At the same time, the IP token will be swapped for DATA at a 1:1 ratio. Andrea Muttoni has taken over as CEO, while co-founder Seung-yoon Lee is stepping back from day-to-day operations.
DATA Foundation’s new strategy is to build a data verification layer for artificial intelligence. Information on ownership, licensing, consent, and transaction history for each dataset will be recorded on-chain, turning blockchain into a kind of “copyright ledger” for the AI industry.
As part of the transformation, DATA Foundation introduced Trace, a platform that creates cryptographic receipts for each dataset. Rather than publishing the data itself, the system stores records of provenance, licensing, payment status, and transaction timing, allowing AI labs to audit data without exposing the underlying assets.
The project has also integrated Kled, a data marketplace where users can sell images, videos, and real-world data to AI laboratories. On its first day, DATA claimed to have recorded more than 1.1 billion data entries and over 5 million uploads per day, although these figures have not yet been independently verified.
The pivot comes after a period of decline for Story Protocol. The blockchain’s total value locked fell from nearly USD 45 million to only around USD 349,000.
The IP token suffered a similar fate, falling as much as 97% from its peak. News of the rebrand helped the new DATA token rise by double digits over the past 24 hours.
Story has also faced internal controversy. Co-founder Jason Zhao left the project in August 2025 after a wave of community backlash. At the time, Adam Cochran, partner at Cinneamhain Ventures, criticised Story as a typical example of crypto startups that raise massive funding rounds based on the reputation of their founders but fail to attract a proportional user base.
This week alone, the Ethereum Foundation also streamlined around 20% of its research staff to reallocate resources toward strategic priorities. BitGo announced a 15% workforce reduction to prioritise artificial intelligence and stablecoin development. On the same day, Sophon shut down its layer-2 blockchain and moved to Base.
Conclusion
The rebrand shows how crypto projects are increasingly shifting toward AI-related infrastructure as demand for verified training data grows. However, DATA Foundation will need to prove that its on-chain verification model can attract real users and restore confidence after Story Protocol’s sharp decline in TVL and token value.
Story Protocol’s transition to DATA Foundation and the IP-to-DATA token swap highlight the importance of securely storing digital assets after a rebrand or network migration. To choose a suitable option for holding tokens, see our review of the best cryptocurrency wallets, where you can compare hardware and software wallets, supported networks, security features, and ease of use.
