Story Protocol has successfully launched its public mainnet after a rigorous six-month testnet phase.
Story Protocol, a pioneering layer-1 blockchain, has unveiled its public mainnet, introducing a groundbreaking global programmable market for intellectual property (IP). This innovative platform seeks to revolutionize the $61 trillion IP asset class by equipping IP holders and AI-driven products with powerful tools to manage, trade, and monetize their creative assets.
Following a comprehensive testnet phase that began with the “Iliad” initiative on August 27, 2024, Story Protocol’s mainnet is now operational. The decentralized network empowers IP owners to establish licensing agreements and conduct transactions independently, eliminating the need for intermediaries.
The network’s security is underpinned by the IP token, which facilitates transactions, governance, and rewards for creators. IP owners can register and tokenize their creations on the blockchain, defining specific rules regarding usage, modifications, and monetization. Moreover, developers are encouraged to build applications on the network, paving the way for new AI tools, licensing platforms, and IP marketplaces.
Initially, 1 billion IP tokens have been issued. A rewards portal has been initiated for a 30-day period, enabling testnet participants to claim their IP tokens. To enhance network security, users can also stake their IP tokens. The staking phase, known as “Singularity,” commenced on February 1, with rewards set to begin distribution on March 2.
It is important to note that tokens distributed to early backers and key contributors will be locked for one year. Prominent exchanges have announced their support for the IP token, facilitating listings on major platforms.
Story Protocol has successfully raised $140 million in funding from notable investors. Various IP-centric projects are already in the pipeline, including a venture that secured $7 million to acquire the rights to a popular song and share the earnings among fractional owners of the IP asset.
