The Story Protocol, a layer-1 network designed for licensing and managing intellectual property (IP), has launched its public mainnet after a six-month testnet phase. Developed by PIP Labs, this platform aims to reduce legal barriers for creators by allowing IP owners to establish programmable terms for the usage of their content. With an initial supply of 1 billion tokens named IP, the network facilitates transactions between users and supports staking for securing the platform. Story Protocol’s launch follows a funding round that raised $140 million, with significant investment from firms like a16z and Samsung Next. The network envisions a new form of decentralized finance for IP, termed IPFi, where AI and other sectors could thrive by utilizing the protocol. PIP Labs co-founder Jason Zhao highlighted the opportunity for individuals across social media platforms to access the currently centralized $61 trillion IP market. Additionally, a rewards portal has been set up for early users to claim part of the token supply as part of their community engagement strategy.

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