Within the Story Protocol, an IP Asset represents the "Nouns," serving as the foundational metadata for an intellectual property (IP). IP Assets stand out for their dynamic and programmable nature, capable of transforming any new or existing NFT, including those from renowned collections like BAYC (Bored Ape Yacht Club) or AZUKI, into a versatile and interactive IP entity. This transformation is achieved through the use of ERC-6551's Token Bound Accounts, which assign every NFT a Story Protocol Bound Account (SPBA), known in implementation as an IPAccount. The IPAccount, acts as a seamless gateway to programmability, storing the metadata of the IP and facilitating extensive interaction and utility.

Each IP Asset, upon registration in the Story Protocol, is assigned a unique ID. This ID is the address of the IPAccount that is bound to the IP Asset, ensuring a clear and distinct identification within the protocol. This feature enhances the traceability and management of IP Assets, making them more than just static digital assets. As the "Nouns" of the Story Protocol, IP Assets are inherently designed for flexibility and adaptability. They can be easily remixed, extended, and composed, thereby unlocking a dynamic state that is further enhanced through various modules within the Story Protocol. These modules enable a wide range of functionalities and interactions, elevating the IP Assets beyond their original state and opening up new possibilities within the digital asset landscape.