Tovera Acquires SnifflesNFT As It Pursues NFT Fraud

Interested in knowing what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry in October at GamesBeat Summit Next. Learn more.


Tovera is one of the companies that detects fraud in transactions involving non-fungible tokens (NFTs), and now it has partnered with fellow anti-fraud company SnifflesNFT.

Chicago-based Tovera acquired SnifflesNFT for an undisclosed price. The idea is to screen NFTs on marketplaces such as OpenSea for fake NFTs that can scam users out of their money.

Advertising

Sniffles has developed technology that detects unauthorized minted NFTs, automates takedown requests on NFT marketplaces, and alerts collectors holding unauthorized digital content.

Tovera has also developed its own NFT image recognition technology for markets and consumers. Currently, Tovera believes it is the only company offering a free version of the technology on FNFTF.io. An enterprise version, Tovera Match, is also available for marketplaces.

“We’ve spent the last year addressing fraud and trust issues in the Web3 ecosystem with an initial focus on NFTs,” Tovera Founder and CEO Kristian Kielhofner said in an interview with GamesBeat. .

As a fraud and plagiarism scandal around OpenSea, the largest NFT marketplace, continues to unfold, scams that include copyminting pose a huge threat to the entire NFT ecosystem. Without the right tools in place to inform consumers, bots steal digital art and mint it without permission from artists on NFT marketplaces. The Sniffles team joins Tovera to build image sensing capabilities to help identify even the smallest changes to NFTs and empower the web3 community to be part of the solution. OpenSea said he tries to do something about fraud, it’s new copy protection system, and its attempts to hide suspicious NFTs.

Tovera’s efforts

The SnifflesNFT team will join Tovera and work to advance the company’s image recognition technology that is at the heart of Tovera Match and FNFTF.io. FNFTF.io is free and available for anyone wishing to validate the authenticity of an NFT. Together, the companies will help NFT marketplaces fight tampering, NFT creators protect their intellectual property, and NFT consumers avoid scams.

“We launched SnifflesNFT to help artists protect their work,” Mert Hilmi Iseri, founder of SnifflesNFT, said in a statement. “Fraud erodes trust in ecosystems, and without trust there will be no web3 ecosystem. Marketplaces like OpenSea know they have a huge problem on their hands, yet they are just doing the bare minimum to help artists.

He added, “Their latest announcement is only lip service and it doesn’t address the core of the issue, which is much broader than just blockchain. We are here to set the standard for what it means to be a trusted marketplace for the entire NFT economy.

Fight against fraud

Tovera’s Kristian Kielhofner is at left. SnifflesNFT’s Mert Hilmi Iseri is right.

As the OpenSea debacle continues to unfold, scams that include copyminting pose a huge threat to the entire NFT ecosystem. Without the right tools in place to inform consumers, bots steal digital art and mint it without permission from artists on NFT marketplaces. The Sniffles team joins Tovera to boost image detection capabilities to help identify even the smallest changes to NFTs and empower the Web3 community to be part of the solution.

“Tovera is on a mission to bring trust to Web3 while ensuring the authenticity and provenance of NFTs,” Kielhofner said. “By acquiring SnifflesNFT, we will accelerate our mission by expanding our team and incorporating advanced image recognition technology. We look forward to fostering trust with our upcoming partnerships with NFT Marketplaces. »

For creators and collectors, the Tovera Match technology can be used for free on FNFTF.io. For marketplaces, Tovera Match is also available via API to power authentication on NFT platforms. FNFTF.io allows users to upload any NFT and see results based on image, contract, date, and blockchain similarity. Additional details including file type, block number and token ID are also available and more data will be available soon.

Tovera started with a proactive processing, authentication and provenance approach to multi-chain support and market support.

“We quickly realized that there is an enormous amount of fraudulent activity and resulting trust issues in the hundreds of millions of NFT assets that are already there,” Kielhofner said. “That’s why we created our reactive approach, Tovera Match, to combat much of the fraud taking place in the space today.”

Indexation of NFTs by millions

nft fraud
Tovera can find copies of supposedly unique NFTs that are uploaded multiple times on NFT marketplaces.

The company can index every NFT and NFT transaction on Ethereum and Polygon blockchains, he said.

“And we make every aspect of NFT, including content, searchable, so that a creator or market or end-user, consumer or collector can get a full historical perspective on any NFT they examine to determine if it is the authentic original NFT or if it is a copy,” he added.

Details are available on the blockchain in terms of historical timestamps for NFT transactions. And usually the original, genuine NFT is the one with the oldest timestamp.

The company gets its hands on the content and the metadata associated with it.
“NFTs are basically stored off-chain,” Kielhofner said. “They can be stored in a variety of different places. So doing the secondary crawling and retrieving the content is a bit of a technical challenge that we took on. And then we take that content and index it so that we can quickly and reliably search that content for visually identical and visually similar images.

Users can search for NFTs on FNFTF.io, and if the result is negative with only one item, then they can be more certain that it is an original.

“As a rule, we find half a dozen copies,” Kielhofner said. “The art that appears oldest on the timeline is almost certainly the original NFT.

One of the problems is “lazy typing”, where an NFT is offered for sale but it is not put on the blockchain until it is sold. This is a way to avoid unnecessary “minting” fees, which are the costs associated with recording a transaction or record on the blockchain. But quite often these NFTs are plagiarized and OpenSea has warned of possible fraud.

“We deal with various types of issues for creators. And then for the end users on the other side of that transaction, consumers and collectors, we enable them to do meaningful research,” Kielhofner said.

The way to stop some of the fraud is to pre-screen posts in the marketplace and spot exact copies of something that already exists or is already released in the marketplace. And then this post shouldn’t be allowed to happen a second or third time or more.

“There is certainly a growing awareness of these fraud and trust issues that we believe threaten the entire ecosystem,” Kielhofner said. “And so there are some forward-looking perspectives [companies] truly invested in the long-term health and value of the ecosystem.

Tovera is self-funded so far and has 10 people. The effort began about a year ago and screening has been in place for a few months. Tovera currently has around 75 million indexed NFTs.

Kielhofner said he met a like-minded thinker in the anti-fraud field when he met Iseri a few months ago. SnifflesNFT was one of the only other publicly available projects addressing fraud and counterfeiting issues in NFTs. Within a week they were talking about how they could combine their forces.

“It was pretty awesome because Kristian and I had so many shared experiences,” Iseri said in an interview with GamesBeat. “We both have sisters who are digital artists and they are passionate about their craft. It’s really the little people who suffer the most.

Iseri added, “It’s no different taking someone’s original artwork. In fact, we care and want to help artists. It was truly a meeting of the minds and we came together.

The GamesBeat credo when covering the video game industry is “where passion meets business”. What does it mean? We want to tell you how much the news means to you, not only as a decision maker in a game studio, but also as a game fan. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about and engage with the industry. Learn more about membership.



We wish to thank the author of this post for this outstanding web content

Tovera Acquires SnifflesNFT As It Pursues NFT Fraud


Take a look at our social media accounts along with other related pageshttps://metfabtech.com/related-pages/