On this week’s episode of NFT Steez, co-hosts Alyssa Expósito and Ray Salmond continue their chat with Justin and J.P. Alanis, the co-founders of StoryCo — an open media platform — on the prospect of a community of creators franchising intellectual property (IP) through collaboration and soulbound tokens.
Speaking on his experience with musician Tyler the Creator, J.P. Alanis said that content creation is not limited to one particular creator, but should be open to all types, including fans.
However, despite the symbiotic nature between fans and creators, there are still barriers to incentivizing the creators and navigating the bureaucratic nature of centralized institutions to push these creations. Here’s how StoryCo said it intends to mitigate the noise.
StoryCo is a global creative marketplace
When asked whether StoryCo is akin to pay-to-hire platforms like Fiverr and Upwork, Justin acknowledged the comparisons, saying that StoryCo might have network-type components similar to these “hire-for-work” platforms. He described it as a “creative marketplace that leverages existing creative talent.”
Justin explained that StoryCo ultimately aims to be an open, permissionless platform where any individual can “jump on in,” explore, create, and potentially franchise IP with a story or piece of content they “vibe” with.
“You should be able to contribute value in different ways,” said Justin. According to the founders, value is created through multiple avenues, such as user-generated content contribution, story or funding proposals, completing an activation, or even viewing a story.
The best part? It aims to make the entry point to these stories more accessible, seeking to eliminate elements of gatekeeping in these proprietary environments. The StoryPass is a free NFT that gives StoryCo insights on the community’s “nucleus,” explained J.P.
Integrating soulbound tokens in storytelling
Soulbound tokens are “non-transferable nonfungible tokens” that can be utilized to authenticate and verify someone’s identity, actions or achievements in Web3. StoryCo intends to integrate soulbound tokens to widen the accessibility to collaborate and begin creating IP.
StoryCo’s soulbound token integration is closely tied to its first community story, The Disco Ball. The StoryPass is a dynamic soulbound token that tracks members’ participation and consumption of the evolving story.
Related: Comic-Con guru says storytelling is the key component for successful NFT projects
After users unlock achievements with their StoryPass, whether via consuming or contributing, their StoryPass is altered to reflect that. The underlying value of the integration is that it allows StoryCo to learn what incentivizes its community better.
Justin explained that StoryCo aims to become a public good, which means it would be owned by the “community of people contributing value to the platform.” Fifty percent of The Disco Ball’s net proceeds will be allocated to a shared treasury whereby the community will begin to propose and vote on the platform’s evolution, similar to the Nouns DAO Proposal House.
“This new technology is a new paradigm,” J.P. said regarding digital creation and the participation revolution. He explained that just as the “internet was a new paradigm, Web3 is a new paradigm that unlocks the ability for people to contribute.”