Meta Digest

OpenSea Adds Security Features Amid Declining NFT Sales

OpenSea's security gets major boost to thwart theft

OpenSea, the world’s first decentralized marketplace for NFTs and other crypto-collectibles, has been combating plagiarism. Recently, they announced that their platform will feature an anti-theft system which rewards users who take action against stolen or plagiarized content on OpenSea.

The new feature will protect users from getting scammed by hiding suspicious transfers on the marketplace. It ensures only legitimate protections are visible.

OpenSea is building new features to address user concerns regarding trust and safety on the platform.

Read also: The Crypto Market Crashed Once Again On June 6

In an effort to strengthen the user’s trust and safety in NFT transactions, OpenSea will make substantial investments into various important areas such as theft prevention through IP infringement tracking. They are also aiming for a high scale review with their moderation team so that users can feel secure when purchasing or selling goods on this platform, as shared by CEO Derin Finzer.

The OpenSea team has set up a special moderation group to handle review and feedback from their users.

With the new “critical-aid-detection” technologies, users will be protected from any future fraud or copyright concerns.

Finzer says that by removing similar items from OpenSea, they can improve the overall performance of this platform and stop any unsolicited advertisements or fraudulent blockchain posts from gaining more visibility on the site.

Derin Finzer posted on Twitter that it’s possible for users to get unsolicited NFT transfers from strangers. 

“Like receiving an unwanted email, it’s possible to receive NFT transfers from people you don’t know,” he tweeted. “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 OpenSea Safety measures will be arriving just as the crypto market is cooling down, which coincides with the decline in NFT sales.

The arrest of Nathaniel Chastain is just one example in a series that has shown us how law enforcement continues to be interested and involved with the developing economies.

The former product manager at OpenSea, Chastain was charged with wire fraud and money-laundering offenses.

The NFT boom has been incredible for OpenSea, but the frequency of hacks and fraudulent activity left many users unsatisfied with its efforts to compensate victims or provide a countermeasure.

Read also: Seth Green Welcomes Fred Simian Back Into His NFT Wallet

Opinions expressed by Meta Digest contributors are their own.