Story Network: Tokenizing and Transforming Intellectual Property into Liquid Digital Assets

Story Network is a new blockchain that aims to transform IP into liquid, programmable, and ownable digital assets.

Intellectual property (IP) encompasses a vast spectrum of creations, including artistic works, designs, images, inventions, names, and symbols. This broad definition spans everything from AI models to game assets. Despite its immense value, estimated in the trillions of dollars, IP is often hindered by an outdated legal system that complicates licensing, monetization, and efficient trading.

Enter Story Network, a new blockchain designed to transform IP into liquid, programmable, and ownable digital assets. Being a brand new and NFT-centric chain, let's explore its design, how it functions, and the potential applications it enables.

What is Story Network?

Story Network is specifically created for bringing IP onchain, making it easier to manage and monetize. On Story Network, IP is represented as onchain assets called IP Assets, which are NFTs. These NFTs carry detailed metadata about the underlying IP and serve as its digital representations. They can be linked to existing NFTs, e.g. a CryptoPunk, or be issued to represent offchain items.

Each IP Asset is linked to an IP Account, a specialized smart contract that manages interactions and data related to the IP.

Also at the heart of Story Network is its Proof-of-Creativity (PoC) Protocol, which facilitates the creation and management of IP Assets, enabling use cases like permissionless licensing and automated royalty payments.

Another key pillar here is the Programmable IP License (PIL), a legal framework that bridges the onchain world with traditional legal systems, ensuring that the digital representation of IP on Story Network is enforceable in the real world.

How is Story Network designed?

Story Network is a Layer 1 (L1) blockchain optimized for handling complex IP data structures efficiently that leans on elements from both the Ethereum Virtual Machine (EVM) and the Cosmos SDK.

Notably, Story Network is EVM-equivalent, meaning it supports the same code execution environment as Ethereum. This compatibility allows developers to port existing applications and smart contracts written in Ethereum's popular Solidity programming language to Story Network with minimal or no changes.

As for the Cosmos SDK, it provides the underlying framework for Story Network’s consensus and networking layers, offering high scalability and low transaction costs. This design choice also allows Story Network to interoperate with other blockchains within the Cosmos ecosystem, enhancing its flexibility.

The nouns and verbs architecture

Story Network employs a nouns and verbs architecture in its approach to IP.

IP Assets are the nouns, i.e. the things. Recall that these are the NFTs that represent pieces of intellectual property on Story Network. These assets contain metadata and are associated with IP Accounts that manage their data and interactions.

On the flip side, Story's Modules are the verbs. Modules are customizable programs that define and extend the functionality of IP Accounts. Developers can create modules to suit various business logic needs.

For example, the Licensing Module on Story Network simplifies the process of licensing. Creators can define licensing terms and attach them to their IP Assets, allowing others to mint License Tokens.

The aforementioned PIL framework then provides a standardized, customizable legal contract that defines how that IP can be used, covering aspects like commercial use, attribution, and royalty terms.

Additionally, there is the Royalty Module, which automates the distribution of royalties. When an IP Asset is used or generates revenue, the Royalty Module ensures that payments are automatically distributed according to predefined royalty terms.

This module even tracks relationships between original and derivative works, ensuring that all contributors receive their fair share of royalties. This functionality is particularly useful for complex IP relationships involving multiple creators and remixes.

Why tokenize IP on Story Network?

Tokenizing IP on Story Network offers several notable benefits:

Creators can easily register and manage their IP on the blockchain, making it harder to lose or have their work stolen.

IP can be licensed and traded more efficiently and transparently onchain, opening up new possibilities for collaboration and revenue generation.

Smart contracts can automate royalty payments and other aspects of IP management, reducing administrative costs and ensuring that creators are fairly compensated.

これらはコンテンツクリエイターにとって魅力的な柱ですが、実際のユースケースはどのようなものになるでしょうか?

たとえば、アーティスト、ミュージシャン、作家などは、ストーリーネットワーク上で自分のIPをNFTとして登録し、ライセンス条件を設定し、ロイヤルティの支払いを自動化できます。 。これにより、作業の制御と収益化が容易になります。

開発者は、トークン化された IP を活用するアプリケーションを構築できます。 AI モデル マーケットプレイス、コンテンツ リミックス プラットフォーム、IP NFT を担保として使用する DeFi アプリなどを考えてください。

Story エコシステムの最も初期のアプリの例の 2 つは、Magma と Mahojin です。前者はストーリーネットワークを使用してNFTを介してクリエイティブ作品を管理および収益化するコラボレーションデザインツールであり、後者はAIトレーニングデータとモデルのプラットフォームです。

ズームアウト

IP をプログラム可能かつ流動的なものにすることは、クリエイターと消費者の間の相互作用にどのような影響を与える可能性がありますか? IPのトークン化と取引により、クリエイティブな作品へのアクセスが民主化されるのでしょうか?そして、PIL システムは多様な世界の法律にどのように効果的に適応できるのでしょうか

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