OpenSea has made a new rule about stolen items to stop people from taking NFTs.
Asset theft is still one of the biggest problems in the nonfungible token (NFT) space, so the NFT marketplace OpenSea is trying to change its policy to protect against stolen items in more ways.
In a statement, the company said that its standards were made in line with US law, which says that it is illegal to knowingly make it possible for stolen goods to be sold. But the market acknowledged that buyers who bought stolen items without knowing it were sometimes punished even though they were not at fault. Because of this and what people in the NFT community said, the marketplace has changed its rules so that police reports can be used.
In heated arguments on the site in the past, police records were used. With the next version of the NFT platform, they will be used to back up any claims of stolen items. So that fake complaints don’t happen, the site will let the reported item be bought and sold again if a police report isn’t filed within seven days. After this happened, the company has tried to make it easier to turn on the buying and selling functions again after the stolen goods have been found.
The NFT platform also said that it is working on other ways to deal with the main reason why NFTs are stolen. The company’s main goal, according to the release, is to automate how it finds threats and thefts.
A Twitter user praised the move, calling it a good first step and encouraging other platforms to do the same. They also suggested that the differences in rules between countries be taken into account. On the other hand, some people in the community are still unhappy and use Twitter to talk about it. One person said:
“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.”
Another user told the OpenSea support team that they had gotten a stolen NFT by accident, and they suggested that the user sell it on another NFT marketplace.
In June, the NFT platform added new security features to keep its users safe from NFT frauds. The function hides NFT transfers that are marked as suspicious by default. The goal is to have only real transactions show up in the marketplace.