Meta Digest

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Home NFTs

NFT Marketplace OpenSea Updates Policy; Police Report Required for Stolen NFTs

by Clara Emily
August 15, 2022
in NFTs
OpenSea updates policy to require users to file a police report for stolen NFTs

OpenSea updates policy to require users to file a police report for stolen NFTs

153
SHARES
Share on FacebookShare on Twitter

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

Tags: Featured-topNFTOpenSeaPolicy
Clara Emily

Clara Emily

Clara Emily is a blogger, freelance writer, and blockchain enthusiast.

Latest

News

Elon Musk calls out report on SBF investment as ‘false’

January 24, 2023
DeFi

Ribbon Finance takes a dip in the crypto exchange space with Aevo

January 24, 2023
NFTs

Vaynerchuk and VeeFriends expand from NFTs to shelves as toys

January 24, 2023
Markets

Blockchain industry set to flourish in the Middle East

January 24, 2023
News

FTX struck with major debt to 50 creditors

January 24, 2023
NFTs

NFTs Provide a Way for Ukraine to Preserve Its Cultural DNA

January 24, 2023
News

Sam Bankman-Fried dismisses Argentina escape rumors

January 24, 2023
Crypto

Jon Tester, US Senator, still dismissive of crypto

January 24, 2023
NFTs

Gaming company Ubisoft goes back on NFT project and claims it’s in ‘research mode’

January 24, 2023

Meta Digest

  • Contact Us
Menu
  • Contact Us

Legal

  • Privacy Policy
  • Terms and Conditions
Menu
  • Privacy Policy
  • Terms and Conditions

Sitemap

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto

Connect with Us

Get our latest stories in the feed of your favorite networks

Connect with Us

Get our latest stories in the feed of your favorite networks

Stay In The Know

Subscribe for the latest PR advice.

SUBSCRIBE TODAY
Meta Digest is part of a NewsAnchored Network Publication.
© 2023 Meta Digest. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

Meta Digest

  • Contact Us
  • Contact Us

Legal

  • Privacy Policy
  • Terms and Conditions
  • Privacy Policy
  • Terms and Conditions

Sitemap

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto

Connect with Us

Get our latest stories in the feed of your favorite networks

Connect with Us

Get our latest stories in the feed of your favorite networks

Stay In The Know

Subscribe for the latest PR advice.

SUBSCRIBE TODAY
Meta Digest is part of a NewsAnchored Network Publication.
© 2023 Meta Digest. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

Meta Digest

  • Contact Us
  • Contact Us

Legal

  • Privacy Policy
  • Terms and Conditions
  • Privacy Policy
  • Terms and Conditions

Sitemap

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto

Connect with Us

Get our latest stories in the feed of your favorite networks

Meta Digest is part of a NewsAnchored Network Publication.
© 2023 Meta Digest.
All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY