The post Story Protocol launches its Public Mainnet for Open IP market appeared on BitcoinEthereumNews.com.

The web3 IP Protocol, Story which aims to provide an open market for Intellectual Property (IP) assets by making them programmable, made its Public Mainnet, Homer, live today. The launch ends its six-month long testnet phase that began in August last year. Story aims to make IP a secure foundation that others can build on, provided decentralized ownership to the creators and embedding components of Artifical Intelligence (AI). In its mainnet launch video, it mentioned its vision of stopping the exploitation of IP by the growing development of AI. It is also worth noting that the kickoff of PIP Labs founded-Story protocol comes after it raised $140 million in total funding from a16z and Samsung Next. It is also backed by other venture capital firms including Andreessen Horowitz, Polychain Capital, Hashed. The centralised IP Market IP has come to rely almost exclusively on centralized intermediaries to coordinate ownership and value. The production and exchange of intelligence across all disciplines is taxed at the hands of a few unaccountable entities — ranging from social platforms to pharmaceutical companies — which has increased the transaction costs for intellectual property. Intellectual property is a $60+ trillion market, yet creators still face massive challenges with ownership, licensing, and monetization. Furthermore, with the accelerating development of AI, creative outputs of IP assets owners and creators have become mere scapegoats to train models without fair attribution and compensation. In addition, the traditional system can no longer compete with the reality of artificial intelligence, in which ideas are being created and distributed at scale with vanishing marginal costs. Individuals find their creative output scraped to train models without attribution and compensation, and AI companies themselves cannot feasibly generate hundreds of millions of individual licensing agreements. There exists neither legibility nor liquidity in the marketplace of ideas. It…

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Filed under: News - @ February 14, 2025 3:22 am