Miguel Cordon · · 2 min readStory Protocol raises $54m to bring IP management to blockchain
Image credit: Story Protocol
Story Protocol, a US-based startup that wants to manage intellectual property (IP) on the blockchain, has secured US$54 million in a funding round led by a16z crypto, part of VC firm Andreessen Horowitz.
Other investors include Endeavor, Samsung Next, Hashed, Paris Hilton’s 11:11 Media, and Wattpad co-founder Allen Lau. Story Protocol plans to launch its platform in the first half of next year, said co-founder Jason Zhao.
The platform will allow creators to launch tokens and content with a clear IP ownership and governance framework.
“Your audience brings the best ideas to improve your IP. They bring the distribution. They may even bring the capital to bootstrap your IP,” said Seung-Yoon Lee, co-founder and CEO of Story Protocol.
Before Story Protocol, Lee founded Radish Fiction – a fiction platform acquired by Korea-based Kakao Entertainment for US$440 million.
Creators from anywhere in the globe can offer a portion of their IP rights or revenues using the Story Protocol’s licensing and royalty modules. As this IP grows, it creates more incentive for other creators to join the network and remix the original content, the company said.
Zhao and Lee founded Story Protocol in 2022 alongside Jason Levy. Levy was the founder and CEO of mobile gaming studio Worlds Between Worlds.
Story Protocol also announced that it has enlisted filmmaker-writer David S. Goyer as an adviser. Goyer was the screenwriter for the Blade trilogy and worked on the story for The Dark Knight trilogy, among other titles.
Editing by Dhania Putri Sarahtika
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