Feb 18, 2023
StoryCo Aims to Franchise IP with Soulbound Tokens
This week, Alyssa Expósito and Ray Salmond of NFT Steez continued their discussion with the co-founders of StoryCo, Justin and J.P. Alanis, about the possibility of a collective of creators franchising intellectual property (IP) through collaboration and soulbound tokens.
J.P. Alanis spoke on his experience with musician Tyler the Creator, emphasizing that content creation should be open to all types, including fans. However, he noted that there are still obstacles to incentivizing creators and navigating the centralized systems that govern these creations. To this end, StoryCo plans to provide a solution.
Justin clarified that StoryCo is not just a pay-to-hire platform like Fiverr and Upwork, but rather a “creative marketplace that leverages existing creative talent.” It is an open, permissionless platform where any individual can explore, create, and potentially franchise IP with a story or piece of content they “vibe” with.
To make the entry point to these stories more accessible, StoryCo has created the StoryPass, a free nonfungible token (NFT). It tracks members’ participation and consumption of the evolving story, and rewards users for their contributions and consumption.
StoryCo also intends to become a public good, with 50% of the net proceeds from its first community story, The Disco Ball, allocated to a shared treasury. This treasury will enable the community to propose and vote on the platform’s evolution, similar to the Nouns DAO Proposal House.
J.P. Alanis concluded that Web3 technology is a new paradigm that unlocks the ability for people to contribute. To learn more about StoryCo and soulbound tokens, be sure to listen to Part 2 of NFT Steez’s conversation with StoryCo’s founders on the new Cointelegraph Podcasts page or Spotify, Apple Podcasts, Google Podcasts, or TuneIn.
StoryCo is a global creative platform that is revolutionizing the way people create, share, and monetize digital content. It is an open, permissionless platform that allows anyone to explore, create, and franchise IP with a story or piece of content they “vibe” with. To make the entry point to these stories more accessible, StoryCo has created the StoryPass, a free nonfungible token (NFT). It tracks members’ participation and consumption of the evolving story, and rewards users for their contributions and consumption.
The StoryPass is a dynamic soulbound token that allows StoryCo to gain insights on the community’s “nucleus”. Soulbound tokens are “non-transferable nonfungible tokens” that can be utilized to authenticate and verify someone’s identity, actions or achievements in Web3. They are integral to StoryCo’s mission of widening the accessibility to collaborate and begin creating IP.
StoryCo also intends to become a public good, with 50% of the net proceeds from its first community story, The Disco Ball, allocated to a shared treasury. This treasury will enable the community to propose and vote on the platform’s evolution, similar to the Nouns DAO Proposal House.
By leveraging the power of NFTs, StoryCo is revolutionizing the way people create, share, and monetize digital content. Through soulbound tokens, the platform is creating a new paradigm that unlocks the ability for people to contribute, creating an accessible and equitable environment for creators and fans alike. To learn more about StoryCo and soulbound tokens, be sure to listen to Part 2 of NFT Steez’s conversation with StoryCo’s founders on the new Cointelegraph Podcasts page or Spotify, Apple Podcasts, Google Podcasts, or TuneIn.
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