On September 16th, at the "FAT Awards 2024" annual ceremony hosted by Odaily星球日報 and co-sponsored by Bitget, Bu Fan, the head of Story Protocol IPFi, defined IPFi as: supporting financial market activities (storing and transferring asset value) in the IP field, building an open and accessible financial ecosystem. In terms of implementation, Bu Fan believes IPFi has three stages: the first stage still retains the core objectives of DeFi in terms of functionality; the second stage begins to experiment with new token forms, empowering IP with new tokens and methodologies; the third stage will either develop towards structured IPFi, offering concrete IPFi services for creators, with more derivative token forms, or towards experimental IPFi, providing purely new IP service mechanisms, focusing on serving the long-term ecological needs of IP.