Story Protocol Launches with $54 Million Funding Round Led by a16z Crypto
Today, Story Protocol announced its launch and successful $54 million funding round, with a16z crypto as the lead investor. The project aims to develop an open-source platform for intellectual property ownership, specifically creating a new IP protocol optimized for the internet era. The goal is to democratize IP creation through a global and extensible IP repository.
The funding round saw participation from prominent figures such as Si-hyuk Bang, chairman of South Korea’s HYBE, Sanghun Kim, former CEO of Naver, and Roham Gharegozlou, founder and CEO of Dapper Labs.
The Lifecycle of IP Development
Story Protocol plans to provide a streamlined framework for managing the entire lifecycle of IP development. This framework will enable features like provenance tracking, frictionless licensing, and revenue sharing. Seung Yoon Lee, co-founder of Story Protocol, stated that blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution in a world of total abundance catalyzed by generative AI.
Sriram Krishnan, general partner at a16z crypto, believes that web3 holds the potential to solve longstanding issues in the media and entertainment industries. He sees Story Protocol as an opportunity to revolutionize the future of IP, empowering creativity at the speed of the internet.
Hot Take: Story Protocol Paves the Way for a More Democratic and Transparent IP System
Story Protocol’s launch and successful funding round mark a significant step towards a more democratic and transparent intellectual property system. By leveraging blockchain technology and providing features like provenance tracking and frictionless licensing, Story Protocol aims to empower creators and ensure fair attribution in the digital age. This project has the potential to revolutionize the future of IP, benefiting artists, fans, and developers alike. As the world becomes increasingly interconnected, initiatives like Story Protocol play a vital role in shaping the future of intellectual property ownership and innovation.
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