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- 1 The IP ownership protocol- Story has grabbed the attention of celebrities and big investors.
- 2 With a unique mechanism, the platform solves problems that the content industry faces today.
- 3 It also makes the creation of AI-based content very seamless and dispute-free.
In the crypto space, new protocols keep popping up. While some may fizz out without making noise, some exist and thrive. Crypto users are considering Story Protocol among the latter. This IP ownership network has created quite a buzz lately. It amassed $54 Million in its funding round and drew the attention of celebrities too.
The Buzz Around Story Protocol
Paris Hilton along with Andreessen Horowitz and Samsung are among the investors of this protocol. Also known as a16z, this platform is made to assist content creators. It lets them oversee and make money out of content generated with artificial intelligence. The platform will let users create images, text, and audio. Moreover, it would provide them with an IP ownership repository for storage.
The platform would even let the artists sell the licensing rights for other purposes. It would allow them to access connected services to achieve that. Seung-yoon Lee, the co-founder of the project shed some light on its prospects. She said that the usage of AI-based content is going to be highly prevalent. Thus, Story has a great chance of achieving success. She said that it’s already quite popular among the artists.
Andreessen Horowitz led its seed round and also received some amount of equity. As per its spokesperson, the company has acquired the rights to buy digital tokens too. The list of its investors goes on to expand as well. It includes Samsung Next, Hashed, TPG Capital, Endeavor, and David Bonderman. Another co-founder of Story, Jashon Zhao shared information on its channelling of funds.
He said that all the funds collected in this round will go to the launch of the project. Story Protocol holds significance due to many other reasons as well. Recently, AI-generated and deep fake content has become a big concern for the industry. Universal Music Group (UMG) has been cautioning the service providers about content that infringes copyright norms.
It has beseeched companies like Spotify to be aware of it. Spotify was quick to respond to the efforts. Shortly after UMG’s campaign, it announced that the copyright violation rules would be taken more seriously from now on. So given the circumstances, it won’t be wrong to say that Story will make a dent. To understand how, one must know how it works.
A Glimpse Into Story Protocol’s Working
Story Protocol is an IP infrastructure that lets artists create AI-based content. It is a permissionless protocol that anyone will be able to use. The platform would come with a global IP registry with in-built modules for IP licensing and remixing. It would make the job of individuals very easy. As indicated above, it would hold great significance in the creative industry.
Not only would it facilitate the recreation of content, but it would make the process seamless. The users will be able to easily access the platform and its features. They will be doing everything using blockchain-based governance. Furthermore, it would enable them to explore other possibilities. Thus, the investors have probably identified its potential correctly.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
