New Funding Round Brings $54 Million to Blockchain-based IP Ownership Network

Introduction

Story Protocol, a blockchain-based IP ownership network, has closed a $54 million funding round, attracting investments from notable figures such as Paris Hilton’s 11:11 Media and Andreessen Horowitz.

Protecting Artists' Content from AI-generated Fakes

Story Protocol utilizes blockchain technology to assist content creators in safeguarding and monetizing their content in the face of increasingly sophisticated AI-generated fakes. The platform aims to serve as a blockchain-based IP ownership repository for various types of content, including text, image, and audio.

Empowering Artists to Sell Licensing Rights

Once artists register with the protocol, they gain access to connected services, enabling them to sell licensing rights for various other uses of their content.

Co-founder Predicts Rise in AI-generated Content

Co-founder Seung-Yoon Lee predicts that within the next couple of years, the volume of remixed content produced through AI will substantially increase.

Investment and Partnership

The funding round was led by Andreessen Horowitz, who not only contributed financially but also secured equity in the company and the option to purchase digital tokens if Story Protocol issues them. Additionally, the venture received support from Hashed, Endeavor, David Bonderman (the founder of TPG Capital), and Samsung Next.

Future Plans and Launch

Co-founder Jashon Zhao stated that the funds raised in this round will be used to support the launch of Story Protocol in the first half of 2024.

Entertainment Industry's Battle Against AI-generated Fakes

The entertainment industry has been actively combatting the widespread issue of deep fakes and copyright-infringing content created by generative AI. Universal Music Group (UMG) has been advocating for strict content removal policies on streaming platforms like Spotify to protect copyrighted work. In response to UMG's call, Spotify bolstered its policing efforts and began actively removing infringing content.

Negotiations Between UMG and Google

UMG and Google are currently in discussions on how to effectively address deep fakes and how to best license melodies and vocal tracks that can be utilized in AI-generated songs.