PIP Labs, the developer behind the intellectual property licensing network Story Protocol, has reduced its workforce by approximately 10%. The layoffs impact full-time employees and contractors as the company shifts its focus toward artificial intelligence.
The company is exploring opportunities in IP infrastructure for AI, specifically targeting AI trading data and the development of AI agents. This strategic pivot follows an $80 million Series B funding round in 2024, which valued PIP Labs at $2 billion. The funding was led by Andreessen Horowitz. Story Protocol's native token has experienced a significant decline over the past year. The network's chief protocol officer noted the workforce adjustment sharpens the company's focus on AI-related intellectual property. Recent traction in AI training data accessibility, particularly through its incubated company Poseidon, is guiding Story's strategic direction.
These layoffs occur amidst broader staff reductions within the crypto industry, with companies like Optimism and Block Inc. also implementing workforce adjustments, often citing a pivot towards AI.