FTX Ventures leads $5m seed round for NFT trust layer Doppel

FTX Ventures leads $5m seed round for NFT trust layer Doppel

Published: 30-05-2022 12:31:00 | By: Pie Kamau | hits: 372 | Tags:

Doppel, a real-time, cross-chain monitoring service for detecting NFT fraud and counterfeits, announced the close of a $5 million seed investment round led by FTX Ventures. Additional participants in the seed round include Solana Ventures, Polygon Studios, OpenSea Ventures, Dapper Labs, SV Angel, South Park Commons, Script Capital, Spartan Group, Paxos, Punk 6529, Quiet Capital, AlphaLab Capital, and prominent angels such as Balaji SrinivasanSabrina HahnGokul Rajaram, Magic Eden Co-founder, and Tagomi Co-founder.

Doppel was founded in February 2022 with the goal of supporting the NFT ecosystem by building trust infrastructure for content creators, collectors, and marketplaces. The platform, powered by cutting edge computer vision and AI models, protects the IP of NFT creators and ensures that the NFTs being sold, bought, and minted are legitimate. It is able to detect counterfeit NFTs and bad actors with future plans to identify market manipulations and malicious contracts. Doppel currently supports Ethereum, Solana and Polygon NFTs, will be servicing the Flow ecosystem, and is set to add additional blockchains throughout 2022.

Kevin Tian, Co-founder and CEO, Doppel: "We began building Doppel due to the need for a platform to verify, secure, and protect NFT holders and creators. This investment round is a landmark moment for the company and will allow us to scale the platform, increase functionalities and grow our team to continue creating a platform that is relied upon by the entire NFT ecosystem. We're excited for the future of Doppel and our future collaborations with major players in the NFT space who want to make serious investments in creator IP and community trust and safety."

Doppel will leverage the funds from this round to enhance its detection capabilities, which will allow the platform to better identify bad actors within the ecosystem and expand upon the current illicit activities that it monitors for. Currently, the platform is able to identify counterfeit NFTs in under 1 minute and has flagged over 37 million NFTs as potential duplicates or rip-offs.

Currently, Doppel is a trusted partner of Dapper Labs and other yet-to-be-disclosed NFT platforms, working with them to protect NFT collections for their communities. Additionally, Yuga Labs has been testing Doppel's technology as one way to improve response times to bad actors.

Ramnik Arora, Head of Product and Investor, FTX Ventures: "The NFT ecosystem is plagued with trust issues. A large number of NFTs are counterfeit. This harms user experience and keeps legitimate brands from accessing the space. We're excited to work with Doppel to build the real-time trust, transparency and security layer for NFT ecosystem."