OpenSea, the world’s premier marketplace for non-fungible tokens (NFTs), is well aware that scams and thefts are widespread in the space.
These issues frequently frighten both artists and collectors, discouraging them from selling or buying.
OpenSea developed two new solutions to address these outstanding risks: Malicious URL Detection and Removal and Theft Detection and Disablement.
The first solution scans URLs shared on OpenSea to identify whether they are potentially malicious by comparing them to a list of known malicious sites. In addition to scanning URLs, the system analyzes interactions and transactions to detect additional fraudulent activities such as signature farming and wallet draining.
The second solution detects NFT theft in real-time and prevents criminals from reselling stolen items right away. Transactions showing suspicious behavior will be temporarily blocked, and the previous owner will be contacted via email, with the option to identify and authorize the transaction or decline it.
OpenSea is undertaking several steps to improve the user experience on its marketplace for both collectors and artists, while also attempting to safeguard all transactions and keep malicious ones out.