7.4 C
Tuesday, March 28, 2023

OpenSea Announces New Security Features to Protect Users From NFT Scams

OpenSea Announces New Security Features to Protect Users From NFT Scams – OpenSea has announced the implementation of a new feature which will automatically hide suspicious NFT transfers from view on its marketplace, in response to the growing amount of NFT scams. This will help users avoid being defrauded by ensuring that only legitimate transactions are visible. 

- Advertisement -

According to a blog post published on Monday, the new feature will automatically hide questionable NFT transactions to address key trust and safety concerns on OpenSea. OpenSea has recently focused on improving the platform’s trust and safety.

Also Read: Co-founder of Argentinian Tech Giant Globant Thinks Companies Should Take Metaverse and Crypto Seriously

According to a recent blog post by the project’s co-founder and CEO Derin Finzer, the NFT marketplace will make significant investments in a variety of useful areas for trust and safety, including IP infringement, theft prevention, scaling review and moderation, as well as reducing critical response times in high-touch settings.

In addition, OpenSea has formed a dedicated moderation team to oversee review and moderation. It will deploy “important auto-detection” technologies  to address copyright concerns and other fraud vectors. Taking these items off the platform, according to Finzer, will improve its overall performance. It will also prevent unsolicited adverts and fraudulent items from appearing on OpenSea, which may be found on open blockchains.

- Advertisement -

Also Read: Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments

The latest OpenSea safety precautions come at a time when demand for NFTs is waning and the cryptocurrency industry is on the decline. When the NFT boom began in 2021, OpenSea saw a significant rise in business. Many investors, however, are disappointed with the platform’s attempts to recompense victims and combat theft due to frequent hacks and fraud.

- Advertisement -


Please enter your comment!
Please enter your name here

More From Evoclique