Opensea Marketplace Announces New Security Features to Protect Users From NFT Scams

Cryptocurrency

OpenSea has announced a new feature that will automatically hide any suspicious NFT transfers from view on the marketplace to prevent scams. OpenSea, one of the most used NFT marketplaces, has recently been criticized for stolen and plagiarized NFTs. Due to the increase in the number of NFT scams and thefts, the popular NFT marketplace has announced the launch of a new feature which will hide suspicious NFT transactions from view on the marketplace.

This new feature will help protect users from falling victim to scams while ensuring that only legitimate transactions are visible to users. This was according to a blog post on Monday, which revealed that the feature would automatically conceal suspicious NFT transfers that seemed dubious while also addressing issues bordering trust and safety on the platform.

OpenSea has been making efforts to scale up its security recently. In a blog post by the project’s co-founder and CEO, Derin Finzer, the NFT marketplace is said to make a substantial investment into major areas such as IP infringement, scaling review and moderation, and 

reducing critical response time in high-touch settings to improve trust and safety. Furthermore, the platform has created a special moderation team to deal with review and moderation. Also, the company will use “critical auto-detection” technologies to handle copyright and other fraud vectors.

According to Finzer, removing these items from the platform will enhance the marketplace’s overall performance and prevent the advertising of fraudulent items that may be found on open blockchain, from showing on OpenSea. On Tuesday, Finzer tweeted that individuals can get NFT transfers from people they do not know, just like receiving unwanted emails.

He added, “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 prevent this new scam.”

This recent safety measure by OpenSea comes from a declining global cryptocurrency market. This has led to a reduction in the demand for NFTs. NFTs became popular in 2021 and OpenSea was at its forefront. However, the frequency of fraud and scams on the platform has dissatisfied many investors. 

Featured Image: Megapixl © Murrstock

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