Story Protocol, a San Francisco-based technology firm, has received $54 million in funding to combat copyright infringements exacerbated by generative AI technologies. 

Andreessen Horowitz leads the investment round, with notable supporters like Hashed, Samsung Next, Endeavor, and David Bonderman of TPG Capital. Adding a dash of celebrity appeal, Paris Hilton’s media venture 11:11 also participated in the funding.

AI Copyright Disputes Surging

Despite a lackluster investment climate in the cryptocurrency domain, Story Protocol’s fundraising signals a shift of focus towards artificial intelligence. 

New to ChatGPT? Help is at hand with our Learn guide.

With the rise of platforms like OpenAI’s ChatGPT, the digital world has witnessed a surge in remixes and mashups, sparking copyright lawsuits. 

In a recent press release, the U.S. Copyright Office states:

“These issues include the use of copyrighted works to train AI models, the appropriate levels of transparency and disclosure with respect to the use of copyrighted works, the legal status of AI-generated outputs, and the appropriate treatment of AI-generated outputs that mimic personal attributes of human artists.”

Recognizing this, venture capitalists increasingly divert their attention and capital to AI-focused initiatives.

Story Protocol’s co-founder Jason Zhao confirmed that the freshly injected funds will accelerate the launch of its blockchain-based technology slated for next year. Andreessen Horowitz received equity and an option to buy digital tokens, should the company decide t

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Author: BeInCrypto Team

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