Hollywood in Web3: StoryCo Raises $6M to Decentralize Storytelling
The platform just released its first story universe, a token-gated experience that encourages community members to build out its narrative while decentralizing IP.
Web3 storytelling platform StoryCo has raised $6 million in seed funding, the company said Thursday.
The round was led by crypto investment firms Collab + Currency and Patron, with participation from Blockchange Ventures, Flamingo DAO and executives at United Talent Agency and William Morris Endeavor.
StoryCo also revealed its first narrative experience, The Disco Ball, which will be released in 2023. The “immersive and collaborative storytelling experience” will be produced by the Halo television series writer Kyle Killen and artists shelby and sandy, but invites collaboration from the community to finish the main character’s journey. With a StoryPass non-fungible token (NFT), community members can access pre-release content and solve puzzles, find artifacts and collectively build out the narrative experience.
Founders Justin and J.P. Alanís said in a press release that they’re hopeful bringing Hollywood to Web3 will aid in lowering barriers to entry and foster community around immersive, interactive storytelling.
“We are building a new model that will drive the development of incredible new stories and allow our community of creatives and fans to contribute meaningfully to its expansion,” said Justin and J.P. Alanís in a press release.
StoryCo, formerly known as StoryDAO, isn’t alone in its efforts to decentralize intellectual property (IP) and bring Hollywood to Web3. In July, Web3 animation studio Toonstar teamed up with clothing retailer Hot Topic to create NFTs for its original productions as well as merchandise, in an effort to further distribute its associated IP.
StoryCo did not respond to CoinDesk by press time.
CORRECTION (Jan. 26 17:40 UTC): The company announcement was made Thursday.
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