Story Protocol’s IP Token Leads Altcoin Market

Story Protocol, a Layer 1 blockchain focused on intellectual property (IP), is unbothered by the recent carnage in crypto markets, with its $IP token leading all major altcoins since its launch on Feb. 13.

The $IP token is up 34% in the last 24 hours and 220% in the last week, while the rest of the altcoin market, represented by OTHERS, is down 10% over the week and 6% in the last 24 hours.

Story looks to develop a modern framework for intellectual property that can withstand the inevitable turbulence that artificial intelligence will create.

The protocol enables the tokenization of IP, and will allow for the monetization of that IP through Story-based AI agents. The blockchain and its capabilities convert traditional IP into a tangible store of value and a programmable asset class that promotes the growth of learning language model (LLM) and AI agent training.

Story touts itself as “the transaction layer for AI agents” and considers IP to be the native asset that AI datasets collect and are trained on.

The blockchain layer will not only develop IP as an asset, but allow the agents to trade, integrate, and monetize this IP. Through this integration, human creators can sell their independently developed IP to the agents that exist on Story.

Story raised $140 million from investors, including an $80 million Series B funding round led by A16z Crypto in August 2024.

Chris Dixon, managing partner at A16z, wrote a blog post in December 2024 about the need for IP management in the coming age of AI.

“Smart contracts automate and enforce ownership rights creating a system that ensures transparency, security, and trust, giving users full control and ownership of their digital lives. For creators, this means the ability to decide how others—including AI systems—can use their work,” he wrote.