OpenSea, a prominent cryptocurrency start-up, has recently come under fire for using non-fungible tokens that were either plagiarized or stolen (NFTs). As the frequency of NFT frauds increases, OpenSea has announced the implementation of a unique function that will automatically hide suspect NFT transactions from being seen on the market. Customers will be better protected from scams and only legal transfers will be displayed as a result of this.
On Monday, OpenSea published a blog post stating that the new feature would hide any suspicious NFT transactions by default to address the main concerns about the platform’s safety and trustworthiness. In recent months, the venue has focused on enhancing these aspects.
Because of this, a new blog post by Derin Finzer claims that its non-fungible token marketplace will invest heavily in several key areas to enhance security and trust, including measures to prevent theft, moderation and the review of scaling, and intellectual property infringement (the co-founder of the project).
Furthermore, OpenSea has set up an exclusive moderating committee to handle moderation and review. For apprehensions relating to copyrights and the rest of the fraud instances, several technologies will be applied by the platform for vital auto-detection. According to Finzer, the venue’s overall performance can be improved by removing such items. OpenSea users will be unable to see any scam-based products or unsolicited marketing from public blockchain networks.
Earlier this week, the CEO of OpenSea tweeted that NFT transactions can be collected from someone you don’t know while also obtaining an unwanted email address. According to him, they’ve recently seen scammers who use transactions as a way to persuade customers to click on links to third-party websites. He added that avoiding this particular scam is helped by their exclusive release.
A consistent downward trend is emerging in the cryptocurrency market as a direct result of the new safety procedures that have been put into place by OpenSea. These procedures have been seen to be responsible for the recent drop in demand for non-fungible tokens. OpenSea’s former product manager Nathaniel Chastain, who’d been accused of laundering money and wire fraud, shows that law enforcement in the United States is not blind to the current economic climate.