. The new feature will hide suspicious NFT transfers from their marketplace.
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One of the most popular crypto startups, OpenSea, has recently come under fire for stolen and plagiarized nonfungible tokens (NFTs). OpenSea announced a new feature to hide suspicious NFT transfers from their marketplace. This is in response to the increasing number of NFT scams. This will protect users from being conned and ensure only legitimate transactions are visible.
According to a blog post on Monday, the new feature will automatically conceal suspicious NFT transfers to address key concerns around trust and safety on OpenSea.
OpenSea has recently been focusing on enhancing trust and safety on the platform. The NFT marketplace will make substantial investments in a variety of important areas for trust and safety, including theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings, as per a recent blog by the project’s co-founder and CEO Derin Finzer.
Furthermore, OpenSea has established a special moderation team to handle review and moderation. It will be using “critical auto-detection technologies” to detect fraud vectors and copyright issues. Finzer claims that removing such items from the platform will increase its overall performance. This will prevent unsolicited advertisements from appearing on OpenSea and fraudulent items from being found on open blockchains.
Like receiving an unwanted email, it’s possible to receive NFT transfers from people you don’t know.
Recently, we’ve seen scammers use these transfers to entice people to click links to malicious 3rd party sites. Our latest Trust & Safety release helps to prevent this new scam. https://t.co/qPHIif2WVT
— Devin Finzer (dfinzer.eth) (@dfinzer) June 13, 2022
On Teusday, the OpenSea CEO tweeted that it’s possible to get NFT transfers from individuals you don’t know, just as with receiving an unwanted email, adding that:
“Recently, we’ve seen scammers use these transfers to entice people to click links to malicious 3rd party sites. This new scam is prevented by our Trust & Safety release. “
The latest OpenSea safety measures arrive as demand for NFTs is cooling down, and the cryptocurrency market is in a downward spiral. The flourishing economy is no longer being overlooked by U.S. law enforcement, as evidenced by the arrest of Nathaniel Chastain, a former product manager at OpenSea who was charged with wire fraud and money-laundering offenses.
Related: Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account
In 2021, when the NFT boom got underway, business at OpenSea increased dramatically. Many investors are dissatisfied by OpenSea’s inability to pay victims or combat theft.
