Veronica Irwin is a New York-based reporter writing about the intersection of finance and tech. Previously she covered Fintech at Protocol and Bay Area technology companies for the San Francisco Examiner. She also has bylines in Fast Company, Gothamist, SF Weekly, and more.
The Series B round will support the development of PIP Labs’ intellectual property-focused blockchain, reducing middleman friction and unlocking new revenue streams as users experiment with IP.Seung Yoon Lee took this lesson to heart, realizing that the gaming industry's approach to intellectual property —encouraging experimentation with it, rather than fighting it in court,—was something the newspaper, publishing, and music industries could all learn from.
Story was initially built on Ethereum’s test network Sepolia—Ethereum is known for its capacity to host complex applications but also high costs and slow speed,—but PIP Labs is now set to launch its own blockchain on August 27th. This move will give the company greater technical control to implement features like on-chain dispute resolution.
Lee is optimistic, drawing parallels to the success of companies like Spotify, which quickly surpassed music pirating sites by attracting over a million U.S. users within its first year. Spotify's ability to convince users that legal alternatives could be more convenient and enjoyable than piracy was key to its rapid adoption. “They did it with insanely great UX ,” Lee says.
Similar to other blockchain initiatives, Story is attracting developers by offering a range of incentives, including grants, marketing support, technical assistance, and fundraising guidance. These resources are provided through the Story Academy, a comprehensive program featuring a 6-7 week accelerator for mid-stage projects and a 12-week incubator for early-stage ventures.
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