Industry-leading NFT marketplace OpenSea has just launched two new features aimed at preventing theft on the platform.
The new features, one to prevent NFT theft and the other to scan them, are aimed at protecting users and suppressing scams in the industry.
1/ Stolen items and scams are big issues in the NFT space. So, we’ve been hard at work on 2 new solutions to address both on OpenSea:
Introducing Malicious URL Detection and Removal 🚫 and Theft Detection and Disablement 🔐 — OpenSea (@opensea) November 2, 2022
Quoting a post, OpenSea said:
“Trust and safety issues – especially fraud and theft – are the biggest barriers to widespread NFT adoption today. Ultimately, we want to join hands to help the ecosystem become cleaner by reducing the number of ‘downstream’ thefts, i.e. stopping the NFT theft engine in the first place.”
The first feature will actively scan the URL, immediately blocking malicious links from appearing on the collected fraud list. These links are bait, tricking users into granting control of their NFT wallets to bad guys.
The second feature will automatically detect and flag NFTs that are at risk of being stolen or suspiciously transferred. This NFT will then be banned from trading on the platform for 7 days, unless verified by the contact owner. OpenSea has previously flagged NFTs as warnings, but still allows them to be traded.
“We are working closely with other markets, wallet providers as well as research institutions to develop a comprehensive fraud detection and prevention system. Details will be announced later,” OpenSea added.
The cryptocurrency industry’s largest NFT Marketplace platform once suggested that users “report to the police” if they suspect their NFTs were stolen. But most of the comments under the post are mixed.
>>> See also: OpenSea employee loses motion to strike the term ‘insider trading’
