It is clear that the non-fungible token (NFT) market has been plagued by hackers and fraudsters. This is something that happened in the cryptocurrency and blockchain markets as well. New technologies create new opportunities, but challenges arise. This is why ZenGo’s security team decided to create a new dashboard that will assist investors in detecting and monitoring NFT hacks on the OpenSea market.
ZenGo Creates NFT Dashboard to Detect Hacks on OpenSea
ZenGo and its security team created a new dashboard to help investors track and monitor NFT fraud and hacks using the NFT OpenSea marketplace. The goal is to help investors make sure that they know what they are investing in and avoid falling prey to hackers and fraudsters. This is especially important for the OpenSea NFT marketplace as it uses offline signatures.
The offline signature system is a secure method of authorizing transactions in the NFT marketplace, as it allows private keys to be kept offline, away from potential hacking attempts.
This dashboard is a valuable tool for investors in the NFT market, as it enables them to track and monitor their NFT holdings and detect any suspicious activity. The ZenGo security team’s straightforward method of comparing data makes it easy for investors to use and understand, ensuring that they can protect their NFT investments from bad actors seeking to exploit the growing market.
But how does this dashboard work? The dashboard will enable users to track NFT holdings and detect suspicious activity. By comparing market data, it is possible for investors to make sure that they protect their investments from bad actors, which are very common in this growing market.
The dashboard has accurately helped investors recognize close to $25 million worth of NFTs that were hacked using offline signatures. Therefore, we know that there could be new findings in the future and red flags for many other NFTs on OpenSea.
ZenGo’s security team explained:
“We believe this data, conveniently made available as a public dashboard with multiple charts and graphs, can serve as a highly valuable resource for other security researchers, NFT communities (that can filter the data to include only their NFT collections), and wallet users.”
It is worth pointing out that users will be able to have access to valuable information about hacks and NFTs. Moreover, they can get data about attacks, hacks collections and more. This could become one of the best tools for collectors to avoid becoming the next victim in the NFT market.
The NFT Market Needs Improvements
The NFT market has seen tremendous growth in recent years, with sales in the billions. However, this has also attracted bad actors who seek to exploit the market, making security improvements necessary.
Security is a key point that investors should consider before entering the market. Without understanding how blockchain technology works and how they can protect their assets, it could be very difficult for them to properly protect their funds and NFTs.
Another thing to take into account is the lack of standardization and transparency in NFT creation and sales. This challenge has led to scams and confusion among investors and creators, who struggle to determine the value of NFTs.
By improving security and standardization, industry leaders and regulators can foster a healthy and sustainable market, building trust and confidence among investors and creators. At the moment, ZenGo and many other private actors (including NFT marketplaces) are working in order to improve industry standards and offer better services and products to users from all around the world.