Coinbase has rolled out trading support for the brand-new native token of a layer-1 blockchain focused on intellectual property (IP).
The scalable intellectual property solution Story launched its public mainnet on Thursday and aims to serve as a blockchain where rights holders can upload IP, set the terms of use and monetize it throughout the protocol’s application ecosystem.
Explains Story’s launch announcement,
“AI (artificial intelligence) is undermining IP as we know it. The traditional IP system can no longer keep pace with the speed and scale of generative AI. Centralized intermediaries make exchanging, licensing, and monetizing IP prohibitively expensive. IP owners see their works used in AI models without attribution or compensation, and even AI companies themselves can’t possibly make millions of individual licensing agreements.
AI and IP are locked in a zero-sum struggle, making the marketplace of ideas both illegible and illiquid.
Story proposes an entirely new framework for intellectual property, one that creates an open and programmable market for IP. Story is a peer-to-peer intellectual property network purpose-built to transform IP into a programmable asset class, enabling permissionless exchange, ownership, and monetization across AI and the broader internet.”
The project’s native IP token is trading at $2.08 at time of writing and is down more than 18% on its first day of trading. It’s already the 158th-ranked crypto asset by market cap.
Coinbase is adding the “experimental” label to IP, which the platform uses for tokens that pose certain risks such as price swings and canceled orders because of lower trading volume and availability.
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