Investors Back Story Protocolโs Mission to Support Copyright Holders in the A.I. Era
A group of investors, led by Andreessen Horowitz, has pledged $54 Million toย facilitate Story Protocol, a Unitedย States blockchain company aiming toย help content creators in tracking and monetizing their work amidst the rise of generative A.I., as reported by Bloomberg.
Amidst Low Investor Interest, Story Protocol Secures Funding
Regardlessย of the lack of investor interest in cryptocurrency startups, Story Protocol, based in San Francisco, managed to raise $54 Million. Notable investors include Hashed, Endeavor, Samsung Followingย that, David Bonderman ( founder of TPG Capital), and Paris Hiltonโs 11:11 media.
Andreessen Horowitz Gains Equity and Probable Access to Digital Tokens
Alongย with providing funding, Andreessen Horowitz has gained equity in Story Protocol. They likewise have the option to purchase digital tokens if the company decides toย makeย available them in the future, although co- founder Jason Zhao stated that this is not on their current agenda.
Story Protocol Addresses the Impact of A.I. on Copyright
The launch of Openaiโs Chatgpt and other A.I. platforms has attracted millions of users, resulting in a surge of online remixes and mashups. This, in turn, has led to an increase in copyright infringement lawsuits. Asย aย result, Story Protocol is developing a blockchain-based repository for intellectual property, allowing authors to register their work and sell licensing rights through connected apps.
Co- founder Seung-Yoon Lee predicts a wholeย lotย of increase in remixed content created through generative A.I. in the next few years. To illustrate this point, Lee highlighted a viral song featuring AI-generated versions of Drake and the Weekndโs voices, which Universal Music Group soonerย orย later shut down. Nonetheless, Lee likewise emphasized that a complete cease and desist approach is not feasible.
Investment Enables Story Protocolโs Blockchain Launch
The $54 Million investment will allow Story Protocol to launch its blockchain technology in the first half of 2024, according to Jason Zhao. This funding comes at a time when deal financialย resources in the cryptocurrency space hasย dropped due to declining digital asset prices and increased regulatory scrutiny.
Hot Take: Empowering Copyright Holders in the Age of AI
Story Protocolโs innovative approach and substantial investment demonstrate the growing importance of protecting copyright in the era of generative A.I.. By leveraging blockchain technology, content creators can regain control over their work and monetize it effectively. This development opens up newย doors for artists and serves as a reminder that copyright protection remains critical in a rapidly evolving digital landscape.
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