Story Protocol, an open-source network addressing creators’ intellectual property rights in the digital age, has announced its launch with over $54 million in funding led by Andreessen Horowitz. Notable investors, including Samsung Next, Hashed, and Paris Hilton’s 11:11 Media, participated in the funding rounds.
The project aims to simplify the management of intellectual property (IP), which encompasses intangible assets created during the creative process. It also addresses concerns arising from the rise of artificial intelligence (AI) in creative fields.
Story Protocol’s network enables artists to track the usage and adaptations of their IP across different media, while also facilitating revenue-sharing among involved parties. The company anticipates that third-party service providers, ranging from community-building to AI content authentication and crowdfunding, will heavily utilize its network.
The company highlights that creative works like “Fifty Shades of Grey” and music by DJs such as Diplo originated from fanfiction and remixes posted online. These types of IP require a new approach as the current infrastructure struggles to support remixing, community collaboration, and co-creation as foundational aspects of creativity.
AI’s integration into the creative process has received mixed responses from artists and their representatives. Some have been resistant, while others have embraced AI-generated content. Story Protocol’s platform aims to provide transparency and provenance tracking in this evolving landscape.
Story Protocol’s open and modular architecture allows various applications to integrate with it. The project exemplifies how blockchain technology can address issues beyond the realm of cryptocurrency.
By FCCT Editorial Team
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