Nftnews Today 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 group of creators franchising mental property (IP) by way of collaboration and soulbound tokens.
Talking on his expertise with musician Tyler the Creator, J.P. Alanis stated that content material creation isn’t restricted to 1 specific creator, however must be open to every type, together with followers.
Nevertheless, regardless of the symbiotic nature between followers and creators, there are nonetheless boundaries to incentivizing the creators and navigating the bureaucratic nature of centralized establishments to push these creations. This is how StoryCo stated it intends to mitigate the noise.
StoryCo is a worldwide inventive market
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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 “inventive market that leverages current inventive 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 doubtlessly franchise IP with a narrative or piece of content material they “vibe” with.
“You need to be capable to contribute worth in numerous methods,” stated Justin. In keeping with the founders, worth is created by way of a number of avenues, similar to user-generated content material contribution, story or funding proposals, finishing an activation, and even viewing a narrative.
The very best half? It goals to make the entry level to those tales extra accessible, in search of to get rid of components of gatekeeping in these proprietary environments. The StoryPass is a free NFT that provides StoryCo insights on the group’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 carefully tied to its first group 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 study what incentivizes its group higher.
Justin defined that StoryCo goals to turn into a public good, which implies it might be owned by the “group of individuals contributing worth to the platform.” Fifty p.c of The Disco Ball’s internet proceeds will likely be allotted to a shared treasury whereby the group will start to suggest and vote on the platform’s evolution, just like the Nouns DAO Proposal Home.
“This new know-how is a brand new paradigm,” J.P. stated concerning 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 flexibility for individuals to contribute.”
Be sure you take heed 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.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.
