How a16z-backed DATA is rethinking its blockchain strategy after $30 million Sui deal

DATA, the blockchain startup backed by Andreessen Horowitz's a16z crypto and formerly known as Story Protocol, is shutting down its blockchain and moving to Sui after securing a $30 million investment from the network's foundation. The move comes after spending years trying to bring intellectual property onchain. But after raising $140 million and building its own blockchain, the company found that changing how the world's intellectual property is licensed was harder than expected. "We were trying to boil the ocean, and it was a very saturated and entrenched ocean," Andrea Muttoni, CEO of DATA Foundation, told CoinDesk in an interview. That realization helped drive Story’s rebrand to DATA Foundation in June , when it shifted its attention to the market for AI training data.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinDesk.