4 min, 35 sec reading time
One of the most common phrases you’ll hear if you spend as much time as we do in crypto-Twitter (note – not recommended!) is – “We’re so early!!!”
The phrase is an invitation to everyone who hasn’t been mining bitcoin from their basement since 2014 that they haven’t missed out on all the fun times to come.
It also warns people that the space isn’t fully mature yet, and there are hurdles ahead. Technologies are improving with each innovation, but the road is still unpaved.
If you step away from the space for a month or two, you’ll be blown away by the changes you see when you come back.
Exponential growth and development are especially true with StoryPrima DAO, which launched in March 2022.
Last week, we discussed the potential of DAOs. If you haven’t read that yet, you can here.
It’s important to remember that DAOs are like neighborhoods. The communities will be different, so be sure to do your research to find your people.
What’s great about StoryPrima is that you can get a really good sense of their personalities, mission, and approach to web3lit from their podcast.
Click here to listen: #STORYFIRST Podcast
(We’ll be guests on this podcast in a few days!)
Intro & Background
StoryPrima DAO started after the founders of “Legends of Cypher” created their story-led NFT project. While doing so, they realized that writers in web3 required more assistance.
As they write on their site, their DAO was “founded to help make the journey of other individuals and teams seeking to harness NFTs to drive powerful and enduring storytelling easier.”
Their goal is to give authors “tools, resources, and funding to help them develop rich, story-oriented NFT projects.”
Building a Web3 Publishing House
If you build it, they will come
StoryPrima announced that their first research publication will be a “census and taxonomy of story-oriented NFT projects” published this summer. So we are looking forward to seeing what they eventually publish.
Their podcast is exciting, and they have released seven episodes so far, all delivering on their promise to “highlight the mavericks who are leveraging the power of NFTs to tell the blockbuster stories of tomorrow.”
We generally listen to one crypto-related podcast each morning when we walk the dog, and their episodes feature entertaining and thought-provoking conversations.
If you’re interested in learning more about the importance of stories in the NFT world, check out their episode on “How to Build a Blockbuster Franchise.”
Also, their interview about “AI & Community-Powered web3 stories” raised many questions about how AI and web3 technologies can be combined in the future.
Overall, the “getting readers excited” workstreams are off to a promising start, which should create a DEMAND for story-led projects.
For all the Authors in the House
If you’re an author who is interested in web3 for future publishing projects, then you’ll want to head to StoryPrima’s website for more information and contact them if you want to join their DAO.
StoryPrima states that their goal is to educate authors by explaining the “benefits and drawbacks” of web3 technologies and business models.
StoryPrima can provide authors with a safe place to learn how web3 unlocks new community engagement and storytelling capabilities.
It can also ensure that authors understand the “chaotic NFT market” demands and don’t expect that simply launching an NFT of their book will make them a million dollars overnight.
Educating writers about realistic expectations will benefit the whole space and bring much-needed content and readers to the space.
Attracting Readers to web3
StoryPrima DAO is also focused on building a readership for the writers within their DAO. This is unique as some other DAOs are focused on the more technical aspects of web3lit.
Building a readership is core to every publishing project and if you can have DAO community members help you with that aspect of your publishing journey, that’s a huge value add.
Incubating Selected Publishing Projects
StoryPrima DAO plans on offering an incubation program for projects selected by the DAO members themselves.
While the application process isn’t yet finalized, the goal is to provide up-front investment to the project in exchange for “royalty or revenue shares.”
In other words, an advance.
This is very common in the traditional publishing world, but now the book deal decision-makers aren’t a major publishing house – they are anyone holding a Prima Token.
Because we care about you, we promise NOT to go into the technical details of how they create and allocate these tokens (i.e., what is known as token economics or, more commonly, tokenomics.)
Just know that holding these tokens will allow someone to help make strategic decisions in the organization (i.e., which projects to incubate).
The tokens will be able to be traded for other crypto coins (i.e., Ethereum or Bitcoin), which can be exchanged for actual money.
(Note – StoryPrima has a lot of details on their site that do go into these details if you want further reading.)
Is StoryPrima Similar to a Traditional Publisher? Well, not really.
Last week, we showed some examples of how DAOs can be considered the “corporations of web3.” Now let’s see how that works with StoryPrima.
Traditional publishing houses are corporations that identify books they think should be published. They then (may or may not) help promote and market the books to readers.
Web3 publishing houses (i.e., StoryPrima DAO) are decentralized and empower the community to identify books they think should be published.
Using their established podcast, social media, and community members, book promotion will be a DAO-led effort.
One notable difference is that anyone passionate about publishing in web3 can help make decisions for the DAO, while traditional publishing decision-making is top-down.
Hopefully, this can allow amazing new authors to connect with the communities waiting for their stories authentically.
We know we’re so early, and StoryPrima DAO launched in early 2022, so there is a lot of potential there.
It’ll be great to see how they grow in the future.
By focusing their priorities on growing the demand side (i.e., readers) and the supply side (i.e., authors) of web3lit, they are creating the potential for a “virtuous flywheel.”
- Have a great story
- Promote Story on Podcast/Media Channels
- The story reaches passionate readers and is a financial success
- More authors hear about it and become interested in the web3lit space
- Incubate more great stories and begin again
Overall, we think this DAO would be great for anyone with publishing industry experience who is disenfranchised, frustrated, or recently quit their publishing job.
Also, this DAO is perfect for any author with talent, passion, and a niche audience currently underrepresented by traditional publishing.
Be sure to contact them for more information about what it means to join StoryPrima DAO.
We appreciate any/all donations of appreciation
- MetaMask (ETH)