In the face of the growing number of scams plaguing the NFT industry, NFT marketplace OpenSea has launched a new feature to prevent future NFT scams, fraud, and hacks on its platform.
According to a Monday blog post, the new feature will automatically conceal suspicious NFT transactions from the general market.
The leading NFT marketplace recently came under fire for the rate at which non-fungible tokens (NFTs) were stolen and plagiarized on the platform. It believes that the new feature will help protect users from being scammed and ensure that only legitimate transactions are visible.
A recent blogby the project’s co-founder and CEO Derin Finzer revealed that the firm plans to make substantial investments in some key areas, including theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings.
The firm also set up a special moderation team to handle review and moderation. In addition, OpenSea intends to use "critical auto-detection" technologies to tackle copyright concerns and other fraud vectors henceforth.
Finzer insists that the overall performance of the platform will be improved if they succeed in fixing these types of issues in the system. It will help prevent unsolicited advertisements and bogus offers that may be found on open blockchains from being seen on OpenSea.
Moreover, the CEO tweeted on Tuesday that it is possible to get NFT transfers from individuals you don't know, just as with receiving an unwanted email. He added:
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.
Meanwhile, the NFT market is now under close observation by U.S. law enforcement. In particular, a former product manager at OpenSea, Nathaniel Chastain, was arrested and charged with wire fraud and money-laundering offenses.