Can Story Protocol Tokenize the $70 Trillion IP Market? | Jason Zhao
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You have to climb this ladder. You have to swallow this pill. You have to accept reality. Like, you need the stablecoin to get random people that don't care about the ideological part of crypto to use crypto. And then, maybe, then they'll take that ladder and they'll climb up and they'll use ETH. And maybe they don't even wanna use stablecoins anymore. Right? But, ultimately, stablecoins are how we have to get there. Right? So I think story takes that approach. Welcome
to Banklifts where we explore the frontier of internet money and internet finance. And today on Banklifts, we are exploring the frontier of tokenized intellectual property on a blockchain. There's a new blockchain out there called Story Protocol, and its mission is to tokenize the world's IP and put it on chain. But their their real vision is not to necessarily tokenize, like, currently existing IP, call it Trad IP. They also they do wanna do that, but they also want to unlock future potential, future IP, future content, and enable a net new era of human creativity and just kinda be the IP lay
David. Thanks for having me on. Really excited for this conversation. And, yeah, I mean, I appreciate the sort of skepticism. I think it's healthy in the space, and so would love to kinda dive into, like, where IP makes sense on chain and maybe where, you still need to rely on off chain solutions. So excited for the conversation.
Yeah. Sure. I I think just to to kick things off, I want to hear the pitch. What is the pitch for IP on the blockchain? And is that also how you would even, like, pitch it as, like, is it IP on the blockchain? Is that what we're doing?
Yeah. I think that is the high level way to understand it. Obviously, once you dig in, there's a ton of nuances. Right? But that's a great way to kind of understand it. I think I'll start just by talking about IP because this is an idea that maybe for some people they're familiar with. But usually when I talk about intellectual property, especially with people who are more native to the blockchain space, you know, the three reactions I get are boredom, fear, and confusion. Right? One of the three or sometimes all three. And so just to deep hack, like, what is IP at a high level? Intellectual p
IP objects is, like, a super costly transaction. Efficient. Yeah. And I
can give you, like, a very trivial example. Like, I wanna create a Darth Vader lunchbox. Okay? It's, like, the basic like, super easy. My kid wants to create a Darth Vader lunchbox. How do they do that? Well, I gotta go hire a lawyer for them to represent them because I have no idea, like, how to do it. I could be getting screwed. Right? So I have no idea how to represent myself. I need to hire a lawyer. Even the cheapest ones are $10,000, like, over the hours that they work. I need to then get in contact with the right person on Disney's licensing team. If they agree to talk to me, which they
Do you have any, like, numbers that you could share just to help listeners get a grok the size of IP? Like, the TAM of IP.
Yeah. So this is not my number, but the World Intellectual Property Organization, when I started looking this up in 2023, it was 61,000,000,000,000. Now it's 70,000,000,000,000. And so, you know, how do they calculate this number? Obviously, it's not just, like, movies and things like this. They also calculate the intangible assets that a lot of companies own, in particular with patents. A lot of the world's most valuable companies, really rely on patents. Right? So, I mean, even though I know we we had a conversation with Jack Dorsey briefly on Twitter. You kno
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