Key Takeaways
- Story’s Sequence B funding spherical, led by a16z, totals $80 million.
- The corporate goals to fight mental property theft by giving creators management over their mental property.
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PIP Labs, the software program firm behind Story Protocol, a layer-1 blockchain designed for mental property administration, introduced Wednesday that it has secured $80 million in a Sequence B funding spherical led by a16z with participation from Polychain. The spherical values PIP Labs at $2.25 billion and will increase Story’s complete capitalization to $140 million.
Story was developed with a mission to remodel how mental property (IP) is dealt with within the digital age by making it programmable. The corporate mentioned it goals to tokenize the $2 trillion IP asset class and switch it into “IP Lego,” a framework for programmable on-chain IP belongings.
Seung Yoon Lee, co-founder and CEO of PIP Labs, mentioned the protocol goals to resolve the issue of massive tech corporations taking advantage of creators’ content material with out honest compensation. The aim is to empower creators, unlock new monetization alternatives and foster a extra collaborative and equitable digital ecosystem.
“Large tech corporations are stealing our mental property with out our consent and taking all of our earnings,” Li mentioned. “First, they devour it for his or her AI fashions with none compensation. Second, they siphon off all of our potential visitors and hijack our future economic system.”
“Tales will guarantee a sustainable and thriving path for web creativity, with out middlemen, benefiting each creators and AI,” he famous.
In accordance with Lee, the platform permits creators to construct a neighborhood of followers who can remix, distribute, and promote their IP. Creators can declare possession of their IP and set the phrases of use, permitting them to unlock new income streams by way of licensing and remixing their IP.
Story is designed to work seamlessly with AI, making licensing and compensation simpler, the CEO added. Jason Chao, co-founder and CPO of PIP Labs, described Story as an “IP Legoland” the place IP might be simply remixed and composed.
Discussing Tales’ potential, Chris Dixon, founder and managing associate at a16z crypto, mentioned that the standard web economics is being reworked by AI and that the Story Protocol offers the instruments wanted for a brand new, extra equitable mannequin by which creators might be rewarded for his or her contributions.
“Blockchain is good for large-scale financial coordination, and Story’s platform ensures that creators are compensated for the IP they feed into our AI system,” Dixon mentioned.
Story is gearing up for its mainnet launch scheduled for later this 12 months, and relies on the Cosmos SDK and is appropriate with the Ethereum Digital Machine.
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