A San Francisco-based technology firm, Story Protocol, has secured $54 million in funding from a group of investors including Andreessen Horowitz and Paris Hilton’s 11:11 media. The company aims to address the challenges faced by content creators in the age of generative AI by providing a blockchain-based solution to track and monetize their work.
Amid a venture capital drought in the cryptocurrency sector, Story Protocol’s successful funding round highlights the growing interest in artificial intelligence companies. The rise of OpenAI’s ChatGPT platform and similar tools has led to a surge in remixes and mashups online, resulting in copyright infringement lawsuits.
To combat this issue and support the burgeoning online content creation industry, Story Protocol is developing a blockchain-based repository of intellectual property encompassing various mediums such as prose, images, and audio. The platform offers content creators the ability to register their work and utilize connected applications to sell licensing rights for translations, spin-offs, and expansion into new formats.
“In a year or two, the level of remixed content through GenAI is going to be so much higher,” highlighted Seung-Yoon Lee, co-founder of Story Protocol and previous founder of mobile serial fiction platform Radish. Lee emphasized the challenge for copyright holders in stopping the proliferation of AI-generated content and expressed the need for a proactive solution.
The cash injection from investors will enable Story Protocol to launch its blockchain-based technology by the first half of next year. Although the company has not yet disclosed its valuation, the funding marks a significant step towards addressing issues of copyright infringement and creative monetization in the age of AI.
What is Story Protocol?
Story Protocol is a San Francisco-based technology firm that is developing a blockchain-based solution to help content creators track and monetize their work in the age of generative AI.
How much funding did Story Protocol receive?
Story Protocol secured $54 million in funding from investors including Andreessen Horowitz, Hashed, Endeavor, and Paris Hilton’s 11:11 media.
What problem is Story Protocol addressing?
Story Protocol aims to address copyright infringement issues and the challenges faced by content creators due to the rise of remixes and mashups facilitated by AI tools.
How does Story Protocol work?
Story Protocol is building a blockchain-based repository of intellectual property where content creators can register their work and use connected applications to sell licensing rights for translations, spin-offs, and expansion into new mediums.