Tovera acquires SnifflesNFT as it chases after NFT fraud
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Tovera is one of the companies sniffing out fraud in transactions involving non-fungible tokens (NFTs), and now it has teamed up with another anti-fraud company SnifflesNFT.
Chicago-based Tovera has acquired SnifflesNFT for an undisclosed price. The idea is to screen NFTs on marketplaces such as OpenSea for fake NFTs which can scam users out of their money.
Sniffles has developed a technology that detects NFTs minted without permission, automates takedown requests on NFT marketplaces, and notifies collectors holding unauthorized digital content.
Tovera has also developed its own NFT image recognition technology for both marketplaces and consumers. Right now, Tovera believes it is the only company offering a free version of the technology at FNFTF.io. An enterprise version, Tovera Match, is also available for marketplaces.
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“We’ve spent the last year addressing the fraud and trust issues in the Web3 ecosystem with an initial emphasis on NFTs,” said 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 are stealing digital art and minting them without the artists’ permission on NFT
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