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 means of collaboration and soulbound tokens.
Talking on his expertise with musician Tyler the Creator, J.P. Alanis mentioned that content material creation will not be restricted to at least one specific creator, however ought to be open to all kinds, together with followers.
Nevertheless, regardless of the symbiotic nature between followers and creators, there are nonetheless obstacles to incentivizing the creators and navigating the bureaucratic nature of centralized establishments to push these creations. This is how StoryCo mentioned it intends to mitigate the noise.
StoryCo is a worldwide inventive 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 parts 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 “leap on in,” discover, create, and doubtlessly franchise IP with a narrative or piece of content material they “vibe” with.
“You need to have the ability to contribute worth in numerous methods,” mentioned Justin. In response to the founders, worth is created by means of a number of avenues, equivalent to user-generated content material contribution, story or funding proposals, finishing an activation, and even viewing a narrative.
The perfect 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 offers 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 intently 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 by way of consuming or contributing, their StoryPass is altered to replicate that. The underlying worth of the combination is that it permits StoryCo to be taught what incentivizes its group higher.
Justin defined that StoryCo goals to turn out to be a public good, which suggests it will 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 expertise is a brand new paradigm,” J.P. mentioned 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 folks to contribute.”
Make sure to 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.
