Morning Minute | Story Introduces The 1st IP Blockchain
TylerD's Market Summary
๐ฐ Story Bets Big on IP
A common complaint in crypto in 2024 - all the blockchains and L2s do the same thing.
Why do we need more infrastructure?
Well, complainoors should look no further than Story Protocol and the new blockchain they're building.
What Happened?
Yesterday, Story Protocol introduced the Story Network, advertised as the "World's IP Blockchain."
The vision is to tokenize the multi-trillion dollar IP asset class into programmable IP legos, making IP tradable and sovereign.
The ecosystem looks like this:
- A foundational IP blockchain L1 called the Story Network
- The Proof of Creativity (PoC) Protocol sits on top where IP is onramped by creators
- Programmable IP License (PIL) acts as a legal contract that allows tokenized IP to be offramped to an offchain legal system (analogy is how USDC allows redemptions for fiat)
- A consumer app layers sits on top, leveraging these protocols and blockchain
So that's a view of the infrastructure.
This is how it works in theory:
- Creators bring any creative asset (IP) onto Story
- Creators then set terms for how the IP "lego" can be used and monetized (using PoC)
- Other creators can then build on top of that IP "lego" governed by the PoC
- The resulting IP can then be exported "out" of the ecosystem via the PIL component with full legal backing
It's certainly an intriguing new use case for blockchain.
Why It Matters
Big VC's are betting on Story.
They raised $54M last year from the likes of a16z, Endeavor and other heavy hitters.
And they've already got 200+ teams building with 20M+ IPs already tokenized.
The team paints a picture of an AI-driven future where AI models are built on top of creator IP, where Story ensures those artists are paid any time these AI models generate revenue.
They go further to describe IP as RWAs (real world assets), used in DeFi, fractionalized, and more.
According to them - this is already happening via the Story Academy, their incubator and accelerator.
It's a lofty vision for sure, but it makes sense.
If one believes that AI models are going to build on top of all readily available IP anyway in the future, creators might as well try to register and monetize their work.
Will be fun to watch this one play out.
๐ What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH led NFT trading volume with $5.2M (+30%) on the day; Solana was next with $3.9M, and then BTC with $2.9M
- ETH NFT leaders were very green up 3-10% on the day; Pudgy +4% to 10.84 ETH, BAYC +4% to 9.8, Azuki +9% to 4.2 ETH, Captainz +5% to 2.75 and Doodles +14% to 1.82
- Plooshies, Sproto Gremlins and Rogs were top movers on the day, jumping 20-30% each
- BTC NFT leaders were very green up 10% across the board; NodeMonkes +12% at 0.182 BTC, Puppets +11% at 0.138 BTC, OMB +9% at 0.225 and Quantum Cats +6% at 0.265; Blob +38% was top mover
- The Runes leaders were mostly red; DOG -3% at $457M mc, RSIC +2% at $87M mc and PUPS -22% at $41.5M
- Solana NFTs mostly chopped; Mad Lads +1% at 79 SOL, SMB Gen 2 -1% at 31.5, DeGods -3% at 17.6, Tensorians even at 12.5
- Grant Yun announced a new digital + physical edition x/150 called "An Old Soul" with Iconic Moments & the Museum of Art + Light; mint date is July 18 and price is $425 (in ETH)
๐ฐ Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- Mocaverse announced its MOCA airdrop (claim) will happen on July 11, with a choice to "Claim Now" or "Claim Extra" staking option; check eligibility here; Moca NFTs fell 25% to 2.62 ETH after
- Metamask released a new open source Delegation Toolkit aimed at streamlining onboarding into Web3, with features including instant signups, zero pop-ups, gasless txns and more
- SuperRare's $RARE token will migrate to Base soon, with the team hailing lost cost transactions to aid auction mechanics for L1 assets coming this onchain summer
- Magic Eden is looking for testers for the mobile version of its wallet
- The Rome protocol raised $9M to try to make ETH L2s as fast as Solana
๐ Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green this morning led by BTC; BTC +2% at $58,550; ETH +1% at $3,100, SOL +1.4% at $143
- Memecoin majors are mostly green with DOGE +1%, PEPE +1%, WIF -1%, BONK even, MOG +20%; MATT, PEIPEI, ZACK outperform
- The German government moved another 10,000+ BTC today bringing their reserves down to 13.3k (~$788M)
- The Bitcoin ETFs have stepped up buying this week with Germany selling, with over $500M in inflows the past 2 days
- Circle is bringing EURC (its euro-backed stablecoin) to Base, after seeing USDC reach a $3B mc on Base
- Crypto's total monthly active users hit 100M in June, up 2x from previous cycle highs
- Ronadinho joined Messi as the latest soccer star to promote the WATER token on Solana (which fell 3% on the day to $65M)
- Telegram's TON blockchain will be connected to ETH, thanks to a new L2 being built in a collab between Polygon and The Open Platform
- Singapore's DBS bank, the biggest in Singapore, has seen its digital token trading volume triple in 2024 compared to 2023 with active traders jumping by 36% and balances held on platform up 80%
๐ Memecoin Movers
- $MATT (+324%, $10M market cap, ETH)
- $PEIPEI (+61%, $137M market cap, ETH)
- $ZACK (+55%, $35M market cap, SOL)
- $AURA (+53%, $19M market cap, SOL)
- $BIAO (+40%, $12M market cap, ETH)
๐ NFT Floor Price Increase (ETH)
- CyberV (59%, 0.3 ETH Floor)
- Mutant Cats (37%, 0.1 ETH)
- Plooshies (32%, 0.2 ETH)
- Matr1x Kuku (30%, 1.25 ETH)
- Sproto Gremlins (25%, 0.75 ETH)
๐ Upcoming Mints and Events
Today is a busy day of drops spanning PFPs and art across chains.
Kolahon is the meme card artist and Matto is back with a new Art Blocks drop AnnoMetta.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Prestige - Next Art Revolution (10:00 a.m. ET)
- Lizard Labs (12:00 p.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Matto x Art Blocks - AnnoMetta (12:00 p.m. ET)
- Potter - old vibes (1:00 p.m. ET)
- billy x Gabe Weis - FUSION (3:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.