Story Protocol, a new blockchain-based IP ownership network, closed a $54-million funding round on September 7, 2023. It is expected that this included investments from names, such as Paris Hilton’s 11:11 Media and Andreessen Horowitz, also known as a16z, stated Cointelegraph.
The platform is believed to use blockchain technology to help content creators oversee and monetise their content in the face of fakes generated by artificial intelligence (AI). It is believed that the product can serve as a blockchain-based IP ownership repository for all types of content, including text, image and audio, among others.
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” Seung-yoon Lee, co-founder of the project, explained.
Furthermore, Jashon Zhao, co-founder, Story Protocol, said the funds will go toward the launch in the first half of 2024, Cointelegraph concluded.
(With insights from Cointelegraph)
