NFT scams: OpenSea announces the introduction of new features

The industry’s leading NFT marketplace, OpenSea came under heavy criticism earlier this year due to increased cases of theft on its platform. Its inability to solve the problem has also cost it the departure of several users in favor of competing marketplaces. The platform finally decided to react to maintain its market leadership by announcing the arrival of new security functionality.

Suspicious NFT transfers will now be automatically hidden

To better protect its users, OpenSea will soon launch a new feature that automatically hides a suspicious NFT transfer. In this way, only legitimate transactions, not having links with a potential scam, will now be visible on the market place. The news was announced on Monday through a blog post in which OpenSea assured that building trust and security on the platform would now be a priority.

OpenSea co-founder and CEO Derin Finzer explains how hackers use NFT transfers to defraud NFT holders or potential buyers on the platform. “Recently, we’ve seen scammers use these transfers to trick people into clicking on links to malicious third-party sites. Our latest version of Trust & Safety helps prevent this new scam “, did he declare. He also announced substantial investments that will enable the platform to meet its security commitments.

Measures that take place in an unfavorable market context

Areas affected by these investments are prevention of theft, intellectual property infringement, review and moderation of scale, and reduction of critical response times in highly sensitive contexts. He also reported on the establishment of a special team responsible for managing the review and moderation of complaints made by aggrieved users.

For copyright issues and other vectors of fraud, OpenSea will use critical auto-detection technologies. Although beneficial, these new security measures come as interest in the NFT market cools, and the cryptocurrency market is going through a crisis with significant price drops.

By hiding all suspicious NFT transfers on the platform, OpenSea hopes to significantly reduce the number of scams that have plagued its image since the start of the year. The measure should also improve the performance of the marketplace and attract new users.

Source : Cointelegraph

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Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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NFT scams: OpenSea announces the introduction of new features

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