OpenSea has recently become synonymous with NFT theft, scams, and plagiarized NFTs.
In light of the growing number of NFT scams, OpenSea has announced the launch of a new feature that will automatically hide suspicious NFT transfers from view on their marketplace. This will help to protect users from being scammed and ensure that only legitimate transactions are visible.
In light of this, OpenSea has announced the implementation of a new feature that is meant to solve this. The new feature will automatically hide suspicious NFT transfers from view on their marketplace. This is meant to help prevent users from being scammed by not exposing them to sketchy NFT transfers.
On Monday, via blog post, the company announced the feature in response to user concerns around the site’s safety.
OpenSea has been recently making moves to address other safety and security concerns as well. In the blog post, CEO and co-founder, Derin Finzer, laid out the company’s intentions to invest substantial efforts in improving areas regarding theft, IP infringement, scaling review and moderation, and reducing critical response times.
OpenSea has also established a special force moderation team to handle review and moderation. The company announced it will implement “critical auto-detection” technology to battle copyright and fraud concerns. The CEO stated that these changes will improve the site’s overall performance. Also preventing unsolicited ads and fraudulent items from being seen on the platform.
Earlier this week, Finzer sent out a tweet saying that it’s not impossible to receive NFT transfers from individuals you don’t know, just as you can get an email from someone you don’t know.
The NFT space is cooling down as the crypto market is spiraling downwards. Although the space has adopted more attention by U.S. law enforcement, as expressed by the arrest of Nathaniel Chastain, the former product manager for Opensea. Chastain was charged with multiple accounts, some being wire fraud and money laundering.
In 2021, when the NFT boom got underway, business at OpenSea increased dramatically. However, frequent hacks and fraud have left many investors dissatisfied with the platform’s efforts to compensate victims and combat theft.
The NFT boom took off in 2021, giving OpenSea high volume and profits; but since they’ve endured frequent hacks, and frauds have overcome the site, many investors have been left with a bad taste in their mouths. This gives the company much to compensate for.