One of the most popular NFT marketplaces, OpenSea, has announced the release of a new feature to improve platform security and user protection.
OpenSea, the leading NFT marketplace, is ramping up to strengthen its position in the face of competition from other players.
One of the most popular NFT marketplaces, OpenSea, has announced the release of a new feature aimed at improving platform security and user protection.
All suspicious NFT transfers on the platform will be rendered invisible by this new feature.
New Layers of Security
Only legitimate transfers will be displayed on the platform. In other words, this feature serves as an additional safeguard against fraudulent behavior approaching users.
OpenSea announced the launch of a new system in May to detect and validate plagiarized non-fungible tokens (NFTs). The latest additions are part of the company’s ongoing efforts to combat the growing issue of NFT fraud.
To detect fraudulent NFTs, OpenSea employs a two-part approach that combines image recognition technology and human assessment. To detect fraudulent NFTs, the system will employ a combination of both methods.
According to the company, its new technology will continuously scan all NFT collections for potential false NFTs. The assessor will then evaluate any suggested changes.
Better Oversight is Now Available
Because NFT creators frequently use aliases instead of real names, and NFT buyers frequently do, verifying the seller’s true identity has long been a problem in the world of NFTs. This allows NFT thieves and clones to flourish.
The increased number of phishing scams, according to Derin Finzer, CEO and co-founder of OpenSea, was the driving force behind the new development.
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.
All of the new security enhancements will almost certainly make it more difficult for NFT scammers.
As scammers’ tactics become more sophisticated, it is critical to improve the platform’s security system in order to protect the community while also preventing any potential risks.
The Seaport Protocol Improves Transaction Efficiency
Along with the new security features, OpenSea announced on Tuesday that the platform is transitioning to the Seaport protocol.
Seaport protocol, which began in May 2022, is a Web3 marketplace protocol for NFT that aims to make buying and selling NFTs more secure and efficient.
Despite its origins with OpenSea, the protocol will be managed by the community. The goal is to create a shared marketplace, an open valuable source for wide adoption.
On June 15, OpenSea announced that the platform would be renamed Seaport to provide users with more advanced capabilities.
New Features Should Be Beneficial
Seaport will provide a wide range of features, such as lower gas rates, more diverse NFT provisioning, and fees that will be eliminated entirely for new account creation, as well as signature alternatives that are more user-friendly for customers.
According to the company, the migration will save users 35% on gas fees when engaging in activities on Seaport.
Sellers will only have to pay a one-time fee per collection to sell NFT at the Seaport. OpenSea also adds capabilities such as the ability to buy multiple NFTs in a single transaction, real-time creator fees for multiple receivers, and item-by-item cost calculation.
Despite the current market downturn, OpenSea stated that it will maintain a large-scale recruitment strategy.
Meanwhile, the Binance and FTX exchanges have not changed their strategies and have continued to pursue their hiring and growth objectives.