Opensea rolls out features to hide suspicious NFT transfers as NFT trading volume decreases in the marketplace.
On Tuesday, the largest NFT marketplace, OpenSea, announced the implementation of a new tool to combat the growing amount of NFT scams, fraud, and hacking on OpenSea. To address core trust and safety issues on OpenSea, the new feature will automatically hide questionable NFT transfers.
OpenSea has been working to improve platform trust and safety. In 2022, the NFT marketplace intends to invest heavily in trust and security in a few key areas, including theft and fraud prevention, IP infringement throughout the Internet, scaling review and moderation, and reducing essential response times in high-touch areas.
On its official website, OpenSea announced the release of a new function that will automatically hide questionable NFT transfers from visibility on the NFT marketplace. An open and flexible blockchain environment, such as Ethereum, results in unanticipated NFT transfers from unknown individuals. These NFT transfers are used by scammers to lure people to examine an NFT listing that contains links to dangerous third-party websites.
In a tweet on June 14, OpenSea CEO Devin Finzer stated:
“Like receiving an unwanted email, it’s possible to receive NFT transfers from people you don’t know. 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.”
The feature has three updates: automated migration of suspect NFT transfers to a hidden folder, a periodic notice of questionable transfers to users, and new filter choices “Hidden by you” and “Auto-hidden.”
Over the coming few weeks and months, OpenSea will begin to push out the new capability to users. Furthermore, the corporation has requested customers to report any unusual behavior following the upgrade. Customers can get assistance from the support team.
Due to an increase in scams, fraud, and hacking, OpenSea’s NFT trading volume has decreased.
The proprietors of BAYC NFTs had sued OpenSea for NFT theft. Furthermore, the arrest of OpenSea’s former executive Nathaniel Chastain on wire fraud and money-laundering charges last week exacerbated the company’s troubles. As a result, the corporation intends to concentrate on market trust and safety measures.
