Author: sleepy.mid; Source: Author’s Twitter @sleepy0x13
A few days ago, I was quite shocked to see the news of @StoryProtocol’s financing. It is rare to see such large-scale financing completed in a bear market. Combined with its positioning as “on-chain IP infrastructure” by @BlockBeatsAsia, which happens to be an area I am very interested in, I spent some time doing some research.
What problem does Story Protocol solve?
(1) The internet can help creators distribute their works, but many of the revenue generated from IP derivatives does not benefit the original creators. It is also troublesome for creators to engage in IP authorization business themselves;
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(2) The internet accelerates dissemination and distribution, further promoting the generation and spread of fan fiction. The development of AI has also improved productivity. IP on the internet is inevitably subject to plagiarism and derivative works, but currently there is no system that can protect the rights of creators while leveraging the advantages of internet dissemination;
(3) The existing system is defensive and belongs to the previous era. It has not kept up with developments and instead hinders the dissemination of IP in the present era.
How does Story Protocol solve these problems?
As a neutral third party, Story Protocol tracks the development path of IP and provides modular components, similar to Github.
(1) It creates an IP library that records IP and its derivative links, allowing for traceability and revenue sharing;
(2) It creates modular components, like Lego for IP copyrights, providing diversified functionality. There are many possibilities here. For example, the official introduction mentions the idea of combining IP with DeFi. Of course, the official also mentions that many entrepreneurs need to build projects and applications based on Story Protocol to establish this system;
(3) It is built on the blockchain to ensure authenticity, traceability, and openness.
In addition, the article mentions that it will integrate with real-world laws, but it does not specify how.
Issues with Story Protocol
(1) Adoption and popularization difficulty: Promoting new intellectual property infrastructure takes time and effort, especially when it involves transitioning from existing models to new ones. Content creators, businesses, and communities may need time to adapt and adopt this new approach;
(2) Legal and regulatory issues: Combining intellectual property with blockchain may raise legal and regulatory issues. Different countries and regions have different legal frameworks for intellectual property, which may require addressing complex compliance issues.
My perspective on Story Protocol
Content creators face fierce competition on the internet, and only a small portion of content can truly earn money. Additionally, existing intellectual property models and platforms may already be able to meet the needs of these creators.
However, what caught my attention is that the core concept proposed by Story Protocol and similar projects is to transfer intellectual property from traditional models to blockchain and distributed systems, in order to better adapt to the needs of the internet age. They attempt to solve some of the problems existing models have, including traceability, scalability, licensing, and commercialization of intellectual property.
Although only a small portion of content creators make money, IP management is crucial for them. For those promising creators, Story Protocol may provide more tools and options to help them better manage and monetize their IP. Moreover, this model can be highly attractive to communities, enabling them to actively participate in co-creation and bring more vitality to content creation.
Perhaps Story Protocol may not see immediate results, and I cannot guarantee its success. However, it at least offers an interesting solution for exploration, which may provide new ideas and tools for the future of IP management and creative content. At the same time, it can also inspire the emergence of other innovative projects, bringing more opportunities to the entire field.
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