in

Yakoa Raises $4.8M to Build NFT Fraud Detection Tool

Yakoa Raises $4.8M to Build NFT Fraud Detection Tool

Quick Reception:

  • Yakoa has raised $4.8 million in a funding round jointly led by Collab+Currency, Volt Capital and Brevan Howard Digital.
  • Startup web3 is building an NFT fraud detection tool that will protect creators’ intellectual property from counterfeits.
  • The round also included Data Community Fund, Alliance DAO, Uniswap Labs, Orange DAO, Time Zero, and Sunset Ventures.

Yakoa completed a $4.8 million funding round co-led by Collab+Currency, Volt Capital and Brevan Howard Digital. Data Community Fund, Alliance DAO, Uniswap Labs Ventures, Orange DAO, Time Zero Capital, gmjp, Sunset Ventures and FAST by GETTYLAB also took part in the fundraising.

Yakoa is a web3 startup specializing in building NFT fraud detection tools. The company said it will use the funds to accelerate the development of tools to help combat intellectual property (IP) fraud in web3.

The company’s NFT fraud detection tool instantly detects and monitors intellectual property infringements online, ranging from direct/partial copying to stylistic counterfeiting. Once a violation is identified, Yakoa notifies brands, platforms, and creators of the violation.

According to Andrew Dvorshak, co-founder of Yakoa, one of the most common violations occurs when people make copies of NFTs and impersonate their original work.

The company is currently expanding the engineering teams behind the product as more blockchains integrate it into ecosystems. Yakoa can already identify NFTs on several blockchains, including Ethereum, Solana, Avalanche, and Polygon, among others.

Dvorshak told TechCrunch that the platform wants to cover all blockchains in the future. “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,” he said.

Dvorshak said that it has become very easy for anyone to make money on people’s backs. The co-founder of Yakoa cited simple document forgery techniques such as color changing, image cropping, and photoshop as key examples.

“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.”

NFT scams are a top priority for creators as leading platforms and marketplaces are already implementing tools to try and protect their creative side of the community.

In May, NFT fraud detection platform Doppel raised $5 million in a round backed by Solana Ventures, Polygon Studios, OpenSea Ventures, Dapper Labs and others to accelerate the development of its real-time cross-chain monitoring service to detect NFT fraud and counterfeits.

In June, NFT fraud prevention startup Tovera acquired NFT fraud detection tool SnifflesNFT to bolster its NFT image fraud detection service, and Chainalysis said in May that it is expanding its cryptocurrency fraud detection service to cover NFT after completing a $170 fundraiser. million dollars.

****

Register on the world’s largest cryptocurrency exchange Binance to buy and sell cryptocurrencies.

Stay up to date:

Written by khirou

Leave a Reply

Your email address will not be published. Required fields are marked *

image of ETERNITY.IO logo and cards

ETERNITY Deck – NFT Collectible Card Game

AXIS Token International Introduces Layer 2 Blockchain

AXIS Token International Introduces Layer 2 Blockchain