An open-source project, Story Protocol has announced its launch to create a unique and optimized IP for the internet era. According to the announcement, the firm also secured a $54 million funding round from a host of angel investors less by a16z crypto.
Other participants in the funding round include Hashed, Endeavor, Samsung Next as well as several prominent personalities like Si-hyuk Bang, chairman of South Korea’s HYBE. With the funding, Story protocol wants to democratize the creation of IP using global and extensible repository.
The firm also pledged to leverage the potential of blockchain to provide a streamlined mechanism for easy management of the entire lifecycle of IP development. By doing so, it is paving the way for user-friendly features like provenance tracking, revenue sharing and many more. With blockchain, Story protocol wants to empower creators to monetize their content amid the rise of fakes catalyzed by generative AI.
Story Protocol to run as a repository for every content
It wants to thrive as a blockchain-based IP ownership repository for every category of content especially text, image and audio. According to its co-founder, Seung Yoon Lee, blockchain tech provides the best solution for transparent provenance tracking. The other co-founder, Jashon Zhao commended the investors for believing in the project. Zhao assured that the received funds will be deployed towards the full launch in early 2024.
Likewise, one of the general partners at a16z crypto, Sriram Krishnan maintained that web3 has the capacity to solve most of the agelong issues ravaging the media and entertainment sectors. Krishnan remains optimistic that Story protocol will transform the future of IP to aid artists, developers, and fans. Every artist that register with the plarform can leverage its network to sell the licensing rights of their contents.
David Goyer, advisor to Story protocol said he foresees a future where creators possess huge control over their IPs. He describes Story protocol as a transformative platform for the entertainment sector. According to him, the emergence of the protocol marks the beginning of a new ownership model for creators and fans.