Co-founders of StoryCo explain how community storytelling can impact franchised IP
On this week’s episode of NFT Steez, co-hosts Alyssa Expósito and Ray Salmond proceed their chat with Justin and J.P. Alanis, the co-founders of StoryCo — an open media platform — on the prospect of a neighborhood of creators franchising mental property (IP) by means of collaboration and soulbound tokens.
Talking on his expertise with musician Tyler the Creator, J.P. Alanis mentioned that content material creation shouldn’t be restricted to 1 specific creator, however needs to be open to every kind, together with followers.
Nevertheless, regardless of the symbiotic nature between followers and creators, there are nonetheless limitations to incentivizing the creators and navigating the bureaucratic nature of centralized establishments to push these creations. Here is how StoryCo mentioned it intends to mitigate the noise.
StoryCo is a worldwide artistic market
When requested whether or not StoryCo is akin to pay-to-hire platforms like Fiverr and Upwork, Justin acknowledged the comparisons, saying that StoryCo may need network-type elements just like these “hire-for-work” platforms. He described it as a “artistic market that leverages present artistic expertise.”
Justin defined that StoryCo finally goals to be an open, permissionless platform the place any particular person can “soar on in,” discover, create, and probably franchise IP with a narrative or piece of content material they “vibe” with.
“It’s best to be capable of contribute worth in numerous methods,” mentioned Justin. In response to the founders, worth is created by means of a number of avenues, resembling user-generated content material contribution, story or funding proposals, finishing an activation, and even viewing a narrative.
The most effective half? It goals to make the entry level to those tales extra accessible, searching for to get rid of parts of gatekeeping in these proprietary environments. The StoryPass is a free NFT that provides StoryCo insights on the neighborhood’s “nucleus,” defined J.P.
Integrating soulbound tokens in storytelling
Soulbound tokens are “non-transferable nonfungible tokens” that may be utilized to authenticate and confirm somebody’s identification, actions or achievements in Web3. StoryCo intends to combine soulbound tokens to widen the accessibility to collaborate and start creating IP.
StoryCo’s soulbound token integration is intently tied to its first neighborhood story, The Disco Ball. The StoryPass is a dynamic soulbound token that tracks members’ participation and consumption of the evolving story.
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After customers unlock achievements with their StoryPass, whether or not through consuming or contributing, their StoryPass is altered to mirror that. The underlying worth of the mixing is that it permits StoryCo to be taught what incentivizes its neighborhood higher.
Justin defined that StoryCo goals to change into a public good, which implies it could be owned by the “neighborhood of individuals contributing worth to the platform.” Fifty % of The Disco Ball’s internet proceeds will probably be allotted to a shared treasury whereby the neighborhood will start to suggest and vote on the platform’s evolution, just like the Nouns DAO Proposal Home.
“This new expertise is a brand new paradigm,” J.P. mentioned relating to digital creation and the participation revolution. He defined that simply because the “web was a brand new paradigm, Web3 is a brand new paradigm that unlocks the power for individuals to contribute.”
You should definitely hearken to Half 2 of NFT Steez’s dialog with StoryCo’s founders on the brand new Cointelegraph Podcasts web page or Spotify, Apple Podcasts, Google Podcasts, or TuneIn.
