As the number of fake NFTs goes up, Web3 systems are under more pressure to come up with ways to find and manage stolen assets. As the biggest NFT market, OpenSea has had to carry the weight of this Web3 obligation. However, their plan to block flagged properties has gotten a lot of negative feedback, especially from customers who didn’t realize they were buying stolen NFTs.
In response, OpenSea said on Wednesday via Twitter that it would change how it handles NFT assets that have been reported as stolen.
Before, OpenSea wouldn’t let stolen assets be bought, sold, or transferred on its platform while it looked into each case. This made it hard to know how long it would take to get access to these NFTs and their value.
OpenSea said in a tweet that it will ,” OpenSea composed that it will certainly currently need a cops record to be sent within 7 days of flagging an NFT as taken. The industry keeps in mind that it has actually done this in the past for “intensified conflicts.”
This step is meant to keep records from being wrong. If a police report isn’t turned in on time, the items will be held for longer.
OpenSea also says that it would make it easier for a client to cancel a claim after getting their stolen NFT back or if they want to delete a record.
Thursday, OpenSea made it clear that the police record request would only be used for new cases involving stolen NFTs and not for cases that are already going on. “If we used this retroactively, we would certainly be asking months or weeks later on for them to take an extra action, when they would certainly (ideally) place this behind them,” the industry said in a tweet.
A Non-Fungible Token (NFT) is a blockchain-based token that shows ownership of an item. These tokens are often used for buying electronic goods. Artwork, account photos, electronic artifacts, and even video game items are all popular ways to use NFT. OpenSea is the leader in the NFT market and trades billions of dollars worth of assets every month.