Palo Alto — PIP Labs, the core contributor to Story, the world’s first IP blockchain, has raised $80 million in Sequence B funding. Led by a16z crypto and supported by traders like Polychain, the spherical brings PIP Labs’ whole funding to $140 million. Different key traders embody Stability AI’s VP Scott Trowbridge, K11 Founder Adrian Cheng, and digital artwork collector Cozomo de’ Medici. (Cowl picture: S.Y Lee, Co-founder & CEO of PIP Labs)
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A New Period for Mental Property (IP)
Mental property is without doubt one of the largest asset lessons globally, encompassing extra than simply motion pictures and music. It consists of coaching knowledge, AI fashions, memes, user-generated content material, sport property, and extra. As AI continues to evolve, IP is turning into much more invaluable, serving because the foundational enter for large-scale AI fashions. Nevertheless, this transformation additionally presents challenges, as AI can result in IP theft and exploitation by large tech firms, leaving creators with out compensation.
“Massive tech is stealing IP with out consent and capturing all of the revenue.”
S.Y Lee, Co-founder & CEO of PIP Labs
“They’re utilizing your IP for his or her AI fashions with out giving something again after which hijacking future earnings by controlling all of your site visitors. This destroys the motivation to create unique content material, which can ultimately hurt AI itself. Story is right here to alter that, making certain a sustainable and flourishing path for creativity that advantages each creators and AI,” stated S.Y Lee, co-founder and CEO of PIP Labs.
The Story Blockchain: Empowering Creators
Story is a Layer 1 blockchain designed to tokenize and shield IP, making it programmable within the AI period. Creators can use Story to declare possession of their IP, set utilization parameters, and create a world community that empowers followers to remix, promote, and distribute their content material.
“Story will guarantee a sustainable and flourishing path for the web’s creativity that advantages each creators and AI, with none intermediaries,” Lee added.
“Creators can programmatically declare their sovereign rights and licenses on their IP in computationally readable and writable metadata on a credibly impartial blockchain. AI fashions can now license the creators’ knowledge and compensate them simply with out attorneys and authorized paperwork, making Story a win-win for each IP and AI.”
S.Y Lee, Co-founder & CEO of PIP Labs
Constructing the Way forward for IP
The undertaking has garnered important consideration from business leaders. Chris Dixon, founder and managing associate at a16z crypto, acknowledged, “The financial covenant underlying the web — content material creators offering provide and content material distributors offering demand — is being upended by the proliferation of AI.
PIP Labs is constructing the mandatory infrastructure for a brand new covenant within the AI age. Blockchains are completely fitted to large-scale financial coordination, and Story’s platform ensures creators are compensated for his or her IP feeding the AI methods. S.Y. is a confirmed innovator, and we’re excited to help his formidable imaginative and prescient by main our third spherical within the firm.”
Olaf Carlson-Wee, founder and CEO of Polychain Capital, echoed these sentiments:
“What Bitcoin did for cash and finance, Story is doing for content material and IP. Developments in AI are triggering a second part in Web3, which can revolutionize IP.”
Olaf Carlson-Wee, Founder & CEO of Polychain Capital
“Artists’ work and everybody’s knowledge are getting used with out their consent to coach huge, centralized fashions. Massive tech is geometrically rising their monopoly energy, and the world wants a decentralized mental property system that brings the possession of knowledge and IP again to the folks in the identical approach Bitcoin introduced sovereignty to cash and finance after the worldwide monetary disaster,” stated Olaf.
IP Legos: The Constructing Blocks of Creativity
Story’s blockchain transforms IP into “IP Legos,” programmable property that may be remixed and composed throughout numerous purposes. “Consider Story as an IP Legoland,” stated Jason Zhao, co-founder and CPO at PIP Labs. “On Story’s blockchain, IP turns into IP Legos—programmable, on-chain property, prepared for remixing and composing throughout hundreds of purposes. IP Legos and generative AI are yin and yang.
Collectively, they unlock new income streams for creators. Give followers thrilling IP Legos to mess around with and the magic wand of generative AI, they will create the following thrilling spinoff house opera movies, sequel hardcore video games, remixed home music, and stylish vogue design.”
Rising Ecosystem and Future Plans
Over 200 groups, representing greater than 20 million IPs, are already constructing on Story throughout numerous sectors, together with IPFi, AI, and client markets. Notable tasks embody House Runners’ Ablo, an AI vogue design instrument, and Sekai, an AI storytelling platform. These tasks are leveraging Story to boost creativity, engagement, and income for creators.
In July 2024, Story Academy was launched to help builders in creating programmable IP, providing grants, schooling, and neighborhood sources. This system has already attracted over 100 purposes from high groups worldwide. Trying forward, Story will host “Programmable IP Seoul” on September 2nd throughout Frieze Seoul and Korea Blockchain Week, that includes outstanding figures like generative AI artist Refik Anadol and Supertone’s CEO Kyogu Lee.
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About Story
Story is the world’s IP blockchain, reworking IPs into networks that transcend mediums and platforms, unleashing world creativity and liquidity. Go to storyprotocol.xyz to be taught extra.
About PIP (Programmable IP) Labs
PIP Labs, the preliminary core contributor to the Story Community, is backed by traders together with a16z crypto, Endeavor, and Polychain. The workforce consists of business veterans with backgrounds in client tech, generative AI, and Web3 infrastructure.