How a16z-backed DATA is rethinking its blockchain strategy after $30 million Sui deal
DATA, formerly Story Protocol, is shutting down its own blockchain and migrating to Sui after receiving a $30 million investment from the Sui Foundation. The company is narrowing its focus from registering intellectual property broadly to Trace, a system that records the origin, contributors and usage rights of AI training data. CEO Andrea Muttoni said maintaining a Layer 1 blockchain was costly and unnecessary for the product’s needs. DATA says Trace is adding 3 million to 4 million contributions daily, though it did not disclose how many have generated licensing revenue. Sui’s Walrus storage and Seal encryption tools could let users verify registered files against originals and control access. DATA’s existing token will migrate to Sui one-to-one, with holders’ rights and vesting schedules unchanged; the current chain will remain active during the transition.
