The innovative landscape of blockchain technology is being sculpted by pioneers across various niches. One such disruptor, Story Protocol, a startup founded with the novel application of tracking intellectual property (IP), has recently amassed an impressive sum of more than $54 million. This funding round was largely powered by the crypto division of venture capital colossus Andreessen Horowitz.
The platform launched its open-source interface on Wednesday, propounding the democratization of IP creation through a universally adaptable IP vault. The primary rationale behind Story Protocol is streamlining the often convoluted process in maintaining IP and addressing creator worries, especially with the latest uprising in generative artificial intelligence (AI).
As succinctly put by Story Protocol Co-Founder Seung Yoon Lee, “In a world of total abundance catalysed by generative AI, blockchain technology offers an impeccable solution for lucid provenance tracking and equitable attribution.” Lee envisages Story Protocol as being instrumental in nurturing a “new era of entrepreneurial creators”, by enabling existing IP holders to captivate audiences and boost their IP advancement.
The framework proposed by Story Protocol could drastically alter IP development, offering provenance tracking, licensing and revenue sharing features that cater to all stages of the IP lifecycle. By enabling creators to order, control, and license intellectual property on-chain, an ecosystem of story building blocks ready to be revised and composed is created.
A variety of investors underscored the follow-on fundraising initiative, including Samsung Next, Endeavor, Hashed, as well as Paris Hilton’s 11:11 Media. Notably, David Goyer, a reputed filmmaker and novelist, was also recently announced as an advisor to the company. As Goyer highlighted, “Story Protocol ushers in a new era for the entertainment industry, and heralds the beginning of a novel ownership model for creators and fans”.
Earlier in May, Story Protocol managed a seed capital round of $29.3 million, with Andreessen Horowitz contributing $10 million. While the promise of securing transparent provenance tracking and fair attribution through blockchain technology is enticing, it remains to be seen if these ambitious propositions can withstand the tests of practicality.
Source: Cryptonews
