In a world where fans connect and immerse themselves in their favorite characters, artificial intelligence is undergoing a transformation, paving the way for easy animation and novel plot suggestions. Seung Yoon Lee, a trailblazing entrepreneur and a Forbes Asia 30 Under 30 alumnus, envisions a groundbreaking future. What if enthusiasts of Hercule Poirot or Buffy Summers could not only craft fresh narratives but also shape the trajectory of cherished characters and tales, all while reaping rewards for their creative endeavors?
Lee’s brainchild, Story Protocol, embodies this vision. With $54 million in funding, including a recent injection of $25 million led by Silicon Valley giant Andreessen Horowitz, Story Protocol aims to create a blockchain-based repository system. This system empowers creators to embrace contributions and ideas from their audience, particularly within the realm of fan fiction and user-generated content.
The opportunity presented by Story Protocol encompasses the vast global entertainment and media sector, valued at a staggering $2.3 trillion in 2022, according to PwC. The amalgamation of movies, television, streaming, gaming, books, and music creates an expansive canvas for this innovative platform.
Andreessen Horowitz, a renowned venture capital firm also known as a16z, has been a staunch supporter of Story Protocol since its early days. The repository system operates akin to GitHub, a collaboration and hosting service for computer programs. The intellectual property repository will be anchored on the Ethereum blockchain, offering seamless access for various forms of intellectual property, including literature, video, and music, with terms governed by self-executing smart contracts.
Lee emphasizes that this blockchain-based system facilitates rapid communication among collaborators, minimizing the need for traditional intermediaries. Intellectual property owners gain comprehensive control, enabling them to set licensing or remixing terms effortlessly, replacing the cumbersome process of hiring legal teams.
Story Protocol plans to sustain itself by charging a nominal percentage of each usage while keeping the repository itself free. The company is actively focusing on enhancing its technological infrastructure, exploring additional revenue streams through value creation and economic activity facilitation.
The marriage of artificial intelligence and fan-generated content is poised to disrupt the entertainment landscape, especially in the realm of visual entertainment. AI’s rapid evolution is set to elevate the quantity and quality of fan-generated material exponentially, potentially overwhelming copyright holders’ ability to regulate its usage. This disruptive force is exemplified by AI-powered spoof commercials based on fictional characters, underscoring the impending competition between AI and traditional entertainment mediums.
Lee envisions a future where what was once a niche subculture of fan-fiction and fan-art blossoms into a ubiquitous presence across major social platforms. The production cost of “good enough” content is expected to trend towards zero, compelling brands and intellectual property owners to adapt swiftly to this paradigm shift in the entertainment landscape.