Fraudulence

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. OpenSea will check the NFT project status before accepting the quotation Analysis based on this information:The NFT market has been mushrooming lately, with artists and creators venturing into the world of blockchain to sell their unique works as non-fungible tokens. However, the ongoing craze around NFTs has also attracted the attention of hackers and fraudsters who seek to exploit the unregulated and anonymous nature of cryptocurrency transactions. To combat this issue,…