Coinbase has rolled out buying and selling help for the brand-new native token of a layer-1 blockchain centered 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 software ecosystem.
Explains Story’s launch announcement,
“AI (synthetic intelligence) is undermining IP as we all know it. The standard IP system can now not preserve tempo with the pace 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 presumably make tens of millions 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 rework IP right into a programmable asset class, enabling permissionless alternate, 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 equivalent to value swings and canceled orders due to decrease buying and selling quantity and availability.
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