocol Launches IP-Focused Blockchain and Associated $IP Token

The blockchain is positioned as the "world's intellectual property network," providing users with a way to register their IP and track how others use it.

Story Protocol, a blockchain designed for intellectual property (IP) rights management, has officially launched its mainnet, along with the rollout of its native IP token.

Announced Thursday, the Story blockchain is touted as the “world's intellectual property network,” offering a platform for users to register their IP and track its usage by others. The platform's token, aptly named "$IP," was announced last week and serves two primary functions: covering transaction fees and granting holders a vote in the platform's decentralized autonomous organization (DAO) governance structure.

Story describes itself as a new standard for IP, aiming to make the $61 trillion asset class “programmable” for tracking, protection and monetization, enabling everyone to benefit from its growth.

The launch of the mainnet follows a successful fundraising effort by PIP Labs, the primary developer behind the Story chain. The project secured $80 million in a Series B venture funding round, which was led by Andreessen Horowitz (a16z) and brought the total funding for the Story chain to $140 million.

PIP Labs has positioned Story at the intersection of blockchain and artificial intelligence (AI), presenting it as a solution for individuals to track and earn compensation for the data used in training AI models.

“Without great original IP, the AI models don’t develop,” SY Lee, co-founder and CEO of PIP Labs, told CoinDesk. He added that currently, AI is “taking, stealing all your data without your consent.”

The launch of the Story mainnet coincides with the first unlock event for the recently announced IP token. According to the project, "Story is unlocking 25% of the initial 1 billion $IP, with 58.4% devoted to the ecosystem and community, foundation, and initial incentives."