- Story Protocol aims to democratize intellectual property creation
- Its apps will give all artists and writers the ability to track their work's source
Story Protocol, a platform aimed at improving protection of intellectual property (IP) ownership, has raised over $54 million in a funding round led by a16z, according to a press release.
Story Protocol is creating a new internet-era-optimized IP protocol. It aims to democratize IP creation through an extendable, global IP repository. It offers a streamlined framework to manage the whole IP development lifecycle, enabling features like revenue sharing and frictionless licensing.
Paris Hilton and Samsung also support Story
Other supporters include Hashed, Samsung, Paris Hilton’s 11:11 Media, Endeavor, dao5, Insignia Venture Partners, Si-hyuk Bang (Founder & Chairman of HYBE/BTS), David Bonderman (Founder & Chairman of TPG Capital), and Roham Gharegozlou (Founder & CEO of Dapper Labs).
Tracking creation provenance
Story Protocol’s native apps are made for creators across all media and give all artists and writers the ability to track their works' source, letting anyone remix and contribute without losing the essence of their contributions’ value.
Seung Yoon Lee, Co-Founder of Story Protocol, commented:
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 will usher in a new era of entrepreneurial creators and provide existing IP holders an entirely new way to engage audiences and advance their IP.
Sriram Krishnan, General Partner at a16z crypto, added:
Web3 has the promise to help solve some of the longest-standing problems in the media and entertainment industries. We believe that Story Protocol has the opportunity to revolutionize the future of IP for artists, fans, and developers by empowering creativity at the speed of the internet.
A vast array of services on offer
Story Protocol wants to attract a rich ecosystem of third-party developers offering services that cover IP discovery, crowdfunding, licensing modules, capital formation, community growth, and authentication for AI content.
It presents a modular, open architecture that any application can interact with. The decentralized nature does away with risk for ecosystem creators.
Founders have a wealth of diverse experience
Story Protocol's team of founders includes serial entrepreneurs and experienced operators with diverse backgrounds in AI, web3, and entertainment. One of the members is David Goyer, the project’s new advisor. The filmmaker and novelist is best-known as the “Blade” trilogy (1998-2004) and “The Dark Knight” trilogy (2005-2012) screenwriter.
Contributors
