On June 14, the largest NFT marketplace, OpenSea, announced the launch of a new feature to make crypto assets more transparent and safer to buy and sell. The amount of NFT fraud, fraud, and hacking on OpenSea is expanding. The new functionality will automatically conceal questionable NFT transactions to solve key trust and safety problems on OpenSea.
OpenSea has been working to improve platform trust and safety. The NFT market expects to spend extensively in trust and security in a few key areas by 2022, including theft and fraud prevention.
In a tweet on June 14, Devin Finzer, CEO of OpenSea, said:
“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 prevent this new scam.”
On its official website, OpenSea announced the release of a new feature that will automatically hide suspicious NFT transfers from view on the NFT marketplace. In fact, an open and flexible blockchain ecosystem, such as Ethereum, results in unexpected NFT transfers from unknown individuals. Scammers use these NFT transfers to get people to look at an NFT list that has links to malicious websites run by third parties.
Also, the company has already asked customers to report any strange problems that come up after the update.
Due to an increase in scams, fraud, and hacking, OpenSea’s NFT trading volume has decreased. The proprietors of BAYC NFTs have sued OpenSea for NFT theft.
