OpenSea monitors for suspicious contract functionalities and behaviors.
This tool will automatically check any user-entered links on the marketplace.
Because of the immutability of blockchain transactions, theft has become a serious problem in the NFT industry. With attacks stealing millions of dollars’ worth of assets from unwary collectors.
Moreover, the situation becomes much more complicated when stolen goods are resold to those who aren’t on guard. Furthermore, to counteract this, Web3 developers are making strides to make it harder for crypto thieves to steal from and benefit from NFT sales. With the industry’s leading marketplace OpenSea taking the initiative.
Automated Analysis of NFT Transactions
Today, the company announced two new features meant to safeguard its customers from falling into scams. And to slow down criminals who try to sell stolen goods.
The OpenSea platform itself might be protected from potential harm. By enforcing stricter measures on the content of project descriptions and website icons. Moreover, this tool will automatically check any user-entered links on the marketplace and block those that lead to known scams or websites with harmful code that may steal NFTs from user’s wallet.
Furthermore, the programme, on the one hand, makes use of a blacklist that is constantly being updated with newly discovered vulnerabilities. Moreover, it may possibly clue OpenSea’s system onto dangers that have not yet been recognized by mimicking transactions via any wallet connection prompts on the associated website.
To protect its users, OpenSea monitors for suspicious contract functionalities and behaviors that might indicate an attack on user assets. Moreover, the second new theft prevention strategy implemented by OpenSea goes outside the scope of the marketplace to reduce the repercussions of a stolen NFT. To prevent stolen NFTs from being resold on OpenSea. This programme performs an automated analysis of NFT transactions and temporarily locks them out.