OpenSea Launches a “3-Hour Hold Period”; A New Safety Enhancement

• 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:

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 features of the new project. Initially, the platform unfolded the application of the “three hours”, stating:

Speedy transfers and resales through offer acceptances can indicate suspicious activity. This timeframe helps OpenSea, our community, and theft victims detect stolen items while also lessening the chance that buyers end up with an item that’s later reported stolen.

Significantly, OpenSea referred to DelegateCash, the decentralized registry designated to protect the user’s “trusted wallets”.

In addition, the platform says:

OpenSea will read from their on-chain registry so you can have a smooth buying and selling experience while staying protected.

Furthermore, OpenSea invited the community’s attention to the possibilities of the company adopting more strategies and mechanisms, posting “expect more safety enhancements to come”.

Notably, the company’s announcement was received by multiple comments, more criticizing the mechanism. In specific, there were many questions raised against the “three hours” period, asking how it would be possible to know if “something is stolen in that timeframe”.