According to CoinTelegraph, Story Protocol is addressing the challenges posed by AI on intellectual property (IP) through blockchain technology. Founded by Jason Zhao, the protocol aims to create a programmable IP system, allowing rights holders to register and monetize their content. This approach is likened to how Ethereum made money programmable. Story Protocol has raised $80 million in a Series B funding round in August 2024, with backing from investors like a16z and Samsung Next. The platform is currently in beta on Ethereum's Sepolia test network, with a mainnet launch planned for early 2025. Zhao emphasizes the need for a sustainable business model for creators and IP holders in the face of AI-generated content. Story Protocol's system allows for automated licensing and payment via cryptocurrency, with options for fiat payouts. The initiative aims to simplify IP licensing, similar to how Spotify and Netflix transformed music and TV access.
Story Protocol Raises $80M to Tackle AI's Impact on IP with Blockchain
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