Story Protocol Secures $54 Million in Funding to Address Copyright Infringements Caused by AI
A San Francisco-based technology firm called Story Protocol has successfully raised $54 million in funding to tackle the growing issue of copyright infringements that have been amplified by generative AI technologies. This investment round was led by Andreessen Horowitz, a prominent venture capital firm, with support from notable backers like Hashed, Samsung Next, Endeavor, and David Bonderman of TPG Capital. Even Paris Hilton’s media venture 11:11 participated in the funding, adding a touch of celebrity appeal.
Surge in AI Copyright Disputes
While the cryptocurrency domain may not be experiencing a favorable investment climate, Story Protocol’s fundraising efforts indicate a significant shift towards artificial intelligence. Platforms like OpenAI’s ChatGPT have contributed to a rise in remixes and mashups, leading to an increase in copyright lawsuits. Recognizing this trend, venture capitalists are now diverting their attention and capital towards AI-focused initiatives.
Simplifying Licensing Through Technology
Story Protocol aims to become a comprehensive intellectual property storehouse through its new blockchain technology. Authors can register their work on the platform and sell rights for translations, spin-offs, or adaptations. The co-founder, Seung-Yoon Lee, highlighted the tension between creative freedom and copyright laws by referencing a viral song that used AI-generated voices and was taken down by Universal Music Group. Story Protocol envisions itself as an infrastructure layer that promotes open and collaborative intellectual property. They encourage third-party developers to build services such as crowdfunding and IP licensing on their open platform.
Hot Take
The rise of generative AI technologies has sparked a surge in copyright disputes and raised important questions about the legal treatment of AI-generated outputs. Story Protocol’s substantial funding will enable them to develop their blockchain-based technology, offering solutions to these challenges and transforming the landscape of creative intellectual property. As the world embraces artificial intelligence, it becomes crucial to find innovative ways to protect and manage intellectual property rights in this rapidly evolving digital era.
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