Blockchain-based IP Ownership Network Story Protocol Raises $54 Million in Funding, Led by Paris Hilton's 11:11 Media and Andreessen Horowitz
Summary:
Story Protocol, a blockchain-based IP ownership network, has closed a successful $54 million funding round with investments from Paris Hilton's 11:11 Media and Andreessen Horowitz. The platform aims to protect content creators from AI-generated fakes and enable them to monetize their work. It plans to serve as a repository for various content types, offering artists the ability to sell licensing rights. The funds will be used for the platform's launch in the first half of 2024. The entertainment industry's battle against deep fakes and copyright infringement by generative AI continues, with Universal Music Group campaigning for stricter content removal measures. They are also negotiating with Google on managing deep fakes and licensing AI-generated songs.
Blockchain-based IP ownership network Story Protocol has successfully wrapped up a $54 million funding round, with notable contributions from Paris Hilton’s 11:11 Media and Andreessen Horowitz. Utilizing blockchain technology, Story Protocol aims to empower content creators by protecting their work from AI-generated fakes and helping them monetize their creations. The platform envisions becoming a go-to repository for various types of content, including text, images, and audio, allowing artists to sell licensing rights for different purposes. Co-founder Seung-Yoon Lee believes that the prevalence of AI-generated remixes will skyrocket in the next couple of years. This innovative solution combines blockchain's transparent provenance tracking with fair attribution for a world shaped by generative AI. Andreessen Horowitz led the funding round, gaining equity in the company and the option to purchase digital tokens if issued by Story Protocol. Other backers include Hashed, Endeavor, David Bonderman, and Samsung Next. Jashon Zhao, co-founder of Story Protocol, confirmed that the funds would be allocated to the platform's launch in the first half of 2024. The battle against deep fakes and copyright infringement caused by generative AI has become a significant concern for the entertainment industry. Universal Music Group (UMG) has been actively urging streaming platforms like Spotify to remove unauthorized content. Spotify, in response, announced stricter content policing measures on its platform. UMG and Google are currently in negotiations on how to tackle deep fakes, as well as addressing licensing challenges related to AI-generated songs.
Published At
9/6/2023 10:51:44 AM
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