Quietly showing up with innovative IP solutions
Blockchain startup Story quietly appeared with an exclusive L1 network designed specifically for intellectual property (IP) management, attracting widespread market attention. The network, expected to launch by the end of this year, aims to revolutionize the way IP is processed, providing a seamless, transparent and decentralized solution.
Support from U.S. and Korean industry giants
Founder Jason Zhao’s journey with Story began in 2023 and quickly attracted significant attention and investment. The project is backed by high-profile investors including Paris Hilton’s 11:11 Media, Samsung Ventures and Andreessen Horowitz, which led the initial $54 million Series A round. Jason Zhao revealed that Story has attracted more than 50 customers interested in integrating IP tools into their businesses, including several well-known NFT projects.
IP management for composability?
Jason Zhao envisions Story being able to do what Bitcoin did for money, turning IP into “programmable Lego,” allowing creators to put their creative assets on the chain. This approach aims to create markets and liquidity for an often overlooked but critically important asset class. Story's open source code base is designed for intellectual property owners and anyone who wishes to access these creations, providing tools for managing the entire IP lifecycle from creation to provenance, licensing and revenue sharing.
Trying to solve IP management challenges
In the current environment, managing IP can be time-consuming, confusing and costly, often requiring large legal teams. Story alleviates these problems by moving IP to a decentralized network governed by transparent and self-executing computer code. This innovation allows creators to set the terms of use of their works, including payment requirements, royalties and any usage restrictions.
Hollywood celebrity platform, consensus algorithm uses "creative proof"?
With filmmaker David S. Goyer (known for "Blade" and "The Dark Knight") joining the Story team, Jason Zhao debuted Story's web3 application, which will be available by the end of the year. The platform uses an EVM-compatible blockchain combined with a custom “Proof of Creativity” consensus algorithm to manage attribution and ownership. Users' on-chain IP assets will receive corresponding NFTs using the modified ERC-6551 token standard.
Simplify authorization and dispute resolution
For creators looking to remix or commercialize derivative works, Story introduces “licensed tokens” NFTs, with terms of use pre-encoded. These tokens are governed by an off-chain legal contract called a Programmable IP Grant, with optional on-chain licensing and royalty modules. A built-in disputes module provides arbitration to resolve conflicts, and derivative works that fail to properly credit or compensate the parent project can be flagged as plagiarism.
Cooperation and future prospects
Story plans to work with third-party experts to provide crowdfunding, community building, and licensing guidance. Jason Zhao highlights the transformative potential of AI to reshape online content creation and consumption. He specifically mentioned that artists like Drake can allow others to use their sounds in exchange for an advance or a percentage of revenue, simplifying a process that is currently difficult for artists and remixers.
All in all, Story is poised to make a significant impact in the IP management industry with its innovative decentralized approach. By leveraging blockchain technology, it aims to simplify the creation, licensing and distribution of intellectual property, providing creators with new opportunities and greater control.
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