Story Protocol Secures $54 Million in a Round Led by a16z to Exploit IP Ownership Opportunities
Lisette Lémieux
Story Protocol, a project with the aim of creating an open-source platform for intellectual property (IP) ownership, has unveiled its launch along with securing a $54 million funding round led by a16z crypto.
The project intends to develop a new IP protocol optimized for the digital era, with the goal of democratizing IP creation through a globally accessible and expandable IP repository.
Prominent entities such as Hashed, Endeavor, Samsung Next, and notable figures including Si-hyuk Bang, chairman of South Korea’s HYBE (representing K-pop boy groups BTS and Seventeen), former CEO of Korean internet giant Naver Sanghun Kim, and Roham Gharegozlou, founder and CEO of Dapper Labs, have all participated in the funding round.
Story Protocol's vision includes streamlining the entire IP development lifecycle, facilitating capabilities like tracking origin, smooth licensing, and revenue distribution. Seung Yoon Lee, co-founder of Story Protocol, emphasized how blockchain technology, coupled with generative AI, can offer transparent origin tracking and equitable attribution in a world characterized by abundant content.
Sriram Krishnan, a general partner at a16z crypto, highlighted the potential of web3 to address long-standing challenges in the media and entertainment sectors, expressing confidence that the project could reshape the future of IP for creators, fans, and developers by unleashing creativity at the pace of the internet.