AUSTIN, TX – March 29, 2024 – Magma, an innovative cloud-based platform where professional artists in industries around the world can collaborate in real-time, is launching a partnership with Story Protocol, a forward-looking protocol to protect the IP of that art.
By joining forces, Magma and Story Protocol are launching a comprehensive approach to creating, developing, and safeguarding art for millions of professionals around the world. They’re building on the proven success of their platforms by unveiling a collaborative approach that takes the best from both systems to meet artists’ needs for every step of the creative process.
Magma provides a 21st-century workspace for artists working in video games, movies, and other industries with an online, cloud-protected canvas where up to 50 team members from around the world can work on the same canvas as revisions are made to projects around the clock.
“Magma’s core mission is to empower artists and creative teams to unlock their full potential, not just through advanced collaborative creation and management tools but by integrating IP protection as a pivotal part of the workflow,” says Oli Strong, COO of Magma.
More than 2 million artists are already registered with Magma, a number that continues to grow. The platform has been shown to cut by more than 30 percent the amount of time spent on meetings about artwork for projects while also reducing by 25 percent the time taken to deliver projects and increasing by more than 70 percent employees’ satisfaction with projects.
But many artists – whether professional or amateur – also have legitimate concerns about whether their works online are protected by IP or intellectual property. That’s where the partnership with Story Protocol helps to ensure all aspects of creativity are covered.
Story Protocol enables any creator from around the world to register their IP and seamlessly welcome contributors to join with attribution while retaining control of their creations.
With Story Protocol, creators and collaborators can easily contribute to existing projects, co-create new assets, and remix popular IPs. They can unlock new liquidity pools, license their IP at scale, and explore new revenue models. They can protect their IP through self-enforcing rules, easily track authentication and provenance, and benefit from transparent security.
“Our partnership with Story Protocol is a strategic move towards robustly securing assets as part of the creative process,” says Strong. “This integration contributes to our goal to enable creators to publish, protect, and monetize their work seamlessly within the Magma platform. Aligned in our vision to empower creators, together with Story, we're setting a new standard for creative collaboration, making IP protection an intrinsic, effortless part of the creative journey.”
“The first wave of crypto was programmable money - the next wave of crypto will be defined by programmable IP,” says SY (Seung Yoon) Lee, Co-Founder of Story Protocol.
“Creators should now be the ones responsible for setting the rules for their creations, not centralized intermediaries. By collaborating with Magma, we can enable over two million artists on its platform to collaborate, monetize, and protect their IP,” said Lee.