This altcoin, which received investment from Andreessen Horowitz, Paris Hilton and Samsung, has gained over 30% at one point. The source of the rally was $54 million in surprise financing.
Paris Hilton and a16z invest in this altcoin project
Blockchain-based Story Protocol announced on September 6 that it has completed a $54 million funding round. This significant investment round was led by crypto startup Andreessen Horowitz (a16z). Other investors included prominent names such as Paris Hilton and South Korea-based Hashed.
Story Protocol addresses the problem of AI-powered content manipulation. The Altcoin project aims to keep the original content safe. The purpose 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 Protocol (@StoryProtocol) September 6, 2023
The platform uses Blockchain technology to help creators audit and monetize their content against artificial intelligence (AI)-generated scams. 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 for the protocol, they can use the linked services to sell their license rights for various other uses.
The project’s other co-founder, Seung-yoon Lee, predicted that “in a year or two, the level of content remixed through GenAI will be much higher.” Furthermore, “In a world of sheer abundance catalyzed by generative AI, Blockchain technology offers the perfect solution for transparent source tracking and fair attribution.” He gave his explanations.
STORY price skyrocketed
Story (STORY), a bottom-line altcoin project, gained 20% at one point after the announcement. It then returned its gains, accompanied by higher sales. The altcoin is currently trading at $0.00002003. He keeps his earnings around 6% over the last 24 hours.
High profile investors support altcoin project
South Korea-based crypto company Hashed was a co-leader in the investment round. Also in attendance were Endeavor, Samsung Next, Paris Hilton’s 11:11 Media. One of the key figures was Si-hyuk Bang from the famous K-pop group BTS. It should be noted 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 (@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 protect their property rights for text, audio, images and other types of digital content of their recordings. In this way, artists will keep their works safe from copying risks such as artificial intelligence. cryptocoin.comWe have included current investment reports from the altcoin market in this article.
