OpenSea revises stolen NFT policy

OpenSea revises stolen NFT policy

With NFT thefts on the rise, OpenSea – the world’s biggest NFT marketplace in terms of volumes – is making changes to its stolen NFT policy.

Previously, flagged assets on the platform were blocked from being sold or transferred. Opensea investigated each asset on a case-by-case basis, which meant an extended period of delay. The restriction was imposed to prevent illegitimate ownership. 

However, the policy was unfavorable for buyers who unknowingly purchased stolen NFTs. After episodes of backlash from the community, OpenSea has admitted that such buyers were wrongly penalized. 

In a bid to improve the experience, the marketplace has announced that it will revise its current norms. Users will now be required to submit a police report, which was earlier used only for escalated cases, within seven days for a flagged NFT asset. If a report isn’t submitted within the stipulated time, any hold on the items will be lifted unanimously.

“We’re making it easier for users who reported an item stolen to re-enable buying and selling when they recover the item OR determine they should withdraw their stolen item report. For example, we’re finalizing details on a simplified process that doesn’t require a notary,”

wrote the company in a twitter thread

OpenSea said that such policies were important because it is against the US law to allow the sale and transfer of stolen assets intentionally. It will also continue working to find alternate solutions around NFT thefts for the safety of its users. 

The NFT community welcomed the move and encouraged other platforms to make similar changes. 

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi. You'll spot him covering all topics through-out Coinmash - some say he's so good he doesn't even seem real.