Story Protocol, a new blockchain-based IP ownership network closure A $54 million funding round took place on Sept. 7 that included investments from Paris Hilton’s 11:11 Media and Andreessen Horowitz (also known as a16z).
The platform leverages blockchain technology to help content creators police and monetize their content in the face of artificial intelligence (AI)-generated fakes. It plans to serve as a blockchain-based intellectual property ownership repository for all types of content, including text, images, and audio.
If artists end up signing up to the agreement, they can use the connected service to sell license rights for a variety of other uses.
Seung-Yoon Lee, another co-founder of the project, estimates that “within a year or two, the level of content remixed through GenAI will be much higher.”
“In a resource-rich world catalyzed by generative artificial intelligence, blockchain technology offers the perfect solution for transparent provenance tracking and fair attribution.”
The round was led by Andreessen Horowitz, which also received an equity stake in the company and the right to purchase digital tokens issued by Story Protocol, according to a company spokesperson.
Story Protocol also has backing from Hashed, Endeavor, TPG Capital founder David Bonderman, and Samsung Next.
Co-founder Zhao Jun said the funds will be used for a launch in the first half of 2024.
related: YouTube releases ‘principles’ for working with music industry on AI tech
The fight against deepfakes and copyright-infringing content using generative artificial intelligence has been a major concern for the entertainment industry.
Universal Music Group (UMG) has been calling on streaming platforms such as Spotify to be vigilant about removing content that misuses copyright works.
Shortly after UMG’s emails were circulated, Spotify announced it would increase policing across the platform and aggressively began removing content that violated copyright rules.
Most recently, it was revealed that Universal Music Group and Google are negotiating how to manage deepfakes and how best to license the melodies and vocals that can be used in AI-generated songs.
Magazine: BitCulture: Art, AI Music, Podcasts + Book Reviews on Solana
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