With more than $54 million in funding, led by Andreessen Horowitz, Story Protocol, a network marketed as an open-source solution for creators and intellectual property, made its debut on Wednesday. Several additional investors, besides Samsung Next, Hashed, and Paris Hilton’s 11:11 Media, took part in either a seed round or a follow-on round, according to a written statement from Story Protocol.
Story Protocol IP Ownership Network to be Implemented with $54 Million Investment
The objective of the project is to streamline procedures for managing intellectual property (IP), a catch-all word for all intangible goods created throughout the creative process. As a result of AI’s recent rise in popularity, it is also being created in a way that addresses the worries of creatives.
In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,
Seung Yoon Lee, Story Protocol Co-Founder
According to Story Protocol, this network lets artists of all kinds monitor how their intellectual property is used and improved upon by creators across many mediums, as well as allowing the parties involved to share in related income. The company anticipates that third parties, who offer creators services on anything from boosting community growth to verifying AI material and financing, will significantly utilize its network.
Story Protocol to Play an Active Role in Artists’ Creative Process
According to the company, any application will be able to integrate with Story Protocol through the network’s open and modular architecture. Additionally, as the project’s story unfolds, it serves as an illustration of how blockchain technology may be applied to problems unrelated to cryptocurrencies.
Simon Kim, CEO and Managing Partner of Hashed, asserts that Story Protocol may have a similar impact on artists’ creative processes as Github did on programmers.
Just as Git revolutionized software development, Story Protocol is transforming the development of creative IP and enabling contribution at scale with clear ownership attribution.
Kim
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