As a seasoned researcher with a keen eye for emerging technologies and their potential impact, I find myself intrigued by the strides made by PIP Labs and Story Protocol. Having closely followed the blockchain and IP sectors, I’ve witnessed firsthand the untapped potential of tokenizing intellectual property. The $140 million raised by PIP Labs is a testament to the market’s recognition of this potential.
PIP Labs, a key player in developing the base network for Story Protocol, recently secured $80 million to establish a platform that allows content creators to expand their intellectual property within the era of artificial intelligence.
The ingenious creators of Programmable IP Labs, who are known for their blockchain-based venture Story Protocol, have garnered a series B funding round worth $80 million, raising their total capital to $140 million.
PIP Labs aims to break down the massive financial sector of intellectual property into smaller, tradable units known as tokens, since over 200 development teams, collectively targeting more than 20 million potential intellectual properties, are actively working within the Story platform spanning diverse industries.
1/ Announcing $140M in total fundraising to build Story, the World’s IP Blockchain.
— Story (꧁IP꧂) (@StoryProtocol) August 21, 2024
On August 21st, as stated in a recent announcement, the company indicated that the funding round was primarily headed by a16z crypto, with additional participation from Polychain Capital, Hashed, Foresight Ventures, and other investors. According to various reports, the valuation of Story has reportedly increased to $2.25 billion post this latest investment round.
“We envision a future where AI and creative minds can harmoniously collaborate. To make this a reality, it’s essential that creators have a contemporary method to receive fair remuneration for their contributions.”
a16z crypto in a press release
Story set to launch mainnet in Q4 2024
Despite being in its developmental phase, the funds are predicted to aid PIP Labs in facilitating a seamless debut of Story Protocol’s mainnet, slated for release towards the end of this year. It’s uncertain at this point if they intend to incorporate a governance token as part of their project management strategy.
Established in 2022, Story functions by utilizing tokenization and a universal licensing agreement to bring intellectual property (IP) onto the blockchain. As stated on their official website, Story aims to link real-world assets with smart contracts using the Programmable IP License, which is essentially a standard license agreement template that connects traditional IP with its digital tokenization. By employing this template, PIP Labs seeks to offer security for the on-chain asset, enabling it to integrate intellectual property onto the blockchain.
2023 saw Story secure $25 million during their series A funding, with a16z crypto, Insignia Ventures Partners, DeFi Alliance, LLC, Foresight Ventures Investments, and Endeavor Group Holdings joining as investors, according to Crunchbase’s data.
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2024-08-21 17:30