Story Protocol, a groundbreaking blockchain-based IP ownership network, has successfully closed a significant funding round, securing $54 million in investments as of September 7th.
Notably, this round saw participation from prominent figures in the industry, including 11:11 Media, owned by Paris Hilton, and the renowned venture capital firm Andreessen Horowitz, often referred to as a16z.
Story Protocol leverages the power of blockchain technology to offer content creators an effective means of managing and monetizing their creations in the face of ever-increasing AI-generated fakes.
Its primary mission is to establish itself as a robust blockchain-based repository for intellectual property ownership across various content formats, encompassing text, images, and audio.
For artists who choose to register on the platform, an array of interconnected services will be at their disposal, enabling them to license their content for diverse purposes.
Seung-yoon Lee, another co-founder of Story Protocol, anticipates a surge in remixed content generated by AI in the near future, emphasizing the pressing need for transparent provenance tracking and fair attribution—a challenge that blockchain technology is uniquely positioned to address.
The funding round was spearheaded by Andreessen Horowitz, which not only provided financial backing but also secured equity in Story Protocol, along with the option to purchase digital tokens should they be issued by the company, as confirmed by a company spokesperson.
Story Protocol also garnered support from prominent entities like Hashed, Endeavor, Samsung Next, and David Bonderman, the founder of TPG Capital.
Jashon Zhao, co-founder of the company, outlined their plans to utilize these funds for the anticipated launch slated for the first half of 2024.
In the ever-evolving landscape of the entertainment industry, combating deep fakes and copyright infringements facilitated by generative AI has become a paramount concern. Universal Music Group (UMG) has taken a proactive stance, urging streaming platforms like Spotify to be vigilant in removing content that infringes on copyrighted work.
Following this call to action, Spotify promptly ramped up its content policing efforts, actively purging any material that violated copyright regulations.
Furthermore, recent reports have unveiled negotiations between UMG and Google concerning the management of deep fakes and the optimal licensing framework for melodies and vocal tracks that can be harnessed in AI-generated compositions.
This ongoing battle underscores the critical role that platforms like Story Protocol play in safeguarding intellectual property and ensuring fair compensation for creators in a rapidly evolving digital landscape.
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