Story Protocol co-founder claims that the funding will be used to fuel the platform's official launch.
Story Protocol, a startup aiming to boost the intellectual property (IP) landscape through blockchain technology, recently closed a funding round after collecting $54 million.
The funding round was spearheaded by Andreessen Horowitz (a16z), who, in addition to funding, secured equity stakes in the company and an option to purchase any future digital tokens Story Protocol may issue.
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Other investors include Hashed, Endeavor, Samsung Next, Paris Hilton's 11:11 Media, and David Bonderman, the founder of TPG Capital.
Story Protocol employs blockchain solutions to aid content creators in managing and monetizing their digital assets. As AI-generated fake content becomes increasingly problematic, the platform aims to offer transparent tracking and attribution. Content creators can register their work on the platform and license it for diverse uses through connected services.
Co-founder Seung-yoon Lee believes the amount of AI-generated or "remixed" content will escalate significantly in the next couple of years.
In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.
Jashon Zhao, another co-founder of Story Protocol, indicated that the freshly acquired funds would facilitate the platform's official launch in the first half of 2024.
Among the notable investors was Paris Hilton's 11:11 Media company. This is not the first time Hilton's name has been linked to a blockchain or Web3-related project. At the beginning of the year, the American media personality partnered with the Sandbox to launch the “Parisland” Metaverse.
With significant financial backing and a focus on blockchain technology, Story Protocol aims to solve pressing problems related to intellectual property and AI-generated fakes. As the platform gears up for its 2024 launch, its success could mark a pivotal moment for content creators seeking to navigate a complex digital landscape.
