StoryCo, a Web3 storytelling platform, said in a press statement on Wednesday that it had secured $6 million in seed funding.
Blockchange Ventures, Flamingo DAO, and officials from United Talent Agency and William Morris Endeavor also participated in the round, which was jointly headed by the cryptocurrency investment firms Collab + Currency and Patron.
Additionally, StoryCo introduced The Disco Ball, their first narrative experience, which will be out for release in 2023. Kyle Killen, the creator of the Halo television series, and artists Shelby and Sandy will create the "immersive and collaborative storytelling experience," but they are asking for community participation to complete the main character's journey. Community members can access pre-release content, solve puzzles, discover artefacts, and jointly develop the narrative experience by using a StoryPass non-fungible token (NFT).
In a press release, founders Justin and J.P. Alan expressed their optimism that bringing Hollywood to Web3 will help to lower entry barriers and develop a community around immersive, interactive storytelling.
In a news statement, Justin and J.P. Alan's stated, "We are establishing a new paradigm that will drive the development of fantastic new stories and empower our community of creatives and fans to meaningfully contribute to its evolution."
In its efforts to decentralise intellectual property (IP) and attract Hollywood to Web3, StoryCo, formerly known as StoryDAO, is not acting alone. In an effort to expand the distribution of its connected IP, Web3 animation company Toonstar partnered with clothing retailer Hot Topic in July to produce NFTs for both its original works and goods.