Feb 18, 2023

StoryCo Launches Creative Marketplace, Soulbound Tokens

This week on NFT Steez, Alyssa Expósito and Ray Salmond continued their conversation with Justin and J.P. Alanis, the co-founders of StoryCo, an open media platform that seeks to franchise intellectual property (IP) through collaboration and soulbound tokens.

StoryCo is a global creative marketplace that functions similarly to pay-to-hire platforms like Fiverr and Upwork, but with a few key differences. It is an open, permissionless platform where any individual can “jump on in”, explore, create, and potentially franchise IP with a story or piece of content they “vibe” with.

J.P. Alanis explained that content creation should not be limited to one particular creator, but should be open to all types, including fans. He believes that this symbiotic relationship between fans and creators can be incentivized and the bureaucratic nature of centralized institutions can be navigated through the use of soulbound tokens.

StoryCo has integrated soulbound tokens into its first community story, The Disco Ball, in order to widen the accessibility for collaboration and creation. The StoryPass is a dynamic soulbound token that tracks members’ participation and consumption of the evolving story. After users unlock achievements with their StoryPass, whether via consuming or contributing, their StoryPass is altered to reflect that.

Justin explained that StoryCo ultimately aims to be a public good, owned by the “community of people contributing value to the platform”. Fifty percent of The Disco Ball’s net proceeds will be allocated to a shared treasury whereby the community will begin to propose and vote on the platform’s evolution, similar to the Nouns DAO Proposal House.

J.P. stated that this new technology is a new paradigm that unlocks the ability for people to contribute, just as the “internet was a new paradigm, Web3 is a new paradigm.”

StoryCo is a platform for creators and fans to come together, create and share content, and build a community. By utilizing soulbound tokens, StoryCo is able to incentivize the community and make the entry point to these stories more accessible.

The platform seeks to eliminate elements of gatekeeping in these proprietary environments, and is an example of how NFTs can be used to promote and market content. It is also an example of how NFTs can be used to help creators monetize their content, and how NFT marketing agencies and web3 agencies can help creators generate revenue from their NFTs.

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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