Ringfence announces $1.5m raise to empower and reward creators
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Ringfence, the first generative AI platform to ensure creators are paid for the use of their original work within AI-generated content (AIGC), has announced the successful closing of its $1.5 million seed round.
The round was led by Rarestone Capital and Morningstar Ventures with participation from Spark Digital Capital, Curiosity Capital, Noir Ventures and other leading funds and angel investors.
Ringfence is the first platform dedicated to ensuring web3 and Generative AI work in the favor of creators. Currently, courts are struggling with how to apply intellectual property laws to generative AI.
The platform provides the infrastructure for creators to store and protect various media including photos, images, videos, documents, and music. Creators who want to monetize their content can verify ownership and authorize AI to use their files to create new AIGC.
Additionally, Ringfence allows creators to mint their AIGC on any EVM-compatible chain using LayerZero’s OFT standard, allowing fungible tokens to be transferred across multiple blockchains without asset wrapping, middlechains, or liquidity pools.
Ringfence Founder Whitney Gibbs said:
“As web3 and AI integration advances, it is estimated to evolve into a trillion-dollar market opportunity that remains relatively nascent in terms of attribution and digital provenance. We believe creators should decide how and when AI uses their work, and they should always be fairly compensated when it does. Our team is compelled to solve this with a tangible, scalable, and convenient solution that will ultimately be symbiotic in the growth of AIGC.”
Rarestone Capital founder Charles Read said:
“We are excited to tackle one of the toughest challenges in the market and support the future of web3 creators and AI. Ringfence will be critical to ensure creative and monetary power always remains with creators, with the flexibility to decide how, when, and where to use their content.”
Ringfence empowers creators with access to features such as free unlimited cloud storage, content ownership verification to establish digital provenance, and perpetual compensation anytime AI uses their content for model training.
Additionally, creators can access Ringfence’s powerful AI engines to create a variety of content mediums and use Ringfence to tokenize their art without ever leaving the platform.
Ringfence plans to release its beta in Q1 2024.
Creators can register for the waitlist at ringfence.ai.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
Credit: Source link
