PIP Labs Sheds Staff as Story Protocol Leans Into AI
PIP Labs, the company behind Story Protocol—a layer-1 network focused on IP licensing—has laid off about 10-15% of its staff, including both employees and contractors, as it shifts toward artificial intelligence applications. The cuts affect teams across Story Protocol, Story Foundation, and infrastructure layer Poseidon. PIP Labs is increasingly focusing on developing IP infrastructure for AI, emphasizing AI trading data and autonomous agents. The company previously raised $80 million in Series B funding at a $2 billion valuation, with backing from Andreessen Horowitz and notable figures from Disney and NFT communities. Story Protocol, launched in February with its native IP token, aims to reduce friction in creative licensing through automated, programmable royalty payments, but the token’s value has dropped 86% over the past year. Story’s recent developments include a move toward machine users and support for legally cleared AI training data, as seen in Poseidon’s launch of large multilingual audio datasets. The layoffs align with broader industry trends, as other crypto firms, including Optimism and Block Inc., have also made similar AI-focused staff reductions.
