NFT Fraud Detection Service Dopple Raises $5M Seed Investment Led By FTX Ventures

Funds will be used to enhance Doppel’s fraud detection capabilities.
Image source: Doppel

Quick take:

  • Doppel is a real-time, cross-chain monitoring service for detecting NFT fraud and counterfeits.
  • The service plans to identify market manipulations and malicious contracts in future.
  • Doppel currently supports Ethereum, Solana and Polygon NFTs and will be servicing the Flow ecosystem.

Doppel, a real-time, cross-chain monitoring service for detecting NFT fraud and counterfeits, today announced the close of a $5 million seed investment round led by FTX Ventures.

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.

Prominent angel investors such as Balaji Srinivasan, Sabrina Hahn, Gokul Rajaram, Magic Eden co-founder, and Tagomi co-founder also participated in the round.

Founded in February 2022, Doppel aims to support the NFT ecosystem by building trust infrastructure for content creators, collectors, and marketplaces. The platform is powered by computer vision and AI models to ensure that the NFTs being sold, bought, and minted are legitimate.

Doppel’s AI can identify duplicates, alterations, and trademark infringements. It can also Flag bad actors and provide an audit trail. The platform will soon be able to remove counterfeits from NFT marketplaces across Ethereum, Polygon, Solana, and Flow, with plans to add more blockchains throughout the year. The platform also has plans to identify market manipulations and malicious contracts in future.

“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,” said Kevin Tian, co-founder and CEO of Doppel.

The funds from this round will be used to enhance Doppel’s 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.

Ramnik Arora, Head of Product and Investor at FTX Ventures, stated, “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.”

The platform claims to be able to identify counterfeit NFTs in under 1 minute and has flagged over 37 million NFTs as potential duplicates or copies. 

Currently, Doppel is a trusted partner of Dapper Labs and is working with other yet-to-be-disclosed NFT platforms to provide NFT protection services. Yuga Labs has been testing Doppel’s technology as a way to improve response times to bad actors.

With counterfeits plaguing the NFT space, fraud detection solutions have started popping up lately. OpenSea recently implemented its own “copymint” detection system on the marketplace while DeviantArt made its art and NFT image protection software available to all last week.

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