OpenSea Unveils New Anti-fraud Features

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  • Leading NFT marketplace OpenSea has launched new features to detect stolen NFTs and scammers
  • The detection system operates on auto mode to help catch malicious actors in real time
  • It only takes seconds to detect fuzzy NFT copies

Leading NFT marketplace OpenSea has unveiled new features to stop the reselling of stolen NFTs. The system also detects scams by sniffing out malicious links from a mile away, safeguarding users’ virtual assets from falling in the wrong hands. Although the features block stolen NFTs from being resold on the platform, stolen assets can still find their way into the wallets of unsuspecting collectors on other marketplaces that don’t have similar detection features.

No False Positives

Dubbed ‘Low Latency Copy Mint Detection System,’ the new system can monitor the behaviour of smart contracts and tell whether they intend to steal NFTs from a user’s wallet. The system can also detect copies of NFTs regardless of whether the malicious actor has changed the dimensions or physical features of the original NFT.

According to the NFT marketplace, the new features will help bring together the NFT community by assisting them “identify authentic content with confidence […] and do so without false positives.”

Before the new system, it was relatively easy to buy stolen artworks on the platform since OpenSea put the burden of reporting stolen artworks on a holder’s shoulders before it disabled reselling.

Blocked on OpenSea but Still Available

Apart from its own evaluation, the system also interacts with external data sources to help catch more malicious actions before casualties are reported. However, the detection system is in its testing stage and it’s still being worked on to ensure it doesn’t identify a genuine link as a scam or an original NFT as stolen.

Unfortunately, a blocked NFT on OpenSea can still be traded on other marketplaces that don’t have stringent measures on stolen artworks or malicious links. The new features come roughly a month after the NFT marketplace activated a function that allows users to purchase or list NFTs in bulk. With stolen artworks and scammers roaming the NFT world, it’s not yet clear whether other marketplaces will introduce similar functionality.