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Yakoa raises $4.8 million to help expose NFT scams for platforms and creators • TechCrunch

Yakoa raises $4.8 million to help expose NFT scams for platforms and creators • TechCrunch

Yakoa, an NFT fraud detection startup, has raised $4.8 million to build tools to combat web3 intellectual property fraud, the company revealed exclusively to TechCrunch.

According to Andrew Dvorchak, co-founder of the startup, one of the most common attacks Yakoa sees is people making copies of NFTs and passing them off as their own work.

Yakoa provides tools and an indexer that detects copies or potential infringements of original NFTs, ranging from outright forgery to partial or stylistic forgery, which then notifies platforms, brands or creators of these fraudulent activities.

The funding round was led by Collab+Currency, Volt Capital and Brevan Howard Digital with participation from Data Community Fund, Alliance DAO, Uniswap Labs Ventures, Orange DAO, Time Zero Capital, gmjp, Sunset Ventures and FAST by GETTYLAB, as well as angel investors.

According to Yakoa co-founder Graham Robinson, the capital will be used to develop internal machine learning and data science teams.

The platform identifies the first existence of NFTs on a number of blockchains such as Ethereum, Solana, Avalanche, Polygon and others.

“In terms of blockchains, our roadmap includes every blockchain,” Dvorshak said. “We have a belief that it doesn’t matter where you create an IP or publish an address, what matters is that it’s public.”

Anyone can “make quick money on anyone,” Dvorshak noted. “It is very difficult to defend against all this, because there are a lot of assets. In some cases [fraudsters are] photoshopping, cropping or changing colors when in fact they are using someone else’s intellectual property.”

“When we do an attribution search, we try to figure out where the asset might be coming from and provide as much information as possible,” Dvorshak said. “Two assets can be the same and not fraudulent, and that is entirely appropriate. There are a lot of edge cases that we need to be aware of and others that come up along the same lines, and some use cases that we use as a platform and let people write down their opinions.”

“The whole ecosystem is open and we want to keep it that way,” Robinson said. “We’re trying to build tools for the industry to use and they can use in their environment.”

The name Yakoa comes from the saying “A-OKAY,” but vice versa, Dvorshak said. “When you use a blockchain, you want to make sure it “SUPPORTS,” which is why we named it that.”

Today, the NFT market has “already shown great potential,” Dvorchak said. “It has created asset types that are not tied to a specific platform, allowing creators to publish their assets and freely trade them across different platforms. This is a completely new method of commerce, and it will spread to what is unimaginable today.”

In the long run, fraud protection will be something that can run on the back end of the platforms, Robinson said. “There are many services that can start with this IP protection.”

Written by khirou

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