Story Protocol Raises $54 Million in Funding Round for Blockchain-based IP Ownership Network


This article has been republished with permission from Binance News.

According to Cointelegraph, Story Protocol, a blockchain-based IP ownership network, closed a $54 million funding round on September 7. The round included investments from Paris Hilton’s 11:11 Media, Andreessen Horowitz (a16z), Hashed, Endeavor, David Bonderman, the founder of TPG Capital, and Samsung Next. The platform aims to help content creators manage and monetize their content in the face of fakes generated by artificial intelligence (AI) by serving as a blockchain-based IP ownership repository for various types of content, including text, image, and audio.

Artists who register with the protocol can use connected services to sell licensing rights for various other uses. Seung-Yoon Lee, the project’s co-founder, estimated that the level of remixed content through generative AI will be much higher in a year or two. He believes that blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution in a world of total abundance catalyzed by generative AI.

The funding round was led by Andreessen Horowitz, who also received equity in the company and the right to buy digital tokens if issued by Story Protocol, according to a company spokesperson. Co-founder Jashon Zhao said the funds will be used for the platform’s launch in the first half of 2024.

The entertainment industry has been increasingly concerned about the battle against deep fakes and copyright-infringing content generated by AI. Universal Music Group (UMG) has been campaigning for streaming platforms like Spotify to be vigilant about removing content that misuses copyrighted work. Following UMG’s email, Spotify announced it would be increasing its policing across the platform and actively began removing content in violation of copyright rules. UMG and Google are also in negotiations over how to manage deep fakes and how to best license melodies and vocal tracks that can be used in AI-generated songs.

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