Story Protocol, a novel blockchain-based platform focused on intellectual property (IP) ownership, has successfully secured $54 million in funding as of September 7. This funding round included notable investors such as 11:11 Media, a venture associated with Paris Hilton, and Andreessen Horowitz (a16z), a renowned investment firm.
The primary objective of Story Protocol is to harness blockchain technology to assist content creators in safeguarding and monetizing their content, particularly in the face of challenges posed by artificially generated content, like deepfakes. across various content formats, including text, images, and audio.
Artists who choose to participate in this platform can utilize its services to sell licensing rights for various applications. According to Jason Zhu, one of the co-founders of Story Protocol, the platform anticipates an increase in the generation of content through AI in the near future. He emphasized that blockchain technology is well-suited for transparent provenance tracking and equitable attribution in a world characterized by resource-rich generative AI.
The funding round was spearheaded by Andreessen Horowitz, which not only provided capital but also acquired an equity stake in the company. Additionally, the firm secured the right to purchase digital tokens issued by Story Protocol. Prominent backers of Story Protocol En also include Havored, , Samsung Next, and David Bonderman, the founder of TPG Capital. These funds will be utilized for the platform's launch, scheduled for the first half of 2024.
The entertainment industry has increasingly focused on employing generative AI to combat issues such as deepfakes and copyright infringements. Universal Music Group (UMG), for example, has called upon streaming platforms like Spotify to intensify their efforts to reduce tensions in removing late conflicts. This appeal, Spotify announced its commitment to enhancing content policing and taking aggressive measures against copyright-violating content. Furthermore, UMG and Google are reportedly engaged in negotiations regarding the management of deepfakes and the licensing of AI-genes for melodies and
