Paris Hilton-Backed Blockchain Agency Raises $54M to Defend Content material Creators’ IP

• Story Protocol secured $54 million in funding to launch a blockchain mission.
• The mission goals to assist content material creators navigate the challenges of AI expertise.
• Story Protocol will construct a blockchain repository to safeguard mental property throughout varied content material varieties.

US-based expertise agency Story Protocol has secured $54 million in funding from a consortium of traders led by the outstanding enterprise capital agency Andreessen Horowitz to launch a blockchain mission for content material creators.

This funding spherical additionally consists of vital contributions from traders similar to Hashed, Endeavor, Samsung Subsequent, David Bonderman, the founding father of TPG Capital, and media persona Paris Hilton’s 11:11 media. Bloomberg captured this improvement in a latest report.

In keeping with the report, the substantial money infusion will catapult Story Protocol’s ambitions to assist content material creators navigate the challenges of generative AI expertise.

Moreover, the agency’s co-founder, Jason Zhao, disclosed that the funds will probably be pivotal in launching the corporate’s blockchain-based expertise. The revealing of the blockchain-focused mission is slated for the primary half of the approaching 12 months.

Notably, Andreessen Horowitz’s involvement within the funding has a novel twist. Alongside receiving fairness within the firm, the enterprise capital big has additionally secured the choice to accumulate digital tokens if Story Protocol decides to subject them. Nevertheless, Story Protocol’s spokesperson famous no concrete plans to subject cryptocurrencies.

Moreover, Story Protocol is establishing a blockchain repository to safeguard mental property throughout varied content material varieties. It would embody prose, photographs, and audio.

In keeping with the report, the platform will empower creators to register their creations inside the repository to harness related functions to license their work for translations, spin-offs, or diversifications into totally different mediums.

Co-founder Seung-Yoon Lee additionally supplied insights into the relevance of the proposed blockchain mission. Lee highlighted the escalating prevalence of AI-generated remixed content material within the close to future. He cited a latest instance of a viral track incorporating AI-generated variations of famend artist Drake, which Common Music Group ultimately sought to close down.

Lee emphasised the need of balancing defending mental property rights and the evolving panorama of AI-driven content material creation.