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What is Story Protocol? A Guide to Airdrop Hunting from the $140M Funded Project
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- @airdropdecks
Story Protocol – A Layer-1 blockchain project for intellectual property (IP) management that raised a total of $140 million, making it one of the largest fundraising projects in 2024. So, what is Story Protocol, and what makes it stand out?
What is Story Protocol?
Story Protocol is a blockchain platform designed for managing and licensing intellectual property (IP), enabling creators to monetize their IP and resolve disputes. It efficiently handles complex data and is EVM-compatible, offering a transparent environment where creators can earn revenue from their IP.
Intellectual Property (IP) refers to creations of the mind, such as inventions, literary works, or designs, which are protected by law. Just like artistic works are protected by copyright, IP cannot be copied or stolen without authorization.
How Does Story Protocol Work?
Story Protocol consists of two main layers: the infrastructure layer based on Cosmos SDK, with EVM compatibility and BFT consensus, and the application layer that supports dApp development related to IP, such as DEXs, AI, and DAOs.
What sets it apart is the Proof of Creativity and Programmable IP License, focusing on managing and licensing IP in the crypto market.
Specifically:
Story Network
Story Network is a Layer-1 blockchain based on the Cosmos SDK, compatible with EVM, and uses the ComeBFT consensus mechanism to ensure quick finality and low costs. It efficiently handles the complex data structures of IP and is known as "The World’s IP Blockchain" by developers.
Proof-of-Creativity
On Story Network, smart contracts enable the creation of IP Assets (IPA), including IP NFTs (ERC-721) and IP Accounts (ERC-6551). The basic modules include:
- Licensing Module: Defines and attaches licenses to IP.
- Royalty Module: Handles royalty payments.
- Dispute Module: Resolves IP-related disputes.
Programmable IP License
The Programmable IP License (PIL) is an off-chain legal contract that allows IP owners to set terms for the use of their IP. Others can pay to acquire licenses and use the IP in real-world applications.
The Team Behind the Project
The Story Protocol team includes:
- Seung Yoon Lee: Co-Founder and CEO, former Founder of Radish Fiction and worked at Hashed.
- Seung Soo Kim: Co-Founder and CoS, previously CoS at Radish Fiction.
- Jason Zhao: Co-Founder, former engineer at Google DeepMind.
- Jason Levy: Co-Founder, formerly at Apple and Amazon.
Investors
Story Protocol has raised nearly $140 million across three funding rounds:
- Seed Round (May 17, 2023): $29.3 million, led by a16z, with participation from Hashed, dao5, and Mirana Ventures.
- Series A (September 6, 2023): $25 million, led by a16z, along with Hashed, Foresight Ventures, dao5, and Mirana Ventures.
- Series B (August 21, 2024): $80 million, again led by a16z, with Polychain Capital and angel investor Cozomo de Medici.
Story Protocol partners
Story Protocol has a number of strategic partners (details not provided). 
Story Protocol Tokenomic
Currently, Story Protocol has no plans for a token release. We will update the information as it becomes available.
How to Hunt for Story Protocol Airdrops
Here’s how you can participate in Story Protocol’s potential airdrop.
1. Get the "IP" Role on Discord
To get the "IP" role on Story Protocol’s Discord, follow these steps:
- Join the Story Protocol Discord, verify your account, and go to the "Announcements" channel. Click on the red reverse icon of the Uno post to receive the "Reverse" role.
- Visit bot.story.foundation, connect your social media accounts, and add the "IP" icon to your X Name to get the "IP" role in Discord.
- Click “Get my IP role” and check Discord to ensure your role has been updated.
2. Mint NFTs & Experience Testnet dApps
To mint NFTs and explore Story Protocol’s testnet, follow these steps:
- Get ETH Sepolia: Visit the Sepolia Faucet to add ETH to your wallet.
- Mint NFT: Go to Story Protocol NFT Mint, connect your wallet, choose "Create new IP," give it a name, upload an image, and click "Mint NFT." Skip to finish the process.
- Get $IP Testnet: Visit Story Protocol Faucet, paste your wallet address, and claim 1 $IP testnet token.
- Experience 4 dApps on Testnet:
- Staking: Currently, the minimum staking amount is 1024 $IP. You can wait for the minimum to decrease to participate in Story Protocol’s staking.
Summary
Story Protocol is one of the largest fundraising blockchain projects in 2024. As a Layer-1 blockchain, it’s highly likely that it will carry out an airdrop. The team has also stated that it will only reward the real community, so there could be a large-scale airdrop event in the future.
However, this article is for informational purposes only and not investment advice!