Story Protocol Secures $54M Funding For IP Revolution
Story Protocol has officially announced its launch on Wednesday. The project secured over $54 million in funding, spearheaded by the renowned venture capital firm Andreessen Horowitz, marking a significant milestone for the startup. Alongside Andreessen Horowitz, prominent names such as Samsung Next, Hashed, and Paris Hilton’s 11:11 Media participated in the funding rounds, demonstrating a strong vote of confidence in Story Protocol’s vision.
On-chain intellectual property protocol Story Protocol announced the completion of a $25 million Series A round of financing, led by a16z crypto, with participating investors including Hashed, Endeavor, Samsung Next, etc. Story Protocol is a protocol for creating, managing, and…
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Answer to IP Challenges
The core mission of Story Protocol is to simplify and streamline the complex processes surrounding IP, which encompasses the intangible assets generated within the creative sphere. With the recent surge in the popularity of artificial intelligence (AI), concerns have emerged among creatives regarding IP protection and fair attribution. Story Protocol aims to address these concerns by leveraging blockchain technology to provide transparent provenance tracking and equitable attribution. Seung Yoon Lee, Co-Founder of Story Protocol, highlighted the importance of blockchain technology in the digital age, stating, “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”
Story Protocol’s network empowers artists of all backgrounds to monitor how their IP is utilized and transformed by creators across various media platforms. It also facilitates revenue sharing among involved parties, promoting a fair and inclusive ecosystem. Furthermore, the network aspires to become a valuable resource for third-party service providers, offering assistance in community growth, AI content authentication, and crowdfunding for creators.
AI in Creativity
The company points out that today’s creative works often evolve from fanfiction and remixes shared online, such as the novel “Fifty Shades of Grey” and music tracks by DJs like Diplo. These examples underscore the necessity for a more agile infrastructure that supports remixing, community engagement, and co-creation as fundamental elements of creativity. The reception of AI in the creative industry has been mixed, with some artists and companies embracing it while others remain sceptical. For instance, Universal Music Group (UMG) called for the removal of an AI-generated song mimicking the style of Drake and The Weekend from platforms like YouTube and Spotify. In contrast, pop star Grimes offered a 50% royalty split on successful AI-generated songs in April.
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Story Protocol’s open and modular architecture enables seamless integration with various applications. As the project unfolds, it showcases the versatility of blockchain technology in addressing challenges beyond the cryptocurrency realm. Simon Kim, CEO and Managing Partner of Hashed, expressed his belief that Story Protocol could have a transformative impact on creative processes, akin to how the software platform Github revolutionized coding. He stated, “Just as Git revolutionized software development, Story Protocol is transforming the development of creative IP and enabling contribution at scale with clear ownership attribution.”
