OpenSea collaborates with leading companies to form an NFT security task force, analyzing five key points to prevent risks during transactions.

The NFT trading platform OpenSea revealed at last year's NFT NYC conference that they are establishing an NFT Security Team. On the 17th, they also publicly announced the team members on their official blog and introduced five major security measures. In addition, OpenSea's monthly trading volume has surpassed the historical high in August last year, exceeding 3.5 billion US dollars.

NFT Security Group

"We believe that the security vulnerabilities of web3 will expand across platforms, and relevant individuals must take responsibility in this inevitable trend of decentralization. In simple terms, this field requires more collaboration to address the highest level of security challenges, which is why we announced the establishment of a private NFT Security Group," said Alex Atallah, co-founder of OpenSea.

According to the OpenSea official blog, this group will consist of well-known platforms and enterprises in the industry, with members such as Coinbase, Rarible, Alchemy, and Protocol Labs IPFS.

Key Focus of Security Group

After the establishment of the group, the following points will be the key focus for security measures:

1. Blockchain Consensus Security: Is the chain secure at the foundational level? Can transactions be forged? How risky are forks for consumers? What is the likelihood of Denial of Service (DoS) attacks?

2. Smart Contract Security: Is the code that manages token ownership and metadata secure? Do smart contracts execute as claimed by the protocol party, without any extra actions? To what extent do smart contracts rely on central wallet institutions for management?

3. Wallet Security: Are there vulnerabilities in the extensions and libraries that interact with wallets? Is the user interface susceptible to phishing attacks or other forms of fraud? Is the code behind smart contract wallets secure?

4. Metadata Security: Are the images, animations, features, and other metadata of NFTs displayed securely and truthfully to all users? Can they resist potential harm from any third-party systems?

5. Interoperability: While there hasn't been much interoperability in this field yet, it is expected to grow continuously. When one project includes NFTs from another project, are users aware of the implications? Can they agree to cross-project NFT behavior when necessary?

The importance of the above points increases in order from top to bottom. In the process of problem-solving, the OpenSea NFT Security Group will also focus on improving user education and user experience. Additionally, despite OpenSea being embroiled in an insider trading scandal last September, the recent fervor in the NFT trading market has seen trading volumes surpass historical records in January, exceeding $3.5 billion.