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) via collaboration and soulbound tokens.
Talking on his expertise with musician Tyler the Creator, J.P. Alanis stated that content material creation will not be restricted to 1 explicit 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 boundaries to incentivizing the creators and navigating the bureaucratic nature of centralized establishments to push these creations. Here is how StoryCo stated 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 much 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 “leap on in,” discover, create, and probably franchise IP with a narrative or piece of content material they “vibe” with.
“You need to be capable to contribute worth in several methods,” stated Justin. In keeping with the founders, worth is created via a number of avenues, similar 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, in search of to remove parts 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 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 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 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 group higher.
Justin defined that StoryCo goals to grow to be a public good, which suggests it could be owned by the “group of individuals contributing worth to the platform.” Fifty p.c of The Disco Ball’s web proceeds can be allotted to a shared treasury whereby the group will start to suggest and vote on the platform’s evolution, much 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 power for individuals to contribute.”
Remember to hearken to Half 2 of NFT Steez’s dialog with StoryCo’s founders on the brand new Cointelegraph Podcasts page or Spotify, Apple Podcasts, Google Podcasts, or TuneIn.
