This altcoin, which received investments from Andreessen Horowitz, Paris Hilton and Samsung, gained over 30% in value at one point. The rally was driven by surprise financing of $54 million.
Paris Hilton and a16z invested in this altcoin project
Blockchain-based Story Protocol announced on September 6 that it has completed a $54 million financing round. This significant investment round was led by crypto venture firm Andreessen Horowitz (a16z). Other investors included notable names such as Paris Hilton and South Korea-based Hashed.
Story Protocol addresses the problem of AI-assisted context switching. The altcoin project aims to store original content safely. The aim of the protocol is to create a new intellectual property protocol in the internet age by promoting the democratization of intellectual property.
(1/n) Introducing Story Protocol: open IP infrastructure for the internet era
Today we’re launching with $54m in funding led by @a16zcrypto
We’re building the “Git for IP” to unleash the full creative potential of the internet. Here’s how 🧵👇 pic.twitter.com/p3blgKKQ8G
— Story (꧁IP꧂) (@StoryProtocol) September 6, 2023
The platform uses blockchain technology to help creators moderate and monetize their content against artificial intelligence (AI)-generated fraud. It plans to serve as a blockchain-based repository of IP ownership for all types of content, including text, images and audio. If artists eventually sign up to the protocol, they can use associated services to sell licensing rights for a variety of other uses.
Seung-yoon Lee, the project’s other co-founder, predicted that “in a year or two, the level of content remixed through GenAI will be much higher.” Additionally, “In a world of complete abundance catalyzed by generative AI, Blockchain technology offers the perfect solution for transparent source tracking and fair attribution.” He included his explanations.
STORY price skyrocketed
Story (STORY), a lower-ranked altcoin project, gained 20% in value at one point following the announcement. Then, it returned its gains with sales coming from higher levels. The altcoin is currently trading at $0.00002003. It keeps its gain around 6% over the last 24 hours.
High-profile investors back altcoin project
South Korea-based crypto company Hashed was co-leading the investment round. Additionally, Endeavor, Samsung Next, and Paris Hilton’s 11:11 Media company also participated. One of the notable names was Si-hyuk Bang from the famous K-pop group BTS. Let us especially note that Andreessen Horowitz bought shares in the company.
1/ Excited to finally share what I've been working on for the past year!@StoryProtocol is building open IP infrastructure to grow the creativity of the internet.
And today we're launching with $54m in funding led by @a16zcrypto.
More about the journey and what's to come 🧵👇 pic.twitter.com/Fi5Q03HMb8
— Jason Zhao (꧁IP꧂) (@jasonjzhao) September 6, 2023
Altcoin announced that it aims to democratize intellectual property by creating a new intellectual property protocol suitable for the internet age. Artists will be able to maintain ownership rights to the text, audio, images and other types of digital content of the works they record. In this way, artists will keep their works safe from copying risks such as artificial intelligence. As Kriptokoin.com, we have included current investment reports from the altcoin market in this article.
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