Wednesday, September 27, 2023
HomeOpenseaOpenSea NFT Gifting Feature Poses Threats Of NFT Scams

OpenSea NFT Gifting Feature Poses Threats Of NFT Scams

Popular NFT marketplace OpenSea’s latest ‘gift’ feature is confusing users about ‘mislabeled’ transactions as it can pose a threat to NFT fraud. This new feature could be an exploit tool for NFT scammers.

NFTs can now be sent directly to any OpenSea wallet in a single transaction. Thus, a buyer can buy her NFTs on Ethereum from one wallet and deliver the replacement token to another wallet during the transaction process. According to OpenSea, the feature was intended to save gas for users.

However, a major problem is that some third-party wallet trackers make the gift recipient look like the actual purchaser of the NFT. 3rd party wallet tracker for beginners is a trading app that tracks an influencer’s or celebrity’s NFT transactions. So this feature could be a means to carry out his NFT scam.

Also Read: The 10 Most Common NFT Scams and Techniques to Avoid Them

A Twitter post by the pseudonymous founder of Metaverse HQ, “JakeandBake,” reveals that this feature is already being used by bad actors. Yes, this feature is said to be used by NFT influencers like Gary Vaynerchuk and Pranksy to make it look like they’re buying his NFTs from multiple collections.

The hoax was first brought to light by Twitter accounts brawlers42 and GrapeDutch619.

Gary came up with response In response, he said he hoped the issue would be resolved so that people would not be deceived.

In response to these tweets, OpenSea states that its activity feed and API can distinguish between regular purchases and purchases in another wallet in the following ways:

  1. The “buy another wallet” transaction has a different “receiving” wallet for the sell event and the transfer event.
  2. “Normal” transactions have the same “receiving” wallet for sale and transfer events.

Acknowledging the aforementioned twitter handle flagging, OpenSea also tweeted: we are doing this job now. ”

Also Read: MetaMask announces upgrades to prevent NFT fraud

- Advertisment -
Google search engine

Most Popular

Recent Comments