- Story Protocol, a new blockchain-based IP network, has closed a $54 million seed funding round.
- Samsung Next, a16z, Hashed, and other top investors back the IP ownership platform.
- Story Protocol aims to revolutionize the media and entertainment industry by transforming IP development.
Story Protocol is building its blockchain-based IP ownership platform with the financial backing of international media personalities and advisory support from David Goyer, a filmmaker.
The funding round received participation from notable media and blockchain personalities, including Si-Hyuk Bang, the CEO of South Korea’s HYBE, an entertainment company managing the most popular K-pop boy band group—BTS—, Sanghun Kim, the former CEO of a top Korean internet platform, Naver, and the CEO of Dapper Labs, Rohan Gharegozlou. The venture capital firms who participated in the funding round include Paris Hilton’s 11:11 Media, a16z, Samsung Next, Endeavor, Hashed, Andreessen Horowitz, and others.
Jason Zhao, the IP ownership network’s co-founder, stated that the funds will be used for the launch in the first half of 2024.
Story Protocol aims to develop a content management and monetization platform powered by blockchain technology.
The IP ownership platform plans to create a streamlined platform that will handle the entire lifecycle of IP development by developing features that cover tracking, licensing, and revenue sharing.
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution. Story Protocol will usher in a new era of entrepreneurial creators and provide existing IP holders with an entirely new way to engage audiences and advance their IP,” said Seung YoonLee, Co-Founder of Story Protocol.
Story Protocol plans to be a storage platform for all types of content, including audio, images, and texts
Alongside its IP development goals, the blockchain-based IP ownership platform aims to collaborate with third-party developers to provide services—like crowdfunding, capital formation, IP discovery, licensing modules, authentication for AI content, and community growth.
The IP ownership platform plans to utilize blockchain technology features to provide solutions to long-standing challenges faced in the entertainment industry.
According to Sriram Krishnan, a General Partner at a16z, Web3 has the solution to the entertainment industry’s problems, and Story Protocol has the opportunity to shape the future of artists, fans, and developers by empowering creativity.
With blockchain technology, Story Protocol can ensure transparent provenance tracking and fair revenue sharing regardless of the spread of generative AI-remixed content.
“Artists and fans are integral to any successful IP franchise, and Story Protocol will power platforms that allow them to participate in the creative process. Technology cannot replace authentic human creativity – but it can bring communities together to unlock the full potential of existing and new IPs. We’re excited to support Story Protocol in expanding the ways IP is created and shared with the world,” a top executive at Endeavor said.
The launching of Story Protocol is the first step in battling copyright-infringing content facilitated by generative AI. The sudden wave of deep fakes is a significant challenge for the media and entertainment industry, but with Story Protocol, content creators can control their intellectual property.