Blockchain Startups story It raised $80 million in a Series B funding round.
The San Francisco-based company Funding The company said on Wednesday (August 21) that it will use the funds to help social platform X build a blockchain to prevent artificial intelligence companies from unfairly using creators’ intellectual property (IP), which Storey called “one of the largest asset classes in the world.”
1/ Announced a total of $140 million in funding to build the world’s largest IP blockchain, Story. pic.twitter.com/9M3tqqYcvO
— Story (꧁IP꧂) (@StoryProtocol) August 21, 2024
“Training data, AI models, memes, UGC videos, game assets, character traits, etc. are all IP,” the company said in X’s post. “Everything is IP.”
The company added that with the advent of AI, IP will only become more valuable, serving as fundamental input in training large-scale AI language models.
“Simply put, without intellectual property, AI will likely plateau,” the post reads. “Story is creating a win-win future where creators can protect and grow their intellectual property in the age of AI.”
According to the company, its technology gives creators control over their intellectual property rights, allows them to set the economic terms of how AI uses their intellectual property, and also protects intellectual property by embedding terms related to that property into the AI. Smart ContractsThese are self-executing contracts written on the blockchain. Designed Once the conditions are met, it will execute without any outside approval or human input.
This funding round will help Story value CNBC reported Wednesday that it had reached $2.25 billion.
PYMNTS investigates whether AI-generated content has “hit the wall.” Copyright In an interview with a law firm last month, Christian MammenPartner and Chairman Womble Bond Dickinsonin the U.S. Intellectual Property Litigation Group.
” lots of “We’re looking at ways that existing principles can be applied to this new technology,” Mammen said.
The modern concept of intellectual property has existed for hundreds of years, but only became part of most of the world’s legal systems in the late 20th century. As AI evolves, intellectual property and copyright concepts such as fair use may also need to adapt. Effectively handle generative AI cases.
“I don’t know that we need to completely overhaul the law just to accommodate this new technology,” Mammen said, “but there may be places where it’s worth talking about tweaking the law or amending the law in certain ways.”
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