DeepNFTValue, a cryptocurrency startup that values non-fungible tokens (NFTs) using machine learning methods, has raised $4 million in a seed funding round as it plans to expand its offerings.
DeepNFTValue currently only estimates CryptoPunk NFT prices based on its attribution and transaction history. With the new funding, the startup plans to expand to other leading NFT collections, including Bored Apes, CloneX, Azuki and ArtBlocks, it said Friday.
The seed funding round was led by the Rockaway Blockchain Fund, which included 1 Confirmation and Cygni Capital, along with other unnamed investors.
DeepNFTValue was founded earlier this year by Nikolai Yakovenko, a machine learning expert formerly of Google, Nvidia, and Point72 Asset Management. Yakovenko recently said in a blog post that machine learning is one of the best ways to accurately estimate NFTs compared to a human estimate because, among other things, humans are biased.
In short, DeepNFTValue provides a “fair value estimate” for NFTs, which buyers can then use to compare against the sale price.
“No one wants their collection to be mispriced, especially in a DeFi protocol such as a loan agreement due to a lack of focus on modeling,” Yakovenko said in a Friday statement. “People are always surprised at how much robust and efficient modeling costs in terms of researcher time and data as well as raw computation.”
DeepNFTValue also plans to use part of the seed round for GPU hardware, which it says is needed to train the most complex machine learning models with deep learning techniques.
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