Blockchain-based IP ownership network Story Protocol has successfully closed a $54 million funding round with investments from prominent figures and entities, including Paris Hilton’s 11:11 Media, venture capital firm Andreessen Horowitz (a16z), and Samsung Next. Story Protocol aims to leverage blockchain technology to support content creators in managing and monetizing their content, especially in combating AI-generated fakes.
Protecting IP in the Age of AI-Generated Content
Story Protocol’s blockchain-based platform intends to serve as a repository for intellectual property rights across various content types, including text, images, and audio. Content creators who register with the protocol can utilize connected services to license their content for different purposes, offering them greater control and monetization opportunities.
Addressing the Rise of AI-Generated Remixes
Co-founder Seung-Yoon Lee anticipates a significant increase in remixed content created by AI, making the need for IP protection and monetization even more critical in the coming years.
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”
The funding round was led by Andreessen Horowitz, which not only provided financial support but also secured equity in Story Protocol and the option to purchase digital tokens if issued by the network. Other backers included Hashed, Endeavor, David Bonderman (founder of TPG Capital), and Samsung Next.
Fighting Against Deep Fakes and Copyright Concerns
The entertainment industry has been grappling with challenges posed by deep fakes and copyright infringement caused by AI-generated content. Story Protocol’s initiative aligns with efforts by entities like Universal Music Group and streaming platforms like Spotify to combat the misuse of copyrighted materials.
A Promising Launch in 2024
Story Protocol’s co-founder, Jashon Zhao, disclosed that the newly acquired funds would facilitate the network’s launch in the first half of 2024. This endeavor seeks to provide creators with the tools and protection needed to navigate the evolving landscape of digital content and AI-generated material.