Story Protocol raises $54M to blend Web3 and intellectual property creation
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Story Protocol has raised $54 million in funding to create the infrastructure for a new era of creativity and intellectual property ownership.
The company blends IP ownership and Web3 to support its vision for democratizing IP creation and creating a global and extensible IP repository.
A16z, the big venture capital company created by Marc Andreessen and Ben Horowitz, led the round. Story Protocol uses Web3 to trace who created what, among other things.
The platform offers a streamlined framework designed to manage the entire lifecycle of IP development. It introduces features such as provenance tracking, frictionless licensing, and revenue sharing. This has proven difficult for Web3 marketplaces such as OpenSea.
Story Protocol also caters to creators across various media formats, including prose, images, gaming, and audio. Made for creators across all media – prose, images, gaming, audio and more – applications built on Story Protocol give writers and artists the ability to track their work’s provenance, allowing anyone to contribute and remix while capturing the value of their contributions.
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” says SY (Seung Yoon) Lee, cofounder of Story Protocol, in a statement. “Story Protocol will usher in a new era of entrepreneurial creators
Read more on venturebeat.com
