DeepNFTValue raises $4 million to expand beyond pricing CryptoPunks
Rockaway Blockchain Fund provided $4 million funding for DeepNFTValue. The startup currently estimates CryptoPunks’ value and plans to expand its coverage to include Azuki, Bored Ape, and other NFT collections.
DeepNFTValue is a crypto startup that uses machine-learning to estimate the value of non-fungible tokens. It has raised $4 Million in seed funding.
DeepNFTValue estimates the prices of CryptoPunk NFTs based only on its transaction history and attributions. It announced Friday that it has received fresh funding and plans to cover other top NFT collections, including Bored Apes CloneX, Azuki and ArtBlocks.
Rockaway Blockchain Fund led the seed funding round, with 1Confirmation, Cygni Capital and other unidentified investors participating.
Nikolai Yakovenko was a machine learning expert who founded DeepNFTValue earlier in the year. He previously worked at Google, Twitter and Nvidia. In a recent blog post, Yakovenko stated that machine learning is a better way to accurately price NFTs than human evaluation. This is due to the biases of humans.
DeepNFTValue is a tool that provides an estimate of NFTs’ “fair value” which buyers can use to determine the price.
Yakovenko stated in a Friday statement that “Nobody wants their collection to be mispriced,” especially in DeFi protocols such as lending contracts. People are often surprised by how robust and efficient modeling can be, both in terms of time and data and raw computing.
DeepNFTValue plans to also use a portion for GPU hardware. This is because it believes that this hardware will be necessary for deep-learning and machine-learning training.
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