Story Protocol has been launched, allowing people to register their IP and receive payments

Story Protocol launched its intellectual property-focused blockchain and related IP tokens on Thursday.

Blockchain is positioned as the “global intellectual property network” and provides users with a way to register their IP and track how others use it. An aptly named “$IP” token announced by Story last week is used for transaction fees and provides users with votes in the platform's governance system.

“Story creates a new standard for IP and makes it programmable $61 trillion asset classes so that IPs are tracked, protected and monetized, allowing anyone to see the benefits,” the project says Coindesk It said in a statement shared with

So far, the idea appears to have had a leg – at least for investors. Pip Labs, the chain's leading developer, raised $80 million in a Series B venture funding round led by Andreessen Horowitz (A16Z), raising the total funding for the project to $140 million.

PIP tried to place the story at the intersection of blockchain and artificial intelligence. This is a way to track and receive payments on data used to train AI models.

“Without a great original IP, AI models are not developed,” PIP Labs co-founder and CEO Sy Lee told Coindesk. Today, AI “stolen and steal all of your data without your consent,” he said.

The launch of Story Mainnet comes with the first unlock event for the just-announced IP token. “The Story unlocks 25% of its first $1 billion IP, with 58.4% dedicated to the ecosystem and community, basics and initial incentives,” according to the project.