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Yakoa raises $4.8 million, plans to build NFT fraud detection tool

1y ago
bullish:

2

bearish:

1

Yakoa to build NFT fraud detection tool

SNEAK PEEK

  • Yakoa has made a total of $4.8 million in funding led by Brevan Howard Digital, Collab+Currency and Volt Capital with many other participants too.
  • The tool will safeguard intellectual properties of NFT creators from counterfeit NFTs.
  • The platform recognizes the very first existence of an NFT across several blockchains such as Polygon, Solana, Avalanche, Ethereum, etc.

NFT fraud detection startup, Yakoa, has generated $4.8 million with a goal of building tools that battle against IP fraud in Web3. 

Co-founder of the startup, Andrew Dworschak, said that the most usual attack is creating copies of NFTs and referring to them as one’s own work.

Yakoa offers tools as well as an indexer that identify copies or fake possibilities on real NFTs that vary from partial forgery to direct and stylistic followed by alerting creators, platforms or brands about the fake activities. 

Brevan Howard Digital, Collab+Currency and Volt Capital led the funding round along with other participants like Orange DAO, Sunset Ventures and FAST by GETTYLAB, Data Community Fund, Time Zero Capital, angel investors, Alliance DAO, gmjp and Uniswap Labs Ventures. Through the funds, data engineering and machine learning teams will be expanded internally, as shared by the co-founder of Yakoa, Graham Robinson.

Dworschak said that they have plans to include every blockchain. According to them, it’s not important where IP is minted or an address is published. Instead, what’s important is that it’s publicly verifiable.

He added, it’s easy for anyone to make money behind someone’s back and protecting against it is difficult, thanks to the availability of several assets. There are cases where while utilizing someone else’s IP, fraudsters photoshop and crop or change colors. 

Dworschak shared that while conducting an attribution search, they try to find out from where the asset might have been derived from and provide maximum details. It is possible as well as appropriate for two assets to be similar and real. 

Robinson shares that the overall ecosystem is open and they want to keep it as it is. They are making tools that can be utilized by the industry in their environment. 

Dworschak  mentioned that the NFT market has demonstrated immense potential. The assets created by it are not confined to a particular platform. It’s a whole new way of commerce and will spread over everything that’s unimaginable today.

In the long-run, fraud protection could operate in the backend for platforms. A number of services could begin from this intellectual property protection.

The post Yakoa raises $4.8 million, plans to build NFT fraud detection tool appeared first on Today NFT News.

1y ago
bullish:

2

bearish:

1

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