OpenSea will introduce a "3-hour holding protection period" mechanism to mitigate the risk of theft

OpenSea announced that it will introduce a "3-hour holding protection period" mechanism to mitigate the risks associated with theft. Sellers will not be able to accept offers for certain NFTs within 3 hours of certain transfers and sales. However, by using DelegateCash, an encrypted delegation platform, transfers between hot and cold wallets will not be affected. Rapid transfers and resales accepted through offers could indicate suspicious activity, OpenSea explained. This 3-hour protection period helps OpenSea, the community, and victims of theft discover stolen items, while also reducing the likelihood of buyers ending up with items that are later reported stolen. DelegateCash is a decentralized registry that helps users associate trusted wallets. OpenSea will read the on-chain registry of users of the platform, so that a smooth buying and selling experience can be obtained while being protected.