By George Ward
The new feature would detect fraudulent links shared on the platform and identify stolen NFTs. Theft is a significant concern in the NFT marketplace, mainly with the rampant ‘wallet drainer’ exploitation.
Through this exploitation, ignorant collectors have completely ripped off their millions of dollars in assets, as no reversal can be done on a blockchain. Thus, the scam artists resell these stolen NFTs successfully.
Web3 builders are relentlessly trying to bring down the scam and theft ability of these Crypto and assets swindlers. They also aim to disable them from making profits off these NFTs’ sales. As a leader in this space, OpenSea released its two newly designed security features recently.
How Does The New Feature Work?
The new feature auto-scans all the links entered by users on the marketplace. Thus, once any of them indicates a scam at any point or tries to redirect the users to other websites with malicious codes that could take out the NFTs from one’s account, such a link is disabled instantly.
In addition, when a valid user signs a contract or transaction with a smart contract, the feature will fetch out the behavior that could suggest theft. OpenSea’s Vice president of Operations, Anne Fauvre-Willis, commented, “the feature is the kind of thing we desire in the simulation.”
OpenSea is willing to take disciplinary actions such as accounts ban, created NFT projects removal, and block on assets transfer against the scam link sharers.
How OpenSea Detects Threat
This feature auto-examines transfers of NFT for the possibility of exploits and temporarily blocks their resale on OpenSea. Before now, it was expected that victims should report theft cases on transactions for OpenSea to flag them down and block resale.
But this was usually too late, and it often caused issues with some collectors who claimed that OpenSea’s system was manipulated or responded too slowly. As a result, the platform took extra measures to require a police report for thefts from victims.
But now, the automated system secures NFTs on the platform with the speed of light. Fauvre-Willis announced that they are still testing their system and predicting scams.
However, it depends on several data sources for the industry, the processes followed during the inter-wallet transfer, and actions taken by wallets during the same period.
This new feature freezes flagged NFTs, preventing their resale on OpenSea. In addition, the system automatically sends an email to the previous owner of the asset to confirm if the NFT was stolen. If it wasn’t stolen or the mail is not responded to after seven days, it will be unfrozen and transferred to the new owner.
A Bright NFT Future Ahead
NFTs will no longer be flagged randomly on OpenSea without cause, causing users to no longer fear losing their assets. Additionally, OpenSea is doing all it can to curb scams and malicious acts completely.
Also, it works hand in hand with other firms like the makers of MetaMask and Coinbase Wallets. Now, they have an upgraded copymint system that can detect and kick out duplicated NFTs in seconds after minting.