- OpenSea announced the introduction of a new mechanism called the “3-Hour Hold Period.”
- The mechanism is intended to mitigate theft-related risk.
- The platform said that the timeframe helps the theft victims detect stolen items.
OpenSea, the American NFT marketplace, announced the introduction of the novel mechanism called the “3-Hour Hold Period” intended to “mitigate theft-related risk.”
In the early hours of February 3, the platform declared the launch adding that the transfers between the hot and cold wallets won’t be affected in a tweet:
Introducing OpenSea’s 3hr Hold PeriodTo mitigate theft-related risk, sellers will be prevented from accepting offers on certain items for 3 hours after some transfers and sales. But don’t worry–with @DelegateCash, hotcold wallet transfers won't be affected@nanzbonanz pic.twitter.com/zjKYP7oXK4
— OpenSea (@opensea) February 2, 2023
After the implementation of the mechanism, the platform ensured that the sellers will be prevented from accepting offers on certain items for 3 hours after some transfers and sales.
In a series of tweets, OpenSea provided a detailed description of the various featu…
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