- Story Protocol secured $54 million in funding to launch a blockchain project.
- The project aims to help content creators navigate the challenges of AI technology.
- Story Protocol will build a blockchain repository to safeguard intellectual property across various content forms.
US-based technology firm Story Protocol has secured $54 million in funding from a consortium of investors led by the prominent venture capital firm Andreessen Horowitz to launch a blockchain project for content creators.
This funding round also includes significant contributions from investors such as Hashed, Endeavor, Samsung Next, David Bonderman, the founder of TPG Capital, and media personality Paris Hilton’s 11:11 media. Bloomberg captured this development in a recent report.
According to the report, the substantial cash infusion will catapult Story Protocol’s ambitions to help content creators navigate the challenges of generative AI technology.
Additionally, the firm’s co-founder, Jason Zhao, disclosed that the funds will be pivotal in launching the company’s blockchain-based technology. The unveiling of the blockchain-focused project is slated for the first half of the coming year.
Notably, Andreessen Horowitz’s involvement in the investment has a unique twist. Alongside receiving equity in the company, the venture capital giant has also secured the option to acquire digital tokens if Story Protocol decides to issue them. However, Story Protocol’s spokesperson noted no concrete plans to issue cryptocurrencies.
Furthermore, Story Protocol is constructing a blockchain repository to safeguard intellectual property across various content forms. It will encompass prose, images, and audio.
According to the report, the platform will empower creators to register their creations within the repository to harness connected applications to license their work for translations, spin-offs, or adaptations into different mediums.
Co-founder Seung-Yoon Lee also offered insights into the relevance of the proposed blockchain project. Lee highlighted the escalating prevalence of AI-generated remixed content in the near future. He cited a recent example of a viral song incorporating AI-generated versions of renowned artist Drake, which Universal Music Group eventually sought to shut down.
Lee emphasized the necessity of balancing protecting intellectual property rights and the evolving landscape of AI-driven content creation.
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