25 April, 2024



OpenSea Introduces 3-Hour Hold Period in Efforts to Mitigate Theft Risks

03 Feb, 2023

21 Nov, 2023

As a result of the current turmoil in the NFT market caused by OpenSea’s irresponsible security rules, which are way too simple for hackers to circumvent and successfully sell stolen NFTs to customers who would subsequently not be able to resale them, OpenSea’s security has been called into question.

Now, the biggest NFT marketplace in the world has made the announcement that it will be adding a feature that is termed a three-hour hold in an effort to reduce the risk of theft-related losses. There will be a three-hour cooling down period after some transfers and sales, during which sellers won’t be able to accept bids on specific products.

The company has said that the reason it picked three hours is that rapid transfers and resales via offer acceptances might be seen as signs of fraudulent behavior. This timescale helps OpenSea, the NFT community, and victims of theft discover stolen things while also reducing the likelihood that purchasers will wind up with an item that will subsequently be reported stolen.

After falling victim to a phishing scam only a week ago, an NFT collector filed a lawsuit against OpenSea. The primary attorney for the collector pointed out that this is not a unique example and said that OpenSea sometimes overlooks problems.

This is due to the fact that he notified the company as soon as it took place, but he did not receive any kind of response from them, despite the fact that he emailed them multiple times. In addition to that, his account was disabled.

In related news, the online marketplace has announced the second phase of the Drops feature, which consists of the debut of a new set of tools for artists who launch their collections in collaboration with OpenSea.

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