Authentick, a Singapore-based startup that aims to make NFT authentication easier and more accessible, has announced a $4 million seed round led by Menyala, a venture capital firm backed by Temasek Holdings. The round also saw participation from other investors such as Hashed, Dapper Labs, and Animoca Brands.
NFTs, or non-fungible tokens, are unique digital assets that can represent anything from art and music to sports and gaming collectibles. However, buying and verifying NFTs can be a complex and costly process that requires users to have a Web3 wallet, an exchange account, and a blockchain explorer.
Users can also browse and buy NFTs from various marketplaces
Authentick wants to change that by allowing users to purchase and check the validity of NFTs without the need for any of these tools. Users can simply scan a QR code or enter a URL to access Authentick’s platform, which verifies the NFT’s ownership, provenance, and rarity using blockchain data and AI algorithms. Users can also browse and buy NFTs from various marketplaces and platforms through Authentick’s app.
Authentick’s co-founder and CEO, Jason Lee, said that the startup’s vision is to make NFTs more mainstream and inclusive.
“We believe that NFTs have the potential to revolutionize the digital economy and create new forms of value and expression. However, the current barriers to entry and user experience are preventing many people from enjoying the benefits of NFTs. Authentick is here to solve that problem by making NFT authentication simple, fast, and secure for everyone,” he said.
Potential to become a leading player in the NFT ecosystem
Menyala’s managing partner, Tan Choon Boon, said that Authentick’s solution addresses a key pain point in the NFT space and has a strong team with deep expertise in blockchain and AI. “We are impressed by Authentick’s technology and vision, and we are excited to support them as they scale and grow their platform. We believe that Authentick has the potential to become a leading player in the NFT ecosystem and beyond,” he said.
The seed round comes at a time when Temasek, Singapore’s state-owned investment company, is facing criticism for its failed investment in FTX, a cryptocurrency exchange that recently faced regulatory scrutiny and lawsuits in several countries. Temasek invested $900 million in FTX in June 2023, but reportedly lost more than half of its stake value after FTX’s token price plunged by 70% in the past three months. Some analysts and commentators have questioned Temasek’s due diligence and risk management practices, and called for more transparency and accountability from the sovereign wealth fund.