A new project, Story Protocol, an open-source solution for digital-age creators and intellectual property ownership, launches with $54 million in funding led by Andreessen Horowitz.
The primary goal of Story Protocol is to simplify the management of IP throughout its lifecycle. This includes tracking the origins of ideas, facilitating permissions for usage, frictionless licensing and revenue sharing and ensuring fair compensation for creators.
To guarantee transparency and fairness, Story Protocol leverages blockchain technology. Blockchain plays a pivotal role in tracing the source of content and ensuring that all contributors receive due recognition and compensation.
Funding for the project includes contributions from notable entities such as Hashed, Endeavor, Samsung Next, dao5, Insignia Venture Partners, Paris Hilton’s 11:11 Media, Krafton CEO CH Kim, Balaji Srinivasan, and Roham Gharegozlou (Dapper Labs CEO), among others.
Seung Yoon Lee, co-founder of Story Protocol, sais, “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”
Story Protocol’s mission is to create a more accessible and equitable environment for individuals to own and share their creative concepts on the internet. This development holds significant promise for artists, fans, and developers alike.
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