Los Angeles– March 31, 2022– MarqVision, a next-generation, AI-powered IP protection platform, today announced that it has added a new product to protect clients’ brands from NFT fakes. This makes MarqVision the only brand and IP protection company that is able to not only identify NFT fakes, but also remove them from NFT marketplaces. It can do so at remarkable speed and scale, thanks to its proprietary AI technology.
The new NFT removal solution builds on the company’s industry-leading platform, which automatically detects and removes counterfeit goods from 97% of global online marketplaces for two of the three largest global luxury brands.
NFTs (non-fungible token) are unique tokens created in relation to a specific digital asset, like an image, music track, or video clip. They are quickly gaining popularity, and as such, draw the attention of counterfeiters. Fakes proliferating across digital marketplaces can effectively weaken a brand’s control over its image, assets, and overall value. Already in 2022, companies like Nike and Hermes have filed suit to protect their brands from counterfeit NFTs, but to date there has been no true recourse for companies seeking to prevent others from profiting off of their intellectual property. The problem is growing increasingly prevalent, with marketplaces like OpenSea recently admitting that at least 80% of NFTs hosted on its marketplace could be plagiarized or fake collections. MarqVision now offers brands a compelling solution to protect their assets.
“The NFT landscape is a new frontier — and right now it’s operating a bit like the Wild West. Brands are struggling to balance how to make use of their digital assets for marketing and sales purposes with protecting their intellectual property, as well as saving their customers from unknowingly buying counterfeit NFTs,” said Mark Lee, founder and CEO of MarqVision. “Using advanced image recognition and semantic analysis, we can spot fakes with remarkable speed and accuracy and provide the mechanism to have counterfeit NFTs removed before they can do harm..”
Bringing a New Level of Intelligence to the NFT Game
MarqVision’s new NFT protection offering integrates with and pulls data from the top global NFT marketplaces, using text analysis and its proprietary image retrieval model to detect infringing NFT listings from those marketplaces. Through the MarqVision dashboard, clients can clearly see the detected NFT listings and review them. Then, MarqVision’s bot-powered reporting system will auto-report counterfeit listings to respective NFT marketplaces for removal.
MarqVision has already received significant interest and outstanding feedback from gaming and entertainment companies. And based on early testing, MarqVision expects to report thousands of NFT counterfeits every week.
“This is a massive and complex problem, which is growing with tremendous speed,” added Lee. “We give companies a way to fight back and defend their intellectual property.”