Story Protocol Raises $54 Million in Funding Round with Investments from Paris Hilton and Andreessen Horowitz - COINTURK NEWS
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Story Protocol Raises $54 Million in Funding Round with Investments from Paris Hilton and Andreessen Horowitz

5:25 pm (26 days ago)
September 6, 2023

The new blockchain-based IP ownership network, Story Protocol, has closed a $54 million funding round on September 7th, including investments from big names such as Paris Hilton and Andreessen Horowitz, also known as a16z. While offering a solution to combat AI-generated fake content and copyright infringements, Story Protocol aims to enhance content control and security in the entertainment industry and other sectors.

Platform Targets AI-Generated Content

The platform utilizes blockchain technology to assist content creators in monitoring and monetizing their content against AI-generated fake data. It plans to serve as a blockchain-based repository for IP ownership, covering all types of content including text, images, and audio. Artists who enroll in the protocol can leverage affiliated services to sell licensing rights for various other uses. Co-founder Seung-yoon Lee predicts that the level of remixed content through GenAI will be much higher in one or two years:

“In our socially media-driven world catalyzed by productive AI, blockchain technology offers an excellent solution for transparent source tracking and fair attribution.”

According to a spokesperson from the company, the round was led by Andreessen Horowitz, who also received the right to purchase digital tokens if issued by the company and Story Protocol itself. Story Protocol also received support from Hashed, Endeavor, Samsung Next, and TPG Capital founder David Bonderman.

Launch Planned for the First Half of 2024

Co-founder Jashon Zhao stated that the funds are allocated for the launch in the first half of 2024. The battle against deep fakes and copyright infringements in the hands of productive AI continues to be a major concern for the entertainment industry. Universal Music Group (UMG) is campaigning for streaming platforms like Spotify to be cautious in removing content that abuses copyrighted works.

Shortly after the spread of UMG’s email, Spotify announced that it would increase its audits platform-wide and actively remove content that violates copyright rules. Recently, discussions between UMG and Google have surfaced regarding the management of deep fakes and the best way to license melodies and vocal parts that can be used in AI-generated songs.

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