Switzerland-based Autentica announces official launch of its platform which offers a cross-chain NFT authentication technology. The company also announced that it has raised $1.2 million pre-seed investment from undisclosed private investors.
Autentica has created a 3-dimensional ecosystem to help users create, buy and sell NFTs. The framework consists of proprietary authentication technology, the NFT marketplace and $AUT token.
Autentica leverages blockchain technology to help people create, buy and sell authentic digital assets. It offers proprietary authentication technology, enabling digital creators to transform their artworks into authentic NFTs without exposing themselves to fraudulent use or duplicates.
Autentica NFT technology and marketplace allows creators, collectors and traders to access, authenticate and validate their digital assets.
The $AUT token works as the official payment protocol, driving the entire Autentica ecosystem by supporting monetization for creators and community members.
Artur Grigor, CEO & Co-Founder of Autentica, said:
“The potential risks which are part of exchanging digital assets cannot be ignored. Before purchasing a digital item such as an NFT, consumers should have easy access to tools and data that allow them to conduct proper due diligence, to avoid buying a duplicate or a piece of art from an abandoned collection. That’s why we created Autentica Certification, a software that allows everyone to get a detailed report about any NFT in seconds.”
Counterfeiting and fraud have been a problem since the early 2021 explosion of NFTs, but it increased exponentially as the NFTs gained widespread adoption.
Artur says that the report generated by the platform is based on millions of data points that analyze duplicates based on the content’s checksum, similar NFTs using machine learning models and k-NN, as well as many other features.
Led by Artur Grigor, the team consists of 18 developers, marketing and sales specialists. Autentica has brought together people from companies like Bloomberg, Lego and Deutsche Bank.
The team has built this cross-chain certifying technology with direction from the founding team of three industry experts – Artur Grigor (FOUNDER & CEO), Vlad Suteu (CO-FOUNDER & CBO), and Tudor Luca (CO-FOUNDER & COO). The 3 co-founders at Autentica have a combined experience of over 30 years in building businesses.
Autentica said in a press release shared with AlexaBlockchain that the pre-seed investment was raised from private investors.
Going forward, the company has announced a $5 million private token sale round beginning 15th July 2022. NFT traders and artists interested in joining the waiting list, can check the details at autentica.market.
The counterfeit NFT problem is only getting worse
Now, NFTs have become so popular that thousands of NFTs worth millions of dollars are traded each day. If we talk about the total market, the current market cap of NFTs stands at over $11 billion. With everyone willing to own a piece of NFT, Scammers and fraudsters appear eager to take advantage of poor verification and enforcement procedures on major NFT marketplaces.
The problem has led the development of a Twitter account, @NFTtheft, which has been chronicling some of the most shocking instances and compiling a valuable thread of resources to assist artists whose NFT work has been forgeried.
To address this huge problem, a slew of projects have been launched. MarqVision, an AI-powered IP security tool, seeks to safeguard buyers and artists against counterfeit NFTs. It gathers information from NFT sites like as OpenSea, Superrare, and Rarible to provide subscribers with a mechanism to identify probable forgeries and fakes. SnifflesNFT is another application that leverages image recognition to issue takedown requests to NFT marketplaces on behalf of artists.
Read Also: Verofax Limited Secures $1.2 Million in Seed funding