Once heavily backed by a16z, @StoryProtocol has shown exceptional performance since its TGE, with its FDV soaring to $7 billion against the trend, earning it the title of "Web3 Hollywood." However, many have not considered what variables this wave of Korean influence combined with AI Agents will bring to the Crypto ecosystem. Below are my personal observations:
1) It is evident that Story's TGE launched under a cloud of skepticism, but surprisingly, after its launch, it did not follow the typical trajectory of VC tokens plummeting towards zero. Instead, it became the "king of pump" in this round of new VC tokens, thus earning the moniker "Web3 Hollywood."
2) The pump is merely a surface phenomenon. In my view, Story's decision to launch its TGE against the trend and its subsequent outstanding performance are attributed to its focus on the core narrative of "AI Agents." Initially, Story was designed as a layer 1 public chain specifically for intellectual property (IP), aiming to move the management and trading of IP onto the blockchain to promote the Web3 prosperity of vertical industries such as culture and art.
To promote the grand narrative of AI Agents, by the end of 2024, Story will launch a set of AI Agent trading frameworks (ATCP/IP), enabling AI agents to autonomously exchange intellectual property assets, including AI Agent identity IDs, incentives for creating artworks, traceability verification networks, legal personhood for AI autonomous investment decisions, and IP licensing frameworks, among others.
In simple terms, relying on the framework and standards defined by Story in the IP domain, combined with the application and narrative focus of AI Agents, Story naturally bridges the gap that appeared in its NFT digital art narrative. With a new on-chain IP backend framework standard + practical applications of AI Agents, it continues to pursue its dream of an on-chain cultural renaissance.
Imagine when AI Agents possess legal personhood and can execute off-chain legal encapsulations and on-chain contracts, achieving steps such as "information requests, terms formulation, negotiation, acceptance, information transmission, and confirmation of receipt." Meanwhile, AI Agents can freely price and trade their fine-tuned data, algorithms, and models, allowing artists to create more efficiently with the help of AI Agents, thus forming a decentralized intellectual property market that shares profits with other AI Agents.
3) In fact, since the launch of Story's mainnet, it has indeed made some new strides in the direction of AI Agents and IPFi:
@SoloAI_Agent, as the leading AI Agent project in the Story ecosystem, focuses on converting music works created by AI Agents into on-chain assets for free circulation within the ecosystem. Compared to the overly MEME-oriented state of most AI Agents in the Solana ecosystem, Solo has captured the vertical direction of AI music creation, aiming to explore the possibilities of practical applications for AI Agents, similar to the explorations of web2 projects like HeyGen in AI multimodality. The token $Sona has already launched but has not been overly FOMOed;
@verio_story is the IP trust engine of Story Protocol, aiming to provide a financial and legal governance system for the new IP system proposed by Story. It adopted a dual-staking model upon launch and designed a verification and governance mechanism to help creators and investors ensure the authenticity and value of IP assets;
@PiperxProtocol / @0xStoryHunt, similar to the core decentralized exchanges Radium and Jupiter in the Solana ecosystem, are leading decentralized exchanges in the ecosystem, allowing for MEME trading, DeFi liquidity mining, and the operation of on-chain yield systems like IPFI earnings. If the Story ecosystem takes off in the future, the value of its core DEX ecological position will naturally become apparent;
@Aria_Protocol, an IP RWA protocol based on Story, focuses on tokenizing top IP resources, ultimately enabling musicians and artists to create on-chain assets that can be tokenized and traded, including songs, books, movies, artworks, patents, brands, AI training data, AI prompts, and more.
Recently, Aria announced the acquisition of partial copyrights for the debut hit "Black Mamba" by the Korean girl group Aespa and the collaboration single "The Truth Untold" by global top boy band BTS and Steve Aoki, and has tokenized them. Other songs include works from global top artists like BLACKPINK, Justin Bieber, Miley Cyrus, Dua Lipa, Katy Perry, and BIGBANG, truly solidifying the value of "Korean wave has arrived" on Story.
In addition, since the launch of Story, the ecosystem has rapidly expanded, including categorized projects like WTF, Mimboku NFT, ipWorld, Spotlight, Unleash, Lewis, and others. Undoubtedly, there will be some flaws, but fortunately, the siphoning potential of its ecosystem has already begun to show.
In fact, the enthusiasm of the young community in Korea for shilling Story is also on the rise, with many viewing Story as an opportunity to change their fortunes, even leading to exaggerated statements like "without Story, I can't afford a house."
This is essentially a strategic move by Story in community building, leveraging Korea's mature star-fan economy and the digital craze of everyone trading coins, attempting to deeply integrate project ecosystem construction with Korean wave culture, which can continuously bring in new users and perhaps even give rise to innovative Web3 cultural product forms. Completing the listing puzzle on exchanges like Upbit may just be a matter of time.
In conclusion, returning to the beginning, why is the combination of "Korean wave + AI Agents" considered a new variable under the trend of AI Agents? The crux lies in whether AI Agents can be grounded in practical applications.
Currently, from the perspective of the distribution of projects and development potential within the Story ecosystem, there is a trend of bringing new "utility" practical applications for AI Agents, especially evident in the performances of projects like SoloAI and Aria. However, whether Story can compete with the Solana ecosystem in the direction of AI Agents will require more time to ferment and observe.
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