The lack of creative, legal, and financial control over AI-generated art has led to the use of over 5 billion images without the consent of their original creators. As a result, creators are seeking fair compensation for their work. Ringfence, the first generative AI platform, aims to solve this issue by ensuring creators are paid royalties every time their work is used to create AI-generated content (AIGC).
This month's review will cover how the platform works and its latest rNFT litepaper release.
What is Ringfence
Ringfence is a platform that protects creators' intellectual property rights and ensures they are fairly compensated each time their original work is used to develop Artificial Intelligence Generated Content (AIGC). Creators, including musicians, painters, writers, and filmmakers, can upload their photos, images, videos, documents, and music to the platform to safeguard their intellectual property from unauthorized use by third parties.
Team and Fundraising
The Ringfence team is headed by Whit Gibbs, the CEO and co-founder of Compass Mining, the largest hardware and hosting marketplace for Bitcoin mining. Dr. Dimitry Mihaylov is the platform's Chief Science Officer. He has a proven track record in designing intricate data systems and machine learning models for major companies and non-governmental organizations such as the World Bank and the United Nations.
The team recently closed its $1.5M seed round, led by Rarestone Capital and Morningstar Ventures, with participation from Spark Digital Capital, Curiosity Capital, Noir Ventures, and other funds and angel investors.
How does it work?
The platform allows creators to verify their ownership and grant permission for AI to use their files to generate new AI-generated content, which can help them monetize their content. Additionally, Ringfence provides creators with the option to create AI-generated content on 50+ EVM-compatible chains using LayerZero's ONFT standard. This enables the efficient transfer of non-fungible tokens across multiple blockchains without the need for asset wrapping, middle chains, or liquidity pools.
Ringfence is designed to enhance content strategies for its users, enabling experienced and novice creators to grow their respective asset portfolios.
For example, creators can use Ringfence’s engine to create a variety of content mediums and use Ringfence to tokenize their art. The way they sign up is by:
- Connect ERC-20 wallet
- The creator can then choose to upload their existing content or jump right into generating AI-generated content.
- Ringfence’s proprietary technology screens all uploaded and AI-generated content to verify content authenticity and establish ownership.
- The creator established rules for their content, determining usage parameters and licensing permissions.
- If a creator authorizes Ringfence to use their work in training AI models, the creator is paid every time their content is used.
rNFTs
The Ringfence team recently published their rNFT Litepaper, which explains NFTs' main features and how they drive the ecosystem.
rNFTs allow users to combine various digital assets such as images, videos, audio, and text into a single NFT. To ensure authenticity, this content is accompanied by detailed metadata. Creators can dynamically manage their rNFTs by updating and expanding them over time.
Key Features:
- Acquisition: Users can obtain rNFTs through an upcoming mint on Ringfence.
- Content Variety: rNFTs support a range of digital asset types, including images, videos, audio, and text.
- Metadata Documentation: Each content piece in an rNFT is accompanied by metadata for traceability and authenticity.
- Dynamic Management: Creators can update and expand the content of their rNFTs over time.
Read more about rNFTs here: https://www.ringfence.ai/blog/litepaper
What’s Next for Ringfence
The team is currently preparing to launch their beta. If you want to participate, you can join the waitlist here: https://ringfence.ai/. After the beta, the team wants to use the feedback to complete their features and add more features. In the second half of this year, they also plan to launch an MVP and move away from third-party reliance by creating a proprietary Ringfence AI engine.
Learn more about Ringfence.
🌐 Official website: https://ringfence.ai/
🐦 Official Twitter: https://twitter.com/RingfenceAI
🕹️ Discord channel: https://discord.com/invite/cefrTPp9N6
