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OpenSea adds new security features amidst NFT market downturn

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OpenSea adds new security features amidst NFT market downturn

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OpenSea, the most popular NFT marketplace, has announced a new security feature to protect its users from the growing number of scams in the NFT space.

It comes at a time when the company is under increasing fire for the proliferation of stolen and plagiarised NFTs passing through its site.

The feature will automatically hide suspicious NFT transfers from being viewed on the OpenSea marketplace. The company hopes this will help to protect users from falling for scam projects and ensure only legitimate transactions can be viewed.

According to a company blog post, the feature will automatically detect and conceal suspicious NFT transfers in response to worries around trust and security on OpenSea.

The company has been pouring resources into enhancing trust and safety on its platform in recent months. It is set to make a number of investment across a range of areas, including theft prevention, IP infringement, scaling review and moderation, and reducing critical response times, according to co-founder and CEO Derin Finzer.

OpenSea has also established a special moderation team for better handling of reviews and moderation issues. It even plans to use “critical auto-detection” for future copyright concerns and potential fraud vectors moving forward.

Finzer believes that removing these types of items from the platform will improve its overall performance. It will also prevent unsolicited advertisements and fraudulent items that may be found on open blockchains from being seen on OpenSea.

Whilst these latest safety measures may be well received, they come as demand for NFTs is plummeting in unison with the cryptocurrency market.

During the height of the NFT boom in 2021 and early 2022, OpenSea saw its monthly sales hit billions of dollars. However, frequent hacks and fraud have left many investors dissatisfied with the platform’s efforts to compensate victims and combat theft.

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Tags: Cyber security, NFT, OpenSea



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