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The NFT sector has been extremely successful ever since it blew up in early 2021, but this success also brought a negative side — a rise in NFT scams and fraud. Now, in fear of fraudsters and scammers targeting its own community, metaverse project The Sandbox decided to up its security by hiring a well-known cybersecurity company BrandShield.
The project hopes that the security firm will be able to ensure the safety of crypto wallets and NFTs in its marketplace.
The Sandbox hires a security professional
The Sandbox is one of the highest-ranking metaverse projects, allowing users to create their own metaverse-based P2E games and monetize their activity in blockchain-based virtual lands. However, with the recent string of exploits targeting NFT projects and their communities, the project is growing increasingly concerned that the cases of fraud might target its own people.
The Sandbox, therefore, concluded that there is a need for increased vigilance, with its COO, Sebastien Borget, noting that users need to be able to enjoy their digital ownership rights and have new ways to create a store and trade value. The idea is for this to be fun and not a stressful experience with doubt and concern about online threats constantly in the back of the users’ minds.
So far, BrandShield has proven its ability to monitor the market and offer reliable protection from attacks, which is why The Sandbox chose it as its strategic partner. With BrandShield’s help, The Sandbox expects it will be able to identify threats faster and take action to prevent phishing attacks and various other dangers that could threaten its users. Anything from brand impersonators to bad actors will be quickly identified and dealt with, according to the project.
Why did The Sandbox choose BrandShields?
BrandShield’s technology allows the company to analyze and classify different threats, which further offers the opportunity to eliminate attacks targeting things like crypto wallets. The company can also evaluate threat levels from different platforms and entities online. The same is true when it comes to NFT-related websites, marketplaces, and alike. By analyzing them and seeking threats, the company can prevent the attacks before they happen.
So far, the company has had a flawless track record, with more than 120 phishing sites and 58 fake social media accounts taken down in March and April alone. The Sandbox noted that the BrandShields has eliminated accounts impersonating the metaverse platform, thus making it safe for the users to find the right one to follow and not fall for the scammers’ tricks.
Apart from securing its ecosystem, The Sandbox also intends to start educating its users with the goal of teaching them how scams work, how to recognize them, and what fraud prevention methods are there. Borget stated that the project’s highest priority now is to educate the community and help guide its members through community managers, customer support, and alike.
To learn more visit our Investing in The Sandbox guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.