OpenSea is one of the most popular non-fungible token marketplaces. This reputation attracts not only collectors, but also pirates and scammers. To strengthen measures to combat NFT theft, the platform has added a new policy.
Buying stolen assets is forbidden on OpenSea
Instances of asset theft are becoming more prevalent in the NFT sector. Secondary markets like OpenSea are not spared. In February 2022, the platform accused of misappropriating $1.7 million worth of tokens after a phishing attack. The real problem is with the stolen items. Many users don’t know if the asset they are buying is from a theft or not.
In this case, it becomes impossible to resell the token on OpenSea, which has led to many complaints. A member had mentioned his situation and the platform would have asked him to sell on another marketplace.
To correct this, OpenSea made an announcement mentioning that its policy is based on the laws of the United States. It is therefore impossible for them to knowingly sell a stolen asset. However, it does admit cases involving the purchase of unknowingly stolen items. The current policy automatically penalized these people, hence the comments and complaints in the networks. To address this situation, the marketplace has updated its rules.
A new policy in the case of NFT theft?
The change is in the use of police reports in cases of NFT theft. These documents were only used in cases of aggravated litigation. The update allows these documents to be used to confirm all reports of stolen assets in OpenSea. If no police report arrives within 7 days of the report, the stolen NFT can be sold again on the platform.
OpenSea’s goal is to prevent false reports. As an accompaniment to the update, the platform has simplified the process to re-enable the buying and selling functions of recovered assets. To reduce cases of theft on the marketplace, the company is also preparing an automatic hijack detection system.
The problem of NFT theft, a subject that divides the community
NFT theft is a recurring problem on OpenSea since the beginning of 2022. Cryptoart artists feel powerless against the scourge. On the users’ side, the issue opens a debate.
Some observe the new update as a good decision. If the previous policy was based on the legislation of the United States, OpenSea should, in their opinion, also observe the laws of other countries. Others remain skeptical and unhappy.
One user responded to the company’s Tweet by referring to the late stance: “It’s funny because when my NFT was stolen, Opensea and the NFT company that created it, told me to go to hell. What a change in attitude! I guess it only matters when thousands of people complain,” he says.