OpenSea will check the NFT project status before accepting the quotation

On March 14, the NFT market OpenSea announced on social media that its platform had added an NFT preferential protection measure to minimize suspicious activities on its platform. For some transactions that are valid at the time of quotation but are later marked as stolen NFT, OpenSea will check the status of NFT items before accepting the quotation. OpenSea said that this mechanism has been included in the Seaport 1.4 version update. If the NFT status changes (such as being marked as stolen NFT), the transaction will be rejected.

Interpretation of this information:

OpenSea, a prominent NFT market, recently announced that it has implemented a new feature to protect its platform from fraudulent activities. In a social media post made on March 14, the platform revealed that it has introduced an NFT preference protection measure that aims to prevent transactions involving stolen NFTs. With this mechanism, OpenSea will check the status of NFT items before accepting a quotation for a transaction. If the NFT status changes, such as being marked as a stolen NFT, the transaction will be rejected. The feature is reportedly part of the Seaport 1.4 version update.

The introduction of this new feature is undoubtedly a significant step towards ensuring that the NFT market remains safe and trustworthy, given the rise in fraudulent activities that have plagued the industry. OpenSea has taken a commendable initiative to protect its platform and the integrity of the NFT market, given the significant investment that individuals and businesses have been making in NFTs.

The NFT preference protection measure will likely serve as a deterrent to criminals who seek to exploit the NFT market for their own gain. It will also provide a sense of security to buyers and sellers who utilize OpenSea, by assuring them that transactions made through the platform are legitimate and secure.

The addition of this measure also highlights the platform’s commitment to ensuring that the NFT market remains an accessible and safe environment for all users. With this new feature, OpenSea has set a standard for other marketplaces to follow to combat fraudulent activities and maintain the trust of the community in the industry.

Overall, the NFT preference protection measure implemented by OpenSea will undoubtedly have a positive impact on the industry. By providing a layer of protection that had previously been absent, OpenSea has improved the platform’s overall security and provided a safer environment for users to conduct NFT transactions.