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OpenSea Releasing New Security Functionality For User Protection Against NFT Scams

By Natalie Wu | June 16, 2022

World-tier crypto startup OpenSea has reportedly released a new functionality supporting the automatic concealation of suspicious NFT transfers from view on their marketplace.

Specifically, the new tool – developed as a responsive action for criticism OpenSea faced for stolen and plagiarized NFTs – will reportedly provide protection to users against scams, as well as making sure that only legitimate transactions can be viewed.

Per details included in a blog post on June 13th, the freshly rolled out functionality will suspicious NFT transfers in an automated manner, to tackle primary concerns associated with trust and safety on OpenSea.

OpenSea has recently been putting an extensive effort into trust and safety on the platform. The NFT marketplace will make substantial investments in a wide array of crucial aspectss for trust and safety, nominally theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings, as revealed by the initiative’s co-founder and CEO Derin Finzer.

Additionally, OpenSea has formed a special moderation division in charge of review and moderation. Regarding issues around copyright and other fraud vectors, it will employ “critical auto-detection” technologies moving forward. 

Per Finzer, eliminating these kinds of items from the platform will help streamline its overall performance. It will also prevent unsolicited advertisements and fraudulent items that may be found on open blockchains from being seen on OpenSea.

On June 14th, the Head of OpenSea took to Twitter to share the possibility of acquiring NFT transfers from individuals you don’t know, just as with receiving an unwanted 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.”

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