Story Protocol Launches With $54 Million

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Story Protocol, a platform designed to revolutionize creativity and intellectual property (IP) ownership in the digital age, has successfully secured over $54 million in funding, led by a16z crypto. This project aims to create a new IP protocol tailored for the internet era, democratizing IP creation and establishing a global, extensible IP repository.

Story Protocol offers a streamlined framework that manages the entire lifecycle of IP development. It facilitates features like provenance tracking, frictionless licensing, and revenue sharing. Built for creators in various media domains including literature, images, gaming, audio, and more, applications developed on Story Protocol empower writers and artists to trace the origin of their work, allowing anyone to contribute and remix while retaining the value of their contributions.

“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. “Story Protocol will usher in a new era of entrepreneurial creators and provide existing IP holders an entirely new way to engage audiences and advance their IP.”

The project aspires to attract a thriving ecosystem of third-party developers offering services encompassing crowdfunding, capital formation, IP discovery, licensing modules, authentication for AI-generated content, and community growth. Story Protocol introduces an open and modular architecture that allows any application to integrate, eliminating platform risk for ecosystem builders.

Sriram Krishnan, General Partner at a16z crypto, remarked, “We believe that Story Protocol has the opportunity to revolutionize the future of IP for artists, fans, and developers by empowering creativity at the speed of the internet.”

This funding round features contributions from several notable investors, including Hashed, Endeavor, Samsung Next, dao5, Insignia Venture Partners, and individuals like David Bonderman (Founder & Chairman of TPG Capital) and Si-hyuk Bang (Founder & Chairman of HYBE/BTS). It also includes entities like Paris Hilton’s 11:11 Media, Krafton/PUBG’s CEO CH Kim, and many others.

Story Protocol’s advisory board has gained a significant addition in the form of filmmaker and novelist David S. Goyer, known for his work on the “Blade” trilogy, “The Dark Knight” trilogy, and “Foundation” television series, among others.

Story Protocol is primed to revolutionize how intellectual property is created and shared in the digital age. With the support of significant funding and a diverse and accomplished leadership team, it aims to empower creators, extend their influence globally, and foster direct connections with their communities.

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