The brand new blockchain-based IP possession community Story Protocol closed a $54 million funding spherical on Sept. 7, which included investments from huge names like Paris Hilton’s 11:11 Media, and Andreessen Horowitz, often known as a16z.
The platform makes use of blockchain expertise to assist content material creators oversee and monetize their content material within the face of fakes generated by synthetic intelligence (AI). It plans to function a blockchain-based IP possession repository for all sorts of content material together with textual content, picture and audio.
If artists finally register with the protocol they’ll use linked providers to promote the licensing rights for varied different makes use of.
The opposite co-founder of the venture Seung-Yoon Lee estimated that in “in a yr or two the extent of remixed content material by GenAI goes to be a lot increased.”
“In a world of whole abundance catalyzed by generative AI, blockchain expertise presents the right resolution for clear provenance monitoring and honest attribution.”
The spherical was led by Andreessen Horowitz, who additionally acquired fairness within the firm and the proper to purchase digital tokens if issued by Story Protocol, in response to a spokesperson from the corporate.
Story Protocol additionally acquired backing from Hashed, Endeavor, David Bonderman – the founding father of TPG Capital- and Samsung Subsequent.
The corporate’s co-founder Jashon Zhao mentioned the funds will go in direction of the launch within the first half of 2024.
Associated: YouTube releases ‘ideas’ for working with music business on AI tech
The battle towards deep fakes and copyright-infringing content material by the hands of generative AI has been of main concern for the leisure business.
Common Music Group (UMG) has been campaigning for streaming platforms akin to Spotify to be vigilant about eradicating content material that misuses copyrighted work.
Shortly after UMG’s e mail was dispersed, Spotify introduced it will be rising its policing throughout the platform and actively started to take away content material in violation of copyright guidelines.
Most not too long ago, it was revealed that UMG and Google had been in negotiations over the way to handle deep fakes, together with the way to finest license melodies and vocal tracks that can be utilized in AI-generated songs.
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