Story Protocol, a network that’s building a solution for creators to secure their intellectual property ownership, announced its launch today with $54 million in funds in a round led by Andreessen Horowitz.

The project says it aims to “democratize IP creation through a global and extensible IP repository” that will use distributed ledger blockchain technology to manage the entire lifecycle of intellectual property management.

It will do so by providing tracking, licensing and revenue sharing for creators across all forms of media including prose, images, gaming video and audio. “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” said Story Protocol co-founder Seung Yoon Lee.

Blockchain technology works by using massively distributed databases that record transactions to every copy across a network while also using cryptography to secure data. Every transaction submitted is also verified and agreed upon before it’s added to a ledger. This makes transactions difficult to counterfeit and makes it possible to use it as a way to track historical changes reliably.

Story Protocol wants to use this capability to provide attribution for intellectual property as well as property rights licensing for creators and IP owners. Blockchain technology has long been used to attribute intangibles with ownership including images and video game assets. One famous example is digital artist Beeple’s “Everydays: The First 5000 Days,” which sold for $69 million in 2021 as a blockchain-attributed nonfungible token.

The company said licensing can be done in a similar way, including revenue streams for derivative works and agreements written into the blockchain done as easily as code. Story Protocol likened it to “programmable Getty Images that works for all forms of IP,” where licensee and licensor can make an agreement and then write it into the blockchain. “Story Protocol will usher in a new era of entrepreneurial creators and provide existing IP holders an entirely new way to engage audiences and advance their IP,” said Lee.

The funding included participation from early-stage venture fund Hashed, global sports and entertainment company Endeavor Group Holdings Inc., Samsung Next, dao5, and Insignia Venture Partners.

“Artists and fans are integral to any successful IP franchise, and Story Protocol will power platforms that allow them to participate in the creative process,” said Ben Enowitz, senior vice president of corporate development and talent ventures at Endeavor.

In addition to raising funds, Story Protocol brought on David Goyer as an adviser. Goyer is best known for his work as a filmmaker and novelist who was the screenwriter for the “Blade” vampire trilogy and “The Dark Knight” trilogy featuring DC Studio’s comic book hero Batman. “I envision a future where creators will wield greater control over their IPs, extend their influence on a global scale, and cultivate direct connections with their community,” said Goyer.

Music streaming service Spotify sought to get into blockchain IP tracking and licensing with the acquisition of Mediachain Labs in 2017, although it only offered tracking of attribution and licensing details. Similarly, blockchain-based IP tracking startup Spaceport provides a similar service and raised $3.6 million in 2022 to streamline intellectual property licensing and royalties.

Image: Story Protocol