As asset theft continues to be one of the biggest headaches in the non-fungible tokens (NFT), OpenSea is making an effort to adapt its policy to incorporate additional measures against stolen items.
In an announcement, the company noted that its policies were made with U.S. law in mind, where knowingly allowing stolen items to be sold is prohibited. However, the market admitted that, in some cases, buyers who unknowingly purchased stolen items were penalized even if they were not at fault. Due to this and feedback from the NFT community, the market has adjusted its policy to expand the use of police reports.
Previously, police complaints were used within the platform in disputes that had escalated. With the new update, they will be used to confirm all reports of stolen items within the NFT platform. If there is no police report within seven days, the platform will allow the reported item to be bought and sold again to avoid false reports. In addition, the company has also made efforts to facilitate the process of re-enabling the buying and selling functions once the stolen items are recovered.
The NFT platform has also highlighted that it is working on finding other solutions to root out the NFT theft problem. According to the announcement, the company is working on automating threat and theft detection.
a Twitter user praise the move, describing it as a good first step, and encouraged other platforms to follow suit, while suggesting nuances in other countries’ laws should also be taken into account. On the other hand, some members of the community are still unhappy and take to Twitter to report their problems. One user wrote:
That’s funny because when my NFT was stolen, both Opensea and the NFT Company that created it, pretty much told me to go to hell. What a change in attitude. I guess it only matters when 1000s of people are complaining
— CompassionateNFTkidz (@COMPASSIONTENFT) August 11, 2022
“It’s funny because when my NFT was stolen, both Opensea and the company that created it more or less told me to go to hell. What a change in attitude. I guess it only matters when a lot of people complain.”
Meanwhile, another user he claimed that he had unknowingly purchased a stolen NFT, and OpenSea support staff recommended that he sell it on another NFT market.
In June, the NFT platform enabled additional security features to protect its users from NFT scams. The feature automatically hides NFT transfers marked as suspicious. The purpose of this is to ensure that only legitimate transactions are visible on the market.
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