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. Ringfence, a generative AI platform, ensures creators are paid royalties for their work every time it 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, guaranteeing fair compensation every time their original work is used to create Artificial Intelligence-Generated Content (AIGC). Creators such as 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.
How does it work?
The Ringfence platform allows creators to verify their ownership and give permission for AI to use their files to generate new AI-generated content, which can help them earn money from their content. Moreover, Ringfence allows creators to generate AI-generated content on over 50 EVM-compatible chains using LayerZero's ONFT standard. This allows for the smooth transfer of non-fungible tokens across multiple blockchains without asset wrapping, middle chains, or liquidity pools.
Ringfence is developed to improve content strategies for its users, empowering experienced and inexperienced creators to expand 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 has recently released their rNFT Litepaper, which explains the main features of NFTs and how they drive the ecosystem.
rNFTs allow users to combine 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
Team and Fundraising
The Ringfence team is led by Whit Gibbs, the CEO and co-founder of Compass Mining, the largest marketplace for Bitcoin mining hardware and hosting. The platform's Chief Science Officer is Dr. Dimitry Mihaylov, who 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.
What’s Next for Ringfence
The team is preparing to launch its 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 its features and add more. In the second half of this year, it also plans https://ringfence.ai/ 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
