The ETH-based virtual world taps a cyber security-based company to fight rising NFT fraud.
The Sandbox, a Hong Kong-based metaverse-driven gaming company that allows users to create and monetize their non-fungible tokens (NFTs), has recently revealed that it hired an online threat detection firm BrandShield.
According to the official announcement, The Sandbox will leverage the British strategic partner and its powerfully built anti-fraud solutions to provide more security to crypto wallets and non-fungible tokens (NFTs) on its marketplace.
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Sebastien Borget, COO of The Sandbox, noted that users in the metaverse should always feel safe while building, storing, and trading value. He believes that BrandShield is a perfect addition that will protect the metaverse gaming business against various phishing attacks and possible online threats.
On top of that, Borget also mentioned that the organization is planning to roll out some guidance programs for its wallet holders to help them protect their assets, as various phishing scams are on the rise. He added:
"Since the wallet is where their identification and ownership are stored, not on our servers, we must provide best practices and guidelines for our players and creators so they can remain vigilant against all external threats."
The Sandbox also revealed that BrandShield, analyzing and identifying threats that are undetectable by other cybersecurity technologies, has already helped the firm by shutting down around 58 false social media profiles and neutralizing 120 phishing websites, copying the metaverse-driven company.
According to some data, NFT sales have dropped by nearly 90% since September, owing to a slew of hacking incidents over the year. For instance, back in March, the gaming-focused Ronin Network suffered from the largest crypto-related hack in 2022, losing 173.6K Ethereum (ETH) and $25.5M worth of USDC.
Apart from the security concerns, last week, The Sandbox joined forces with the lifestyle brand Playboy to launch a social game MetaMansion, offering its players access to various social events, mini-games, and numerous non-fungible token (NFT) releases.
