Blockchain Startup Story Protocol Secures $54 Million Funding Led by Andreessen Horowitz Story Protocol, a startup that uses blockchain tech to track intellectual property
(IP), has secured more than $54 million in funding driven by venture capital giant Andreessen Horowitz (a16z) crypto.
The open-source platform
was launched Wednesday and aims to “democratize” IP creation through a worldwide extensible IP vault, a company release noted. Put simply,
Story Protocol would simplify the process associated with maintaining IP and address creators’ concerns, particularly around the recent rise in generative
AI (artificial intelligence).
“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 Co-Founder
Seung Yoon Lee said in a press release.
Lee noted that the company aims
to create a “new era of entrepreneurial creators” by helping existing IP holders to engage audiences and advance their IP.
Furthermore,
the platform’s framework manages the entire lifecycle of intellectual property development by enabling features including provenance
tracking, licensing and revenue sharing.
The company’s vision
is to create, govern, and license intellectual property on-chain, forming an ecosystem of story legos that can be remixed and composed. This approach enables creators
to build narrative stories with ownership and incentives.
