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Story Protocol is teaming up with art platform Magma to help millions of artists monetize their creations through programmable intellectual property.
In this new age of generative AI and user-generated content, Story Protocol cofounder SY (Seung Yoon) Lee said in an interview with GamesBeat that he believes that intellectual property is trapped in a medieval age. And with Magma, which has 2.5 million artists seeking new ways to make money, he hopes to set everybody free.
San Francisco-based Story Protocol is building a programmable IP layer that will allow IPs to compose, remix, and monetize via onchain rules set by their creators. By turning code into law on the blockchain, he thinks Story Protocol will catalyze the “Onchain Renaissance.” You can see a demo video below.
Lee foresaw a “tragedy of the commons,” similar to when farmers let their animals graze too much on shared commons, resulting in overgrazing. The same is happening with everyone helping themselves to human-created art that is being hoovered up by generative AI large language models (LLMs). The artists need to be compensated but nobody has an incentive to pay them.
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Lee believes the provenance, or attribution to various creators who contribute something to a mashup, should happen on the blockchain. That makes it trackable and the money that results from it can be share up the family tree for any given successful creation. Gaming is a particularly fruitful sector for this, as gamers love to create mods or user-generated content.
“Previously, to license works like this, you have to do it with an army of lawyers or BD people,” or take it to a stock photo company, he said.
Getting IP “programmatically enshrined onchain, with licensing, royalty sharing information — that’s a first step towards that future,” Lee said.
In the deal with Magma, the alpha version of this partnership will go live in a few weeks’ time when Story Protocol launches its testnet. The beta version will be available in a few months when Story Protocol launches its mainnet.
Background on the idea
For t …
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Are you looking to showcase your brand in front of the gaming industry’s top leaders? Learn more about GamesBeat Summit sponsorship opportunities here.
Story Protocol is teaming up with art platform Magma to help millions of artists monetize their creations through programmable intellectual property.
In this new age of generative AI and user-generated content, Story Protocol cofounder SY (Seung Yoon) Lee said in an interview with GamesBeat that he believes that intellectual property is trapped in a medieval age. And with Magma, which has 2.5 million artists seeking new ways to make money, he hopes to set everybody free.
San Francisco-based Story Protocol is building a programmable IP layer that will allow IPs to compose, remix, and monetize via onchain rules set by their creators. By turning code into law on the blockchain, he thinks Story Protocol will catalyze the “Onchain Renaissance.” You can see a demo video below.
Lee foresaw a “tragedy of the commons,” similar to when farmers let their animals graze too much on shared commons, resulting in overgrazing. The same is happening with everyone helping themselves to human-created art that is being hoovered up by generative AI large language models (LLMs). The artists need to be compensated but nobody has an incentive to pay them.
GB Event
GamesBeat Summit Call for Speakers
We’re thrilled to open our call for speakers to our flagship event, GamesBeat Summit 2024 hosted in Los Angeles, where we will explore the theme of “Resilience and Adaption”.
Apply to speak here
[embedded content]
Lee believes the provenance, or attribution to various creators who contribute something to a mashup, should happen on the blockchain. That makes it trackable and the money that results from it can be share up the family tree for any given successful creation. Gaming is a particularly fruitful sector for this, as gamers love to create mods or user-generated content.
“Previously, to license works like this, you have to do it with an army of lawyers or BD people,” or take it to a stock photo company, he said.
Getting IP “programmatically enshrined onchain, with licensing, royalty sharing information — that’s a first step towards that future,” Lee said.
In the deal with Magma, the alpha version of this partnership will go live in a few weeks’ time when Story Protocol launches its testnet. The beta version will be available in a few months when Story Protocol launches its mainnet.
Background on the idea
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