Wrapped Story (WIP) Explained: What It Is, How It Works, and Current Market Snapshot

• By JayKay Sun
• 28 Mar, 2025
• 22 Comments

Quick Take

• Wrapped Story (WIP) is a wrapped version of the IP token used in the Story Protocol ecosystem.
• It runs on Ethereum (contract0x1514…000000) and serves as a bridge for tokenizing intellectual property.
• Price data differ wildly - CryptoRank shows $8.68, Binance $7.88, CoinDataFlow $4.13.
• Zero circulating supply is reported, making market‑cap figures unreliable.
• Acquisition is limited to peer‑to‑peer swaps or direct interaction with the Story Protocol smart contracts.

What is Wrapped Story (WIP)?

In plain terms, Wrapped Story is a wrapped token that represents the underlying IP token of the Story Protocol platform. The “WIP” ticker stands for “Wrapped IP”. By wrapping the original token, developers can move its value across different DeFi venues while preserving the intellectual‑property (IP) rights semantics that Story Protocol enforces.

The Story Protocol Ecosystem

The token lives inside Story Protocol, a blockchain framework built to register, manage, and monetize digital IP. The protocol was created by the Story Foundation, a non‑profit group that publishes the official whitepaper and maintains the open‑source code on GitHub (storyprotocol organization). Community chatter happens on the official Discord server and via the Twitter account @StoryProtocol.

Technical Specs & Contract Details

The contract address for Wrapped Story on the Ethereum mainnet is 0x1514…000000. It follows the ERC‑20 standard, which means any wallet that supports ERC‑20 tokens (MetaMask, Trust Wallet, etc.) can hold WIP. Because it is a “wrapped” token, the smart contract includes two core functions:

1. wrap() - locks the native IP token and mints an equivalent amount of WIP.
2. unwrap() - burns WIP and releases the original IP token back to the owner.

Both actions emit events that the Story Protocol front‑end watches to update ownership records on the chain. No native gas‑fee discount is offered; users pay the regular Ethereum transaction costs.

Market Data & Price Discrepancies

Tracking Wrapped Story is a lesson in data hygiene. Different aggregators report wildly divergent numbers for the same 24‑hour window:

Supply figures add another layer of confusion. Some sites list a total supply of 1billion WIP with zero circulating supply, while others claim a maximum of 1.3million. The market‑cap column often reads $0 because the reported circulating amount is zero, even though the platforms record active trading volume.

How to Obtain & Use Wrapped Story

The token is not listed on major exchanges like Binance, Coinbase, or Kraken. That means you have two realistic paths:

• Peer‑to‑peer swap: Find a trusted counter‑party on community channels (Discord, Twitter) and exchange ETH for WIP via the wrap() function in the official contract.
• Direct contract interaction: Use a Web3‑enabled wallet (MetaMask) to call wrap() with the underlying IP token you already hold.

Because the token mainly serves as a bridge inside the Story Protocol, its practical uses are limited to:

• Staking within Story‑Protocol‑specific liquidity pools.
• Providing collateral for IP‑backed loans on experimental DeFi platforms.
• Transferring IP ownership rights across chains via future cross‑chain bridges (still under development).

Risks and Considerations

Before you lock up ETH to mint WIP, keep these points in mind:

• Liquidity risk: With no exchange listings, exiting a position relies on finding another holder.
• Data inconsistency: Divergent supply and price data make valuation tricky.
• Regulatory uncertainty: IP tokenization is a relatively new legal area; future regulations could affect token utility.
• Smart‑contract risk: Any bug in the wrap/unwrap logic could freeze assets. Review the audited contract code on the GitHub repo before interacting.

Future Outlook & Developments

The Story Foundation continues to maintain the whitepaper and push updates on GitHub, but concrete road‑maps for Wrapped Story are scarce. Analysts at Bitget note that “when the bull market comes, the market value of WIP may have great growth potential,” yet they provide no timeline.

Potential catalysts include:

• Integration with cross‑chain bridges that could move WIP onto Layer‑2 solutions, reducing gas costs.
• Partnerships with IP‑heavy industries (music, film, publishing) that adopt Story Protocol for royalty tracking.
• Regulatory clarity around tokenized IP, which could open up institutional interest.

Until at least one major exchange lists Wrapped Story, the token will remain a niche asset for developers and IP enthusiasts willing to navigate the extra steps.

Frequently Asked Questions

Next Steps for Interested Users

If you decide to experiment with Wrapped Story, follow this checklist:

1. Set up a Web3 wallet (MetaMask recommended) and add the contract address.
2. Read the whitepaper on the Story Foundation site to understand the IP model.
3. Verify the contract code on the GitHub repository.
4. Join the official Discord channel to find trusted peers for a wrap/unwrap transaction.
5. Test the wrap() function with a small amount of ETH first, then monitor gas fees and transaction confirmations.

Keep an eye on community announcements for any upcoming exchange listings or cross‑chain bridge releases - those could dramatically improve liquidity and price stability.