Leading NFT marketplace OpenSea recently announced on social media that it has added a new NFT protection to its platform designed to minimize suspicious activity. For some transactions that were active at the time of the bid but were later flagged as stolen NFTs, OpenSea will check the NFT item status before accepting the bid. OpenSea stated that this mechanism has been included in the Seaport 1.4 version update. If the NFT status changes, such as being marked as a stolen NFT, the transaction will be rejected.
In addition to the new measures, OpenSea previously instituted a policy requiring users to wait 3 hours after transferring funds before accepting bids. This is in contrast to Blur, which only requires users to wait 1 hour after transferring funds before accepting bids.
OpenSea’s latest move comes in response to growing concerns over increasing scams and fraud in the NFT marketplace. By implementing this measure, OpenSea hopes to provide a safer and more trustworthy platform for its users and prevent potential losses due to fraudulent activities.
OpenSea isn’t the only platform taking steps to prevent NFT fraud. Other major NFT marketplaces like Nifty Gateway and SuperRare have also implemented their own security measures to protect users’ assets.
As the NFT market continues to grow rapidly, platforms must prioritize the security of user assets. OpenSea’s move to check the status of projects before accepting bids is a step in the right direction, and other platforms are expected to follow suit.