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Story Protocol Raises $54M To Build Decentralised IP Platform For Creators

The project is aimed at providing existing IP holders with a new way of engaging audiences and advancing their IP

Open infrastructure platform Story Protocol has raised over $54 million in funding to power a new era of creativity and intellectual property (IP) ownership. The funding is led by a16z crypto and will see Story Protocol work towards democratising creation through a global and extensible IP repository. 

Story Protocol will also offer a streamlined framework that facilitates the efficient management of the entire lifecycle of IP development. This framework enables essential features such as provenance tracking, seamless licensing, and equitable revenue sharing.

The platform is designed for creators in various fields from writing, art, gaming, audio, and more. It lets writers and artists track their work’s origin, so anyone can join and contribute while keeping track of what they added. This way, they can benefit from their contributions.

Seung Yoon Lee, co-founder of Story Protocol says, “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 will usher in a new era of entrepreneurial creators and provide existing IP holders an entirely new way to engage audiences and advance their IP.”

Crowdfunding and capital formation

The primary objective of this project is to attract a diverse range of third-party developers who can provide an array of services such as crowdfunding, capital formation, IP discovery, licensing modules, authentication for AI content, and community growth. 

“Web3 has the promise to help solve some of the longest-standing problems in the media and entertainment industries,” said Sriram Krishnan, general partner at a16z crypto. “We believe that Story Protocol has the opportunity to revolutionize the future of IP for artists, fans, and developers by empowering creativity at the speed of the internet.”

Story Protocol has also appointed David Goyer as an advisor. Goyer is a director and writer known for his work on the Blade series (1998-2004) and The Dark Knight trilogy (2005-2012), and as the showrunner for the television series Foundation (2021).

“I envision a future where creators will wield greater control over their IPs, extend their influence on a global scale, and cultivate direct connections with their community,” said Goyer. “Story Protocol marks a new era for the entertainment industry and the start of a new ownership model for creators and fans.”

Funding includes participation from Hashed, Endeavor, Samsung Next, dao5, Insignia Venture Partners, David Bonderman (founder and chairman of TPG Capital), Si-hyuk Bang (founder and chairman of HYBE/BTS), Paris Hilton’s 11:11 Media, CH Kim (CEO of Krafton/PUBG), and more. 

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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