For example, let's say you previously listed an NFT for sale on OpenSea. When listing the item, you would need to grant OpenSea the Approval permission for that specific asset, allowing them to transfer it to the buyer.
In the case of a phishing website, they exploit the permission you granted to OpenSea. They can use the signature format for listing assets on OpenSea and adjust the sale price to zero. So, when you choose to sign the transaction on the phishing website, they instantly transfer your NFT to their address.
By using Moonkat, you can examine the contents of the signature. This allows you to understand the potential outcomes when you sign the transaction.
For example, it could reveal that the signing results in the transfer of an NFT while receiving 1 ETH in return. This helps you avoid falling victim to phishing websites that offer NFTs for zero-cost purchases.