The new feature that “automatically hides suspicious NFT transfers from view on OpenSea” will stop several malicious attacks with third party sites attached, enhancing user confidence in navigating through the marketplace.
These steps are one of many that will be implemented to “combat new scams and theft techniques as soon as we see them emerging” leaving security a high priority and has been long awaited by the community. Since they operate as the largest NFT marketplace on Ethereum and Polygon, they must keep a step ahead of potential threats.
Phishing Attack
This year, around February, OpenSea users lost hundreds of NFT’s estimated at $1.7 million through an orchestrated phishing attack. A critical event that highlighted certain vulnerabilities and the importance of virtual security.
Devin Finzer, Co-Founder of OpenSea has shared his thoughts by commenting “We at OpenSea feel a huge responsibility to ensure our users are safe” against plagiarism, IP infringement, and fraud.
Launching the new verification system enables the identification and authentication of accounts and content more thoroughly, which helps keep scammers out. Also, their copymint prevention system is one of the most sophisticated spam and fraud reduction tool they’ve built, which uses image recognition technology to scan NFT’s.
New Team
Furthermore, OpenSea has established a new moderation team to handle review and moderation. For copyright concerns and other fraud vectors going forward, it will use “critical auto-detection” technologies. According to Finzer, 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.