OpenSea, the biggest NFT marketplace in the world, has lately been at the center of a number of problems owing to the fact that its security mechanisms are too simple to circumvent by hackers who are attempting to sell stolen assets to customers without being discovered.
It seems that the company is trying to repair the damage done to its image with the most recent announcements.
OpenSea introduces a three-hour-hold period
OpenSea recently introduced a 3-hour hold period to mitigate the risk of theft-related activities. This measure is aimed at preventing sellers from accepting offers on certain items for 3 hours after some transfers and sales.
The hold period is crucial in ensuring the safety of transactions and that the digital assets are not stolen. The hold period of 3 hours was carefully selected to prevent any suspicious activity that could result from speedy transfers and resales.
This timeframe helps OpenSea, its community, and theft victims detect stolen items and lessens the chances that buyers end up with later reported stolen items. The 3-hour hold period is a significant step in ensuring the safety of transactions and keeping the platform secure.
OpenSea has also partnered with DelegateCash, a decentralized registry that associates your trusted wallets, to ensure a smooth buying and selling experience while staying protected.
DelegateCash is a critical component in the platform’s security measures and helps to prevent theft-related activities. OpenSea will read from the on-chain registry of DelegateCash to provide its users with a secure and seamless experience.
The company says it is committed to ensuring the safety of its users and their digital assets. The 3-hour hold period and the partnership with DelegateCash are just the beginning of many safety enhancements that will be introduced to the platform in the future.
The platform is continually working to improve its security measures to provide a safe and secure environment for its users to transact.
OpenSea announces the release of new tools for NFT creators
The company has also announced a new product offering for creators. This latest product offering will give creators the tools to deploy smart contracts across all supported Ethereum Virtual Machine (EVM) chains, configure drop mechanics, personalize landing pages, and more.
OpenSea has been working with 20 select partners to build the best-in-class drops experience, including multi-stage minting phases, allowlist support, and rich storytelling elements.
This new development is a significant milestone for OpenSea as it expands its product so that anyone can easily drop collections across any chain on OpenSea with an immersive and safe storefront.
Creators no longer need access to robust technical resources or expertise to launch their collections on OpenSea. This move will give creators more control and flexibility over their digital assets and how they are marketed and sold on the platform.
The immersive drop experience offered by OpenSea has been a huge draw for creators, giving them the ability to showcase their projects, brand, and art uniquely and engagingly.
OpenSea says its vision is to make it easy for anyone to drop collections on the platform, and this new offering takes them one step closer to achieving that goal.
This latest product offering is a game-changer for creators looking to launch their collections on the platform. With the ability to deploy smart contracts, configure drop mechanics, and personalize landing pages, creators now have more control and flexibility over their digital assets.