Todd Spangler NY Digital Editor Story Protocol, which is developing what it says is an open system for extending intellectual property through online collaboration and paying any number of contributors, announced that it has raised more than $54 million in funding.
The funding was led by a16z crypto, part of venture-capital firm Andreessen Horowitz, along with investors including Endeavor and Samsung Ventures.
Story Protocol says it is an intellectual-property platform “optimized for the internet era,” that “aims to democratize IP creation through a global and extensible IP repository.” The company said its framework manages the entire lifecycle of IP development, enabling features like provenance tracking, licensing and revenue sharing.
Applications built on Story Protocol “give writers and artists the ability to track their work’s provenance, allowing anyone to contribute and remix while capturing the value of their contributions,” according to the San Francisco-based startup.
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