According to him, the marketplace created several important technical systems that help the team promote authentic content and reduce fraudulent content in the first half of 2022.
Among the solutions implemented, he listed:
- New verification mechanism that identifies authentic accounts more clearly;
- Copy protection tool with image recognition technology to scan NFT and identify duplicates;
- Improved search engine that optimizes output for users of authentic content.
Other product enhancements in this area include:
- In-Product Reporting – helps OpenSea specialists respond to user reports of suspicious items;
- Account Compromise Tool – a tool that allows you to prohibit NFT listing in a wallet using the platform interface, in case it is compromised;
- Proactive Account Suspensions – a proactive system for blocking marketplace services to suspected fraudulent accounts;
- Smart Moderation Tools – tools for tracking problematic collections and taking action.
In addition to technology measures, OpenSea has also increased its user support and security team to 200 people.
Finzer also announced “significant investments” by the end of 2022 in several key areas, including:
- Theft and fraud prevention in collaboration with marketplaces, wallet providers and other marketers;
- Protecting intellectual property online, again in partnership with third parties;
- Scaling the review and moderation of content on the platform;
- Shortening response time to user alerts with critical issues.
Recall that in February, OpenSea reported that more than 80% of the NFTs created with the free release option were plagiarized, fake, or spam.