Story Protocol is a purpose-built Layer 1 blockchain designed to transform intellectual property (IP) into programmable assets, addressing the challenges of IP management in the digital and AI-driven era. By tokenizing various forms of IP—such as ideas, images, songs, AI models, and NFTs—Story Protocol enables creators to embed usage terms, attribution, and royalty agreements directly into the blockchain. This ensures transparency, decentralization, and fairness in IP management.
Key Features of Story Protocol:
Programmable IP: Allows creators to predefine rules for how their IP can be used, remixed, licensed, and monetized, automating processes like licensing and protecting IP rights.
Token-Bound Accounts (ERC-6551): Enhances the functionality of non-fungible tokens (NFTs) by transforming each creative asset into a programmable, self-contained account. This enables NFTs to control their own assets, interact with smart contracts, and perform actions typically reserved for user wallets.
Proof-of-Creativity Mechanism: Allows creators to register their IP as on-chain assets, known as IP Assets (IPA), governed by smart contracts that automate licensing, royalties, and dispute resolution.
Programmable IP License (PIL): Provides an on-chain legal framework that automates the licensing and monetization of creative assets, ensuring that licenses are legally enforceable and flexible.
The native token of Story Protocol’s Layer 1 blockchain is denoted as $IP. In the age of AI, $IP plays a critical role in tokenizing the vast IP asset class, facilitating the permissionless exchange, ownership, and monetization of IP across AI and the broader internet.
By leveraging blockchain technology, Story Protocol aims to create an open and programmable market for IP, empowering creators with greater control over their work and streamlining the processes of IP management in the digital age.