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HomeNFTYakoa Raises $4.8 Million To Combat NFT Fraud

Yakoa Raises $4.8 Million To Combat NFT Fraud

According to exclusive information from the company, the NFT fraud detection startup Yakoa has successfully raised $4.8 million to fund the development of technologies to fight intellectual property crime on the Web 3.

According to Andrew Dworschak, who is also one of the co-founders of the firm, one of the most attacks that Yakoa encounters are individuals who make copies of NFTs and then claim that the copies are their own work.

Yakoa is a company that offers tools and an indexer that may identify copies or infringement possibilities on genuine NFTs. These detections can be anything from direct forgery to partial or stylistic forgery, and when they find fraudulent activities, they will let platforms, brands, or producers know.

Collab+Currency, Volt Capital, and Brevan Howard Digital led the funding round, which also included angel investors, the Data Community Fund, Alliance DAO, Uniswap Labs Ventures, Orange DAO, Time Zero Capital, gmjp, Sunset Ventures, and FAST by GETTYLAB.

According to Graham Robinson, one of the co-founders of Yakoa, the funds will be used to expand the machine learning and data engineering teams that are already present inside the company.

The technology can figure out when an NFT was first made on a number of blockchains, such as Ethereum, Solana, Avalanche, Polygon, and others. According to Dworschak, the name Yakoa was derived from the phrase “A-OKAY,” but with the letters reversed. “When you’re utilising the blockchain, you want to make sure it’s ‘A-OKAY,’ so that’s why we titled it that,” the author of the article said.

Robinson predicted that in the long run, fraud prevention will be something that platforms will be able to perform in the background. “This protection of intellectual property could be used as a base for a lot of other services.” According to the dashboard for Trends and Indexes provided by Nansen, the Ethereum NFT industry has made a total trading volume of 8.22 million ETH so far in 2022, spread out over 2.46 million different wallets. The entire market valuation for the NFT market is more than $11.3 billion at the present time.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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