AI powered tech by Marqvison raises $20M
MarqVision Inc. is a company that plans to utilize their AI powered platform to detect counterfeit NFTs and physical goods. The company has announced it has raised $20M in early stage funding to create a system that will aid in intellectual property management.
The funding round was joined by DST Global, SoftBank Ventures, BAss Investment, Y-Combinatior ,and Atinum Investments. This influx of $20M, along with a funding round last October, now brings the total amount of funds for the project to $25M.
The technology created by the team aids users of the technology by detecting and removing counterfeits from over 1,500 marketplaces and thousands of rogue websites. This is done by AI detection and enforcement of IP rights.
The team at MarqVision recognizes the assault many digital creators are facing in the NFT sphere today. There are many ‘copycat” projects and clones of NFTs on marketplaces such as OpenSea that have cost many millions from being scammed.
During the boom of NFTs that occurred late in 2021 there were many projects that saw their artwork stolen or copied and sold on other marketplaces. One of the more well-known counterfeits was a faked art piece that claimed to be made by Banksy- a political artist. The fake piece sold for $336K to a British collector. The money was eventually returned to the collector but the situation highlighted how easily issues like that could occur.
Currently the NFT sector is like a wild new frontier and rules are being created daily for the community. There are still many companies that are trying to figure things out when it comes to controlling their assets and keeping them secure. Companies are still learning the ins and outs to utility and sales when it comes to NFTs and some have unknowingly bought counterfeit NFTs on their journey to understanding.
The AI of MarqVision’s platform pulls the data from the biggest marketplaces and uses a text analysis system along with AI image models to detect the fraudulent postings. Clients are then shown flagged NFT listings and area able to review them. The users then has the ability to remove the fraudulent NFT from a wallet or listing.
Mark Lee , founder of MarqVision, stated “ We give companies a way to fight back and defend their intellectual property”.
Counterfeits have been on the rise and security measures are being taken on many platforms. Magic Eden has begun rolling out methods of battling this issue and OpenSea added its own NFT plagiarism detector back in May.