Story Protocol Raises $54 Million to Disrupt IP Ownership in a16z-Led Round
Story Protocol has secured over $54 million in funding, with a16z crypto leading the investment. Hashed, Endeavor, Samsung Next, and several angel investors backed the round.
The company aims to reshape creativity and intellectual property (IP) ownership. It offers such features as transparent provenance tracking, frictionless licensing, and revenue sharing.
The funding round marks the official entry of filmmaker and novelist David S. Goyer as an advisor to Story Protocol.
Story Protocol has secured over $54 million in funding, with a16z crypto leading the investment. Hashed, Endeavor, Samsung Next, dao5, Insignia Venture Partners, and several angel investors backed the round.
Story Protocol is an open and decentralized infrastructure layer that serves as the global IP repository, and aims to help creatives authenticate the ownership of their assets. The company shared that it is on a mission to create a groundbreaking IP protocol optimized for the digital age, with the vision of democratizing IP creation through a global and adaptable IP repository.
The platform offers transparent provenance tracking, frictionless licensing, and revenue sharing. The company asserts that applications built on Story Protocol are tailored for creators across diverse media formats, including written content, imagery, gaming, and audio.
“We are building the “Git for IP”. Just like Git created a protocol that transformed code from siloed codebases to a global and connected open source repository, our global IP repository creates a transparent, interoperable layer for IP,” Seung Yoon (S.Y.) Lee, Co-founder of Story Protocol, told Metaverse Post. “Our modules are built on top of our global IP repository to enable functions like permissionless licensing.”
Story Protocol also provides transparent provenance tracking and equitable attribution by leveraging blockchain technology. According to SY Lee, the co-founder of Story Protocol, “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution.”
Notably, Story Protocol also aims to foster a thriving ecosystem of third-party developers. The latter will reportedly provide a range of services, including crowdfunding, capital formation, IP discovery, AI content authentication, and community growth.
The project seeks to attract a diverse ecosystem of third-party developers offering services covering the entire IP development lifecycle for creatives across all mediums. This encompasses crowdfunding, capital formation, IP discovery, licensing, authentication for AI content, and community growth.
“The open and decentralized nature of the protocol gives us a major advantage because it removes the platform risk for ecosystem builders,” said Seung Yoon. “No one wants to spend tons of effort and resources with the risk of getting shut off from the same platform they helped grow.”
The funding round marks the official entry of filmmaker and novelist David S. Goyer as an advisor to Story Protocol. He is most known for his work on the franchises “Blade” and “The Dark Knight.”
“Over the next few years we’ll onboard design partners across mainstream media and web3, onboard developers, launch grant programs and requests for startups, as well as sign additional IPs,” added Seung Yoon.
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