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Story Protocol’s co-founder claims that the funding will be used to drive the official launch of the platform.
Story Protocola startup that aims to improve the intellectual property (IP) landscape through blockchain technology, recently closed a funding round after raising $54 million.
The funding round is spearheaded by Andreessen Horowitz (a16z)which, in addition to funding, securing shareholding in the company And the option to purchase any digital tokens in the future that Story Protocol may issue.
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Other investors include Hashed, Endeavor, Samsung Next, Paris Hilton’s 11:11 Media, and David Bonderman, founder of TPG Capital.
Story Protocol uses a blockchain solution for assist content creators in managing and monetizing their digital assets. As AI-generated fake content becomes increasingly problematic, this platform aims to do just that offers transparent tracking and attribution. Content creators can register their work on the platform and license it for various uses through connected services.
Co-founder Seung-yoon Lee believes the amount of content generated or “remixed” by AI will increase significantly in the coming years.
In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent origin tracking and fair attribution.
Jashon Zhao, co-founder of Story Protocol, indicated that they were recently acquired the fund will facilitate the official launch of the platform in the first half of 2024.
Among the prominent investors is Paris Hilton’s 11:11 Media company. This is not the first time Hilton’s name has been associated with a blockchain or Web3 related project. Earlier in the year, the American media magnate partnered with Sandbox to launch the “Parisland” Metaverse.
With significant financial backing and a focus on blockchain technology, Story Protocol aims to solve the pressing problems of intellectual property and AI-generated counterfeiting. As the platform prepares for its launch in 2024, its success could mark a watershed moment for content creators looking to navigate the complex digital landscape.
Gile is a Market Sentiment Analyst who understands what public events can shape what emotions. His experience researching Web3 news and public markets messaging – including cryptocurrency news reporting, PR, and social networking streams – is critical to his role in helping lead the Crypto News Editorial Team.
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