PANews, March 14: According to Decrypt, PIP Labs, the developer of Story Protocol, has reduced its workforce, laying off 5 full-time employees and 3 contractors—approximately 10% of the total staff involved in Story Protocol-related entities. The affected teams include the Story Foundation and the infrastructure project Poseidon. Andrea Muttoni, Chief Protocol Officer at Story, stated that this restructuring aims to further focus on core priorities, with the company increasing investment in AI intellectual property infrastructure, particularly on applications related to AI training data and AI agents. Public records show that Story Protocol seeks to enable automated licensing and royalty payments through programmable licensing mechanisms. The company behind the project raised $80 million in a Series B round in 2024, achieving a valuation of approximately $2 billion, led by Andreessen Horowitz.
Story Protocol developer PIP Labs cuts 10% of staff and shifts focus to AI IP infrastructure
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Summary
Story Protocol developer PIP Labs announced a 10% reduction in staff, affecting teams including the Story Foundation and Poseidon. The move aligns with a protocol update focused on prioritizing AI intellectual property infrastructure, including AI training data and agents. Andrea Muttoni, Story’s Chief Protocol Officer, said the shift reflects a strategic reallocation of resources. Story Protocol, which automates IP licensing through programmable permissions, raised $80 million in 2024 at a $2 billion valuation, led by Andreessen Horowitz. The update positions the project to leverage emerging trends at the intersection of AI and crypto.
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