Following user pressure, the top NFT marketplace, OpenSea, has changed its stolen items policy.
Controversial OpenSea stolen NFTs policy
The top NFT marketplace, OpenSea, has confirmed changes to its stolen NFT policy. In summary, for all future reports, if there is no police report within seven days, the platform will re-enable the buying and selling of any allegedly stolen item. Aside from that, they are re-enabling buying and selling NFTs for those who previously reported them as stolen.
They have also announced their long-term plans for the issue, which include focusing on finding solutions that address the root cause of the problem (issues with stolen NFTs). Open Sea’s efforts to improve the marketability of NFT
Open Sea also stated that it is working on developing a technology that will potentially eliminate theft from the market. In addition, the company is also reportedly developing technology that detects threats and thefts before they occur.
The news that Open Sea was revising its policy elicited mixed reactions from users. Some praised the report, saying it had been long overdue and was a step in the right direction. However, others chastised Open Sea for taking such a late step and not being concerned about their NFTs.