The biggest NFTs trade platform introduced a new security feature to save the platform users from any kind of scam.
OpenSea is an NFTs trade platform. Right now this exchange is standing at first rank, in terms of the highest NFTs trade volume contributor. In the past few months, OpenSea faced huge criticism because of its action against the NFTs-related scam like suspicious NFTs transactions and theft of NFTs trade.
OpenSea announced a new security feature update in its platform. The new feature will automatically hide suspicious NFTs transactions. It will help the OpenSea platform’ NFTs traders to remain away from illicit or suspicious types of NFTs transactions.
Recently OpenSea focussed on increasing trust and safety on the platform among the NFTs traders. The NFT marketplace also aims to make substantial investments in several important areas to secure trust and safety, including theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings, as per a recent blog by the project’s co-founder and CEO Derin Finzer.
Besides these things, OpenSea also established its special team, which works as a moderation team. This team reviews and moderates For copyright concerns and other fraud vectors going forward, it will use “critical auto-detection” technologies to combat illegal NFTs-associated activities easily.
On 14 June, OpenSea CEO talked about the scams and explained how NFTs can be stolen from an individual just via an email.
“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.”
It is worth noting that such decisions are coming from the OpenSea platform at that time frame, where NFTs trade activities are getting down because of the crypto winter situation.
In 2021, the majority of the NFTs trade marketplace grabbed huge attention and secured huge revenue but the current situation is showing that NFTs businesses will face huge downfall in revenue.