Coinbase has rolled out buying and selling help for the brand-new native token of a layer-1 blockchain targeted on mental property (IP).
The scalable mental property resolution Story launched its public mainnet on Thursday and goals to function a blockchain the place rights holders can add IP, set the phrases of use and monetize it all through the protocol’s utility ecosystem.
Explains Story’s launch announcement,
“AI (synthetic intelligence) is undermining IP as we all know it. The standard IP system can not maintain tempo with the velocity and scale of generative AI. Centralized intermediaries make exchanging, licensing, and monetizing IP prohibitively costly. IP homeowners see their works utilized in AI fashions with out attribution or compensation, and even AI corporations themselves can’t probably make hundreds of thousands of particular person licensing agreements.
AI and IP are locked in a zero-sum wrestle, making {the marketplace} of concepts each illegible and illiquid.
Story proposes a wholly new framework for mental property, one which creates an open and programmable marketplace for IP. Story is a peer-to-peer mental property community purpose-built to remodel IP right into a programmable asset class, enabling permissionless trade, possession, and monetization throughout AI and the broader web.”
The undertaking’s native IP token is buying and selling at $2.08 at time of writing and is down greater than 18% on its first day of buying and selling. It’s already the 158th-ranked crypto asset by market cap.
Coinbase is adding the “experimental” label to IP, which the platform makes use of for tokens that pose sure dangers resembling worth swings and canceled orders due to decrease buying and selling quantity and availability.
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