July 21, 2024
Story Protocol, Leveraging Blockchain

Blockchain-Powered Story Protocol Raises $54 Million to Protect IP in the Age of AI Fakes

The blockchain-based IP ownership network, Story Protocol, successfully concluded a $54 million funding round on September 7, with participation from notable investors including Paris Hilton’s 11:11 Media and Andreessen Horowitz (a16z).

Story Protocol employs blockchain technology to empower content creators to manage and monetize their content, particularly in light of AI-generated fakes. It aims to establish itself as a blockchain-based repository for intellectual property ownership across various content forms, such as text, images, and audio.

Once artists register with the protocol, they gain the ability to utilize connected services for selling licensing rights for various purposes.

Seung-yoon Lee, another co-founder of the project, projected that “in a year or two, the prevalence of remixed content generated by GenAI will significantly increase.” Lee added, “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”

The funding round was spearheaded by Andreessen Horowitz, which also secured equity in the company and an option to purchase digital tokens should Story Protocol issue them, as confirmed by a company spokesperson. Additional support came from investors like Hashed, Endeavor, Samsung Next, and David Bonderman, the founder of TPG Capital.

Jashon Zhao, co-founder of Story Protocol, revealed that the funds acquired will be allocated towards the platform’s launch, slated for the first half of 2024. The battle against deep fakes and copyright infringements stemming from generative AI remains a pressing concern within the entertainment industry.

Universal Music Group (UMG) has been advocating for streaming platforms, including Spotify, to take active measures to remove content that misuses copyrighted material.

Following the dissemination of UMG’s communication, Spotify announced an intensified effort to police its platform, promptly removing content infringing upon copyright regulations.

Recent reports have also disclosed negotiations between UMG and Google, focusing on how to manage deep fakes and establish optimal licensing arrangements for melodies and vocal tracks usable in AI-generated compositions.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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