Foresight

Story

<p class="is-style-lead">PIP Labs, the core contributor to layer-1 network Story Protocol, has raised $80 million to build an ecosystem where creators can “grow their IP in the age of AI.”</p> 
<p>Programmable IP Labs, the mastermind behind the blockchain startup Story Protocol, has attracted $80 million in a series B funding round, bringing the total value raised to $140 million.</p> 
<p>PIP Labs wants to tokenize the “multi-trillion-dollar asset class of intellectual property” as more than “200 teams, totaling more than 20 million addressable IPs, are already building on Story across various sectors.”</p> 
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   <p lang="en" dir="ltr">1/ Announcing $140M in total fundraising to build Story, the World’s IP Blockchain. <a href="https://t.co/9M3tqqYcvO" target="_blank" rel="">pic.twitter.com/9M3tqqYcvO</a></p>— Story (꧁IP꧂) (@StoryProtocol) <a href="https://twitter.com/StoryProtocol/status/1826227872455106967?ref_src=twsrc%5Etfw" target="_blank" rel="">August 21, 2024</a>
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<p>In an <a href="https://x.com/StoryProtocol/status/1826227872455106967" target="_blank" rel="">X announcement</a> on Aug. 21, the firm said the funding was led by <a href="https://crypto.news/tag/a16z/" target="_blank" rel="noreferrer noopener">a16z</a> crypto and participated in by Polychain Capital, Hashed, and Foresight Ventures, among others. According to reports<span style="margin: 0px; padding: 0px;">, Story’s valuation&nbsp;<a href="https://techcrunch.com/2024/08/21/story-raises-83m-at-a-2-25b-valuation-to-build-a-blockchain-for-the-business-of-content-ip-in-the-age-of-ai/" target="_blank" rel="">soared</a>&nbsp;to $2.25 billion following the latest funding</span>.</p> 
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 <p>“We hope for a future in which AI systems and creative people can happily co-exist. For this to work, creators need a modern way to ensure they get compensated for their work.”</p> 
 <p>a16z crypto in a press release</p> 
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<p> You might also like: <a href="https://crypto.news/iota-launches-blockchain-tool-to-simplify-music-rights-management/"> IOTA launches blockchain tool to simplify music rights management </a> </p> 
<h2 class="wp-block-heading" id="story-set-to-launch-mainnet-in-q4-2024">Story set to launch mainnet in Q4 2024</h2> 
<p>Although still in development, the funding is expected to assist PIP Labs in ensuring a smooth launch of Story Protocol’s mainnet, which is anticipated later this year. It remains unclear, though, if the startup plans to introduce a governance token for project management.</p> 
<p>Founded in 2022, Story uses tokenization and a universal licensing agreement to onramp IP to the blockchain. Per the project’s official website, Story wants to bridge real-world assets to smart contracts by leveraging the Programmable IP License, a “license agreement template” that bridges real-world IP with its on-chain tokenization, the firm says. With the template, PIP Labs wants to provide a backstop to the on-chain asset, allowing it to onramp intellectual property to the blockchain.</p> 
<p>In 2023, Story raised $25 million in a series A round backed by a16z crypto, Insignia Ventures Partners, DeFi Alliance, LLC, Foresight Ventures Investments, and Endeavor Group Holdings, among others, per <a href="https://www.crunchbase.com/funding_round/story-protocol-series-a--046af2bb" target="_blank" rel="">data</a> from Crunchbase.</p> 
<p> Read more: <a href="https://crypto.news/dapper-labs-launches-nft-license-2-0-defines-digital-arts-ownership-rights/"> Dapper Labs Launches NFT License 2.0, Defines Digital Arts Ownership Rights </a> </p>

Story Protocol maker secures $80m to transfer IP rights onto blockchain

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