The new wave of blockchain technology is gaining traction with an IP ownership network, Story Protocol, having a successful $54 million funding round. It features backing from celebrities like Paris Hilton, as well as prominent tech company Andreessen Horowitz, and global tech giants like Samsung.
Story Protocol is using blockchain technology to empower content creators by providing a verifiable mechanism to oversee and monetize their content. This platform targets the issue of falsified content generated through AI, aiming to ensure fair attribution and transparent provenance tracking. As remixes and reproductions of content increase, the calls for fair ownership and rights in these environments are louder. Story Protocol aims to fill this void.
But, as said by Story Protocol’s cofounder, Seung-Yoon Lee, the level of remixed content through GenAI is expected to increase dramatically in the near future. Could blockchain technology cope with this surge? However, story protocol is not without its detractors, who point to potential regulatory pitfalls or the public’s lingering distrust of blockchain and AI tech.
On the other hand, the cryptocurrency exchange, Coinbase, has quietly hit the market with an institutional-grade crypto lending platform dubbed ‘Coinbase Prime.’ The scheme provides an opportunity for institutions guided by Regulation D exemptions to lend digital assets. It pulled a total of $57 million in capital from five investors.
This newly introduced service stands as an example of how much we have progressed in the crypto world, offering an alternative means of sourcing funds in today’s digital-heavy landscape. However, the question is, can this kind of initiative survive following the collapse of crypto lending platforms like BlockFi, Celsius, and Genesis Global due to a lack of liquidity during the bear market of 2022?
The takeoff of such high-value projects in blockchain and crypto lending markets symbolizes the maturing space of crypto technology. It embodies the constructive ripple that blockchain continues to cast across our digital universe. Nevertheless, the cautionary tales of past platforms underline the absolute necessity for these ventures to propose a sustainable and resilient financial model that advances with the buoyant blockchain technology.
Source: Cointelegraph
