Story Protocol Closes $54 Million Funding to Democratise IP and Creativity
Andreessen Horowitz’s a16z has led a $54 million funding for Story Protocol, a platform that promotes itself as an open-source solution for intellectual property (IP) and creatives. Story is confident that it can change the face of intellectual property for artists, fans, and developers by supporting innovation at lightning speed.
a16z isn’t the only investor in Story Protocol; the list also includes Hashed, Endeavour, Samsung Next, dao5, Insignia Venture Partners, David Bonderman (founder & chairman of TPG Capital), Si-hyuk Bang (founder & chairman of HYBE/BTS), Paris Hilton’s 11:11 Media, CH Kim (CEO of Krafton/PUBG), Kyung In Jung (CEO of Black Label), and more.
Democratising creativity IP the Story Protocol way
Story Protocol is developing a brand-new IP protocol designed from the ground up for the modern internet. The project’s goal is to create a global, expandable IP repository that makes IP development accessible to everyone. Through its streamlined design, the Protocol provides functions such as provenance tracking, frictionless licensing, and income sharing throughout the whole IP development lifecycle.
Story Protocol applications enable creators to trace the origins of their works, facilitating collaborative efforts while ensuring that all participants receive fair compensation for their efforts. To facilitate services like crowdfunding, capital formation, IP discovery, licensing, authentication for AI content, and community participation, the Protocol intends to collaborate with developers from other fields.
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” said SY (Seung Yoon) Lee, Co-Founder of Story Protocol.
Since Story Protocol is decentralised, environment manufacturers are not exposed to any kind of stage risk, and its open and specific design allows for the integration of any kind of application. The company hopes to attract a diverse community of outside developers who can help in areas like crowdfunding, capital raising, intellectual property disclosure, licensing modules, AI content verification, and community building.