Feb 18, 2023

StoryCo: Unlocking IP Creation Through Soulbound Tokens

This week on NFT Steez, hosts Alyssa Expósito and Ray Salmond were joined by Justin and J.P. Alanis, the co-founders of StoryCo, an open media platform. They discussed the potential for a community of creators to franchise intellectual property (IP) through collaboration and soulbound tokens.

J.P. Alanis made the point that content creation is not limited to one particular creator, but should be open to all types, including fans. However, there are still barriers to incentivizing the creators and navigating the bureaucratic nature of centralized institutions to push these creations. StoryCo’s founders discussed how they hope to address these issues.

Justin described StoryCo as a “creative marketplace that leverages existing creative talent.” He said that 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. Value is created through multiple avenues, such as user-generated content contribution, story or funding proposals, completing an activation, or even viewing a story.

StoryCo is also introducing the StoryPass, a free NFT that gives StoryCo 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. StoryCo intends to integrate soulbound tokens to widen the accessibility to collaborate and begin creating IP.

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.

StoryCo aims to become 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.

Justin and J.P. Alanis concluded by saying that Web3 unlocks the ability for people to contribute and create value in ways that were not previously possible. To learn more about StoryCo, 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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