The Story Protocol team, an open source platform for validating intellectual property rights, has closed a $54 million funding round.
It was led by a16z crypto. Funding was also provided by Hashed, Endeavor, Samsung Next, Dapper Labs founder Roham Garegozlow and a number of business angels.
The developers will use the received funding to “democratize the verification of intellectual property rights with the help of a global and extensible repository.”
The team plans to provide a streamlined structure on the platform to manage the entire intellectual property lifecycle, including traceability, licensing, and revenue sharing.
a16z crypto general partner Shriram Krishnan stated that the project “has the opportunity to revolutionize the future of intellectual property for artists, fans and developers by expanding the possibilities of creativity at the speed of the internet.”
The Story Protocol allows you to track how the intellectual property created on the platform is used and reproduced in different environments. It also allows the involved parties to share the respective revenues.
The team expects their protocol to bring in third-party developers who provide the following services to creators:
- capital formation;
- discovery of intellectual property;
- license modules;
- content authentication using AI;
- community growth.
The Story Protocol is an open and modular architecture that any dapp can connect to, and its decentralized nature eliminates platform risks for ecosystem developers.
Recall that in October 2022, a16z supported the Golden Web3 Data Transfer Protocol in a $40 million round. In the latter, tokens serve as a reward for providing and verifying reliable information.
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