February 8, 2025
Story Protocol Launches IP Ownership Network with $54M in Funding - Decrypt

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Story Protocol, a network best known as an open-source solution for creators and intellectual property in an increasingly digital age, announced its launch on Wednesday with more than $54 million in funding led by Andreessen Horowitz.

Story Protocol reported that in addition to Samsung Next, Hashed and Paris Hilton’s 11:11 Media, several other investors participated in either the seed round or follow-on round. decrypt in a written statement.

The project aims to simplify the processes associated with maintaining IP, which is an umbrella term for intangible assets produced as part of the creative process. It is also designed to address the concerns of creatives stemming from the recent popularity of AI.

“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and unbiased attribution,” Story Protocol co-founder Seung Yoon Lee said in a press release.

According to the Story Protocol, its network enables artists of all types to track how their IP is used and replicated by creators across various mediums, as well as share the relevant revenue to the parties involved. is also permitted to do so.

The company expects its network to be used extensively by third parties as well, providing creators with services on everything from fostering community development to authenticating AI content and crowdfunding.

The company wrote on its website that creative works, such as the novel “Fifty Shades of Grey” and music by DJs such as Diplo, were posted online on FanFiction.net and SoundCloud as fanfiction and remixes, respectively.

Those are just a few examples of IPs that warrant a new regime because, at present, “the infrastructure is too weak to support remixing, community learning and co-creation as fundamental pillars of creativity,” according to Story Protocol. Having said.

The use of AI has been met with varying levels of openness among artists and the companies representing them, from disdainful to downright sly.

Universal Music Group (UMG) demanded in April that “Heart on My Sleeve”, an AI-generated song imitating the style of Drake and The Weeknd, be removed from YouTube and Spotify. Pop star Grimes, on the other hand, extended a 50% royalty split offer on successful AI-generated songs in the same month.

Based on the network’s open and modular architecture, any application will be able to “plug in” to the Story Protocol, the firm said. And as the story of the project develops, it is an example of blockchain technology being used to address issues outside of crypto.

According to Simon Kim, CEO and managing partner of Hashed, the Story Protocol could affect the creative processes of artists in the same way that software platform Github transformed coders.

“Just as Git revolutionized software development, the Story Protocol is changing the evolution of creative IP and enabling large-scale contributions with clear proprietary attribution,” he added.

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Source: decrypt.co

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