One of the most widespread crypto startups, OpenSea, has lately come under blaze for stolen and plagiarized nonfungible tokens (NFTs).
In the event of the growing number of NFT scams, OpenSea has informed the launch of a new feature that will automatically disguise suspicious NFT transfers from view on their marketplace. This will assist in safeguarding users from being scammed and ensure that only honest transactions are visible on the Marketplace.
OpenSea’s new feature announcement
According to OpenSea’s blog post on Monday, the new feature will automatically mask dubious NFT transfers to manage key concerns surrounding trust and safety issues on OpenSea.
OpenSea has lately been concentrating on improving trust and safety on its platform. The NFT marketplace will make tangible investments in a combination of important areas for trust and safety. This will include theft prevention, IP infringement, scaling review and moderation, and reducing crucial response times in high-touch settings.
Also, OpenSea has appointed a special moderation team to handle review and moderation. For copyright situations and other fraud vectors going forward, it will utilize “critical auto-detection” technologies. According to CEO Derin Finzer, extracting these types of items from the platform will sweeten its overall performance. It will also contain unsolicited advertisements and fraudulent items that may be encountered on open blockchains from being seen on OpenSea.
A couple of days back, the OpenSea CEO tweeted that it’s possible to get NFT transfers from people you don’t know, just as with receiving an undesirable email.
The newest OpenSea safety measures come as the market for NFTs is cooling down, and the cryptocurrency market is in a downcast spiral. The flourishing economy is no longer being supervised by U.S. law enforcement. This was clearly noticeable after a former employee of OpenSea, Nathaniel Chastain was arrested by the FBI.
Last year, when the NFT boom got underway, business at OpenSea improved significantly. However, regular hacks and fraud have left many investors discontented with the platform’s efforts to recompense victims and combat stealing.
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Conduct thorough research before you start with NFT trading.