Key Takeaways
- Story Protocol raises $54 million in funding from 16z crypto to transform intellectual property ownership.
- The platform offers a streamlined framework for managing the entire IP development lifecycle, including provenance tracking and revenue sharing.
- Story Protocol aligns with Web3 principles, promising transparent provenance tracking and fair attribution for creators in the digital age.
In a surprising turn of events, Story Protocol has managed to raise over $54 million in funding by 16z crypto. An open infrastructure that aims to power a new era of creativity and intellectual property (IP) ownership, Story Protocol is certain to make waves. The IP protocol is pivotal for the internet era, and Story Protocol aims to improve it. With IP creation being democratized through global and extensible IP repositories.
Story Protocol – Purpose & Goals
The platform aims to provide users with a streamlined framework through which the entire lifecycle of IP development can be managed. Its features will include provenance tracking, revenue sharing, and frictionless licensing. We believe the most pivotal point about this platform is the fact that it is made for creators across all forms of media, including process, images, audio, and more.
Applications that will be built by writers and artists will now hold the value of their contribution, and to add zest to the whole thing, remixes will be possible as well. SY (Seung Yoon) Lee, the Co-founder of Story Protocol, commented on the platform’s protocol,
“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.”
Announcement for Protocol
The Investment
Some of the major participating investors for this platform are 16z Crypto, Hashed, Endeavor, Samsung Next, and others. Through this substantial funding, the protocol’s mission aims to be led further in the direction of development.
All in all, the project aligns with the principles of Web3, and its promise for artists, developers, and fans is something users might as well be gushing over. With transparent provenance tracking and fair attribution in the digital age, users are looking forward to this development. With creativity in the digital era becoming the new norm, developments like these are what keep the hype alive.
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