Image source: OpenSea
OpenSea, the popular NFT market, has been a victim of theft since NFTs started gaining popularity last year.
For over a year, fraud and theft of funds have been a recurring problem that leads people to lose their belongings or have their works stolen and sold.
As a result, OpenSea worked to improve their platform.
They have recently come up with a new policy.
Although the policy is meant to help them, it only seems to complicate matters for the victims.
The old policy
In the past, the platform has temporarily blocked access to stolen NFTs and the value that accompanies them.
In the meantime, OpenSea would investigate the matter and prevent the purchase, sale or transfer of the stolen assets on its platform.
Read also: OpenSea Adds Security Features Amid Declining NFT Sales
Announcement from OpenSea
Last Wednesday, OpenSea announced that it was changing the way it handles NFT assets that have been flagged as missing.
OpenSea wrote on Twitter:
“Our policy is designed to keep our community safe, but we know in some cases its side effects have damaged your trust in our platform. We’ve failed to proactively and transparently communicate the rationale behind our approach.”
“We’re in this together: as we work to make our users safer, it’s on us to keep you in the know.”
“So why do we have this policy? It is against US law to knowingly allow the sale and transfer of stolen items. We do not want to incentivize theft by allowing our platform to be used to help stolen items.”
The new policy
According to their announcement, users whose works or NFTs have been stolen and sold on OpenSea must file a police report to have them removed from the site.
This will prevent obvious “false reports” from penalizing people who accidentally purchase stolen NFTs.
“We’re expanding the ways we use police reports,” OpenSea tweeted.
“We’ve always used them for escalated disputes, but they’ll now be used to confirm all theft reports.”
“For all reports going forward, if we don’t receive a police report within seven days, we’ll re-enable buying and selling for the reported item. This change will help prevent false reports.”
Read also: Series C Funding Round Skyrockets OpenSea Value to Whopping $13 Billion
Results
The announcement divided people’s opinions. To some, the idea of calling the police to report a stolen NFT comes across as a laughable option.
NFT enthusiasts are relieved to see changes happening, especially with so many NFTs locked down due to theft reports.
Now that the policy is in effect and many other NFTs are available for purchase on OpenSea.
It remains to be seen how police — not just in the United States but around the world — will respond to such calls.
References:
Stolen NFT police replaced by OpenSea’s updates
Stolen NFTs will have to be reported to the police to be removed from OpenSea
