Ringfence Raises $1.5 Million in Seed Round to Empower and Reward Creators
Ringfence, a generative AI platform that ensures creators are paid for the use of their original work within AI-generated content (AIGC), has successfully closed a $1.5 million seed round. The funding round was led by Rarestone Capital and Morningstar Ventures, with participation from Spark Digital Capital, Curiosity Capital, Noir Ventures, and other investors.
Ensuring Web3 and Generative AI Work for Creators
Ringfence is the first platform dedicated to ensuring that web3 and generative AI work in favor of creators. Currently, there are challenges in applying intellectual property laws to generative AI. Ringfence provides infrastructure for creators to store and protect various media types, including photos, images, videos, documents, and music. Creators can verify ownership and authorize AI to use their files for creating new AIGC.
Ringfence also enables creators to mint their AIGC on any EVM-compatible chain using LayerZero’s OFT standard, allowing for the transfer of fungible tokens across multiple blockchains without the need for asset wrapping, middlechains, or liquidity pools.
Empowering Creators and Protecting Their Content
Ringfence empowers creators with features such as free unlimited cloud storage, content ownership verification for establishing digital provenance, and perpetual compensation whenever AI uses their content for model training. Additionally, creators can access Ringfence’s powerful AI engines to create various content mediums and tokenize their art without leaving the platform.
The beta version of Ringfence is set to be released in Q1 2024. Creators can register for the waitlist at ringfence.ai.
Hot Take: Ringfence Pioneers Fair Compensation for Creators in the Growing Web3 and AI Market
Ringfence’s successful seed round funding demonstrates the growing demand for fair compensation and protection of creators’ work in the web3 and AI market. With the integration of web3 and AI advancing rapidly, there is a trillion-dollar market opportunity that requires solutions for attribution and digital provenance. Ringfence aims to address this challenge by providing a tangible and scalable platform that empowers creators to decide how and when AI uses their work while ensuring they are fairly compensated. By putting creative and monetary power back into the hands of creators, Ringfence is poised to shape the future of web3 and AI by prioritizing creator rights and empowerment.
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