Story, one of Korea's layer 1 (Layer 1) virtual assets, is a knowledge property (IP·Intellectual Property)-based Blockchain platform that supports IP creators in producing works within the Story Blockchain ecosystem. Creators can tokenize their works and earn creator fees.

Story drew attention from the market and the industry as a promising Blockchain project even before unveiling its mainnet. It was because Chief Executive Lee Seung-yoon, who founded the web novel platform "Radish" and sold it to Kakao for 500 billion won, launched the venture.

Lee Seung-yoon, CEO of Story, delivers opening remarks at the Origin Summit 2025 held on September 23 last year./Courtesy of News1

The Story Foundation raised $80 million (about 100 billion won) in its 2024 Series B round, bringing its cumulative investment to $143 million (about 205.1 billion won). Major investors included a16z, a large U.S. venture capital (VC) firm known as a Worldcoin backer, Samsung Next, Samsung's overseas investment arm, and Bang Si-hyuk, chair of HYBE.

On Sept. 22 last year, Story's market capitalization reached about 6.43 trillion won and its 24-hour trading volume hit 800 billion won, but its market cap has since shrunk about 96% to 265 billion won. The price, which was in the 28,000-won range per unit, has now fallen to the 700-won range.

A virtual asset industry source said, "Whether a project succeeds depends on how much mass-market content it secures, and Story has no killer content."

On the virtual asset exchange Upbit, Story trades at 756 won per token. Its decline over the past six months exceeds 91%./Courtesy of Upbit app capture

PIP Labs, Story's developer, said on the 15th of last month that it laid off about 10% of its Story Protocol-related organization, including five full-time employees and three contractors. PIP Labs explained the job cuts as a decision for renewal, saying it will focus on building artificial intelligence (AI·Artificial Intelligence) IP infrastructure and realign its business direction for the AI era.

The Story Foundation plans to use K-pop (Pop) as a key IP content in its ecosystem. IP Strategy, a Story investor, announced on the 7th (local time) that it incorporated the IP for Risen's new song "Busy Boy" into the Story ecosystem through the Aria Protocol.

IP Strategy is a Nasdaq-listed company that is both a core ecosystem participant in Story Protocol and an investor. It uses about 53.2 million Story coins as a key asset. Aria Protocol is a platform that tokenizes IP such as music and video based on Story Blockchain technology and facilitates transactions in the form of real-world assets (RWA·Real World Asset).

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