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 collaboration and soulbound tokens.
Talking on his expertise with musician Tyler the Creator, J.P. Alanis mentioned that content material creation is just not restricted to 1 specific creator, however ought to be open to every kind, together with followers.
Nonetheless, 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 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 might 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 in the end 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 to contribute worth in numerous methods,” mentioned Justin. In keeping with the founders, worth is created by a number of avenues, akin 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, looking for to remove parts of gatekeeping in these proprietary environments. The StoryPass is a free NFT that offers 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 id, 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.
Associated: Comedian-Con guru says storytelling is the important thing element for profitable NFT initiatives
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 mixing is that it permits StoryCo to study what incentivizes its neighborhood higher.
Justin defined that StoryCo goals to turn out to be a public good, which suggests it might be owned by the “neighborhood of individuals contributing worth to the platform.” Fifty p.c of The Disco Ball’s web proceeds might 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 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.”
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.