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NFT Marketplace Introduces New Security Features

OpenSea, counted among the top crypto startups, has recently undergone considerable criticism for plagiarized and stolen non-fungible tokens (NFTs). In line with the growing number of scams within the NFT space, OpenSea has declared to launch a unique feature responsible for automatically concealing suspicious NFT transactions from being viewed on the marketplace. In this way, the customers will be assisted in being protected from the scams and it will be ensured that just legal transfers are shown.

As per the blog post published on Monday, with the latest feature, the suspected NFT transactions will be by default hidden to cope with the chief apprehensions dealing with safety and trust on the platform of OpenSea. The venue has recently been concentrating on enhancing these factors.

Its marketplace of non-fungible tokens will make many investments in several key areas to improve safety as well as trust, taking into account prevention from theft, moderation, and review of scaling, IP infringement, as well as minimizing the critical incident response times (CIRTs) in the high-touch atmosphere, according to a new blog by Derin Finzer (the co-founder of the project).

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Moreover, an exclusive moderation group has been established by OpenSea to tackle moderation and review. For apprehensions related to copyrights and the rest of the fraud incidents, some technologies will be utilized by the platform for critical auto-detection. In the words of Finzer, eliminating such item types from the venue will boost the overall performance thereof. It will additionally prohibit unsolicited promotions as well as scam-based goods, that may be present on public blockchain networks, from being witnessed on OpenSea.

The CEO of OpenSea shared a Twitter post on Tuesday saying that the NFT transactions can be obtained from individuals that are unknown to someone, at the same time as acquiring an undesirable email. He stated that they have recently witnessed scammers who utilize respective transactions to attract people to open links directing to bad, third-party websites. He mentioned that their exclusive release is supportive of avoiding this unique scam.

The innovative safety procedures implemented by OpenSea are witnessed with the decrease taking place in the demand for non-fungible tokens and a continuous downtrend is occurring in the crypto market. The progressing economy is not being ignored by the law enforcement of the United States as demonstrated by the detainment of OpenSea’s ex-product manager, Nathaniel Chastain, who was accused of money laundering as well as wire fraud offenses.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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