Story Protocol, an open infrastructure aiming to revolutionize intellectual property (IP) ownership, has secured over $54M in funding. The leading investment provider in this project is a16z crypto. The project primarily seeks to empower creators and streamline the IP development lifecycle. The funding round also has contributions from Hashed, Endeavor, and Samsung Next. Moreover, Sanghun Kim, former CEO of Korean internet giant Naver, is also among the notable investors.
Story Protocol’s Ambitious Vision for Democratizing IP Creation in the Digital Age
The mission of Story Protocol is to introduce a new IP protocol optimized for the internet era. This groundbreaking initiative envisions a global and extensible IP repository which will be accessible to all. It will provide a simplified framework for managing the entire life cycle of IP development. Moreover, it will offer features like provenance tracking, frictionless licensing, and revenue sharing.
The co-founder of Story Protocol, Seung Yoon Lee, talked about this development. Yoon Lee explained that within a landscape marked by the proliferation of generative AI, blockchain technology offers a clear-cut solution for monitoring the origins of creative works and securing equitable attribution. This advancement will provide existing IP holders with innovative avenues to engage their audience and advance their address (IP).
Sriram Krishnan, general partner at a16z crypto, believes that Web3 has the potential to resolve long-standing issues in the media. He expressed excitement about Story Protocol’s ability to revolutionize IP for artists, fans, and developers.
Story Protocol’s Thriving Ecosystem and Star-Studded Investor Lineup
The aim of this project is to foster a diverse ecosystem of third-party developers that are offering services related to crowdfunding, IP discovery, capital formation and authentication for AI content. Story Protocol boasts an open and modular architecture to reduce the platform risk for ecosystem builders.
The funding roster includes contributions from an array of investors, including prominent individuals such as David Bonderman, Paris Hilton’s 11:11 Media, and Kyung In Jung, CEO of Black Label. The project also welcomes David S. Goyer, a renowned filmmaker and novelist, as an advisor. He is known for his work on projects like the “Blade” trilogy and “The Dark Knight” trilogy.
Story Protocol’s launch marks a significant step towards reshaping the existing landscape of intellectual property ownership.
