OpenSea NFT Gifting Feature Raises Concerns About Mislabeled Transactions

A new “gift” feature in leading NFT marketplace OpenSea is causing confusion around disguised transactions. This is something that can be exploited by predatory NFT traders.

NFTs— Own blockchain token It indicates ownership of the digital item and can now be sent directly. wallet During the purchase process on OpenSea.This means traders can buy NFTs ethereum Deliver NFTs from one wallet to another in a single transaction.

And some third-party wallet trackers, transaction apps that monitor NFT purchases by influencers and celebrities, can pretend to be gift recipients with a new feature released Friday. Purchase an NFT for yourself.

According to a Twitter post by the pseudonymous founder of Metaverse HQ “JakeandBake”, the feature has already been “abused” to make it appear that celebrities and influencers such as Gary Vaynerchuk are buying NFTs from various collections. It is said that

While this may not be an issue for casual NFT traders, it can be misleading for more serious traders who track the buying activity of celebrities and influencers into buying a particular collection. of NFT traders buy and sell assets based on “Smart Money” Trader Copy what you do.someone in particular It has a cult following, like Gary Vaynerchuk investing in his collection.

“Hmm, first [please]— nobody buys anything [sic] Because I do, ”said Vaynerchuk murmuredhe added that he hopes the issue will be “solved.”

“Don’t buy based on me,” he stressed.

NFT influencer Farokh Sarmad similarly expressed concern about the new feature. “Oh man, this is the worst update I’ve ever seen,” he said. murmured.

An OpenSea representative confirmed the issue via email. Decryption But I emphasized that the problem is “not abuse” but “result of data misunderstanding”.

“It appears that a third-party wallet tracker is incorrectly classifying these actions as purchases by gift recipients.” the company is Tweet.

The company also Said “We could have done a better job of drawing attention to third-party apps and developers as we need to tweak how transaction data is presented.

Despite OpenSea’s new features, Ninjalerts, an aggregator of “most important NFT buyers,” according to its Twitter page, said its data is still accurate. ‘That’s not true for Ninjalerts,’ says CEO trevor.btc tweeted yesterday“We are looking at raw blockchain data and do not rely on the OpenSea API. Only wallet trackers that rely on the OpenSea API will be exploited.”

Another NFT wallet tracker, Moby Insights, said it has already released a hotfix for the new features. “The way transfers were read from the chain was still open to exploits,” said the platform official. I have written on Twitter. “We have released a fix for this issue.”

This isn’t the first time OpenSea’s API has raised concerns. Back in January, UI bug Allowed some opportunistic buyers to snatch Boad Ape Yacht Club NFTs with old list prices that were not clearly displayed on the site.