A16z Backs Blockchain-for-ip Developer At $2 Billion Valuation

PIP Labs, the software company behind Story Protocol, has raised $80 million in funding led by a16z crypto. Story Protocol uses blockchain technology to tokenize intellectual property and has partnered with art collaboration platform Magma to ensure original artists are compensated for derivative works. The funding comes as venture capital investment in crypto startups has rebounded, with web3 startups drawing in $1.9 billion so far this year.