KOR Protocol Raises $7.5M to Automate IP Royalties via Blockchain

Key Facts

In a move aimed at addressing the complexities of royalty distribution in creative industries, KOR Protocol announced raising $7.5 million in a Series A funding round. The round was completed at a total project valuation of $100 million, led by 1kx and Blockchain Capital. The protocol intends to use these funds to build a blockchain-based clearinghouse for creative works, facilitating intellectual property registration and automating royalty payments.

This funding comes at a time of increasing interest from venture capital firms in Web3 infrastructure, with peers like Story Protocol also seeking to digitize intellectual property. Per market data, KOR Protocol's new funding places it within the mid-tier valuation category for crypto startups compared to larger rounds seen in previous years. Experts suggest that automating royalties could significantly reduce legal disputes and administrative costs in the music and digital arts sectors.

Looking ahead, investors are watching for the protocol's beta launch to assess the efficiency of on-chain data processing.