Optic's NFT Content Recognition Project Raises $11M

Artificial intelligence (AI)-based NFT authentication startup Optic has raised $11 million in a seed funding round. It is reported by The Block.

The round was led by Kleiner Perkins and Pantera Capital. Members include Greylock Partners, Lattice Capital, OpenSea, Circle, Polygon, CoinDCX, Neon DAO, and Flamingo DAO.

Optic will use the funds to build the core AI infrastructure and expand the team. The project will launch new tools for NFT creators and collectors, as well as a public API for Web3 developers.

The company was founded in 2021 by former Google product director Andrey Doronichev, programmers Roman Doronin and Vlad Vinogradov. The startup is developing an AI engine for recognizing NFT content. 

Optic says it processes dailymillions of collectible tokens, matching them to determine authenticity. Automated monitoring tools notify marketplaces, brands, and NFT owners of results.

«Optic goes beyond other services,which we evaluated in terms of responsiveness and matching accuracy, and this is one of the many factors that led to the decision to become their customers,” said OpenSea Chief Product Officer Shiva Rajaraman.

In June, the founder and CEO of the largestNFT marketplace David Finzer told what measures OpenSea has taken to combat fraud and plagiarism. He also announced further investments in additional solutions in this area.

In February, the platform reported that more than 80% of NFTs created using the free release option turned out to be fake or spam.

Recall that in June the total trading volume on NFT marketplaces amounted to $1.04 billion, having collapsed by 74% against the May figure. Against this background, OpenSea announced the dismissal of 20% of the staff.

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