Story Protocol has secured over $54 million in funding, with a16z crypto leading the investment. Hashed, Endeavor, Samsung Next, dao5, Insignia Venture Partners, and several angel investors backed the round.
Story Protocol is an innovative open infrastructure that aims to reshape creativity and intellectual property (IP) ownership. The company shared that it is on a mission to create a groundbreaking IP protocol optimized for the digital age, with the vision of democratizing IP creation through a global and adaptable IP repository.
The platform offers such features as transparent provenance tracking, frictionless licensing, and revenue sharing. Applications built on Story Protocol are tailored for creators across diverse media formats, including written content, imagery, gaming, and audio.
The startup empowers artists and writers to trace their work’s origins, facilitates collaborative contributions, and ensures contributors receive fair recognition for their creative input.
Story Protocol also provides transparent provenance tracking and equitable attribution by leveraging blockchain technology. According to SY Lee, the co-founder of Story Protocol, “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”
Notably, Story Protocol also aims to foster a thriving ecosystem of third-party developers. The latter will reportedly provide a range of services, including crowdfunding, capital formation, IP discovery, AI content authentication, and community growth.
The funding round marks the official entry of filmmaker and novelist David S. Goyer as an advisor to Story Protocol. He is most known for his work on the franchises “Blade” and “The Dark Knight.”
“I envision a future where creators will wield greater control over their IPs, extend their influence on a global scale, and cultivate direct connections with their community,” said David S. Goyer. “Story Protocol marks a new era for the entertainment industry and the start of a new ownership model for creators and fans.”
Source: mPost
