OpenSea NFT Marketplace reveals new policy to counter NFT Scams

NFT scams or say, asset theft, remains one of the challenging issues in the nonfungible token space. NFT marketplace OpenSea is making an effort to bring new policies to include additional measures against stolen items. 

nft-marketplace-opensea-new-policy

In its announcement, the firm emphasized that its policies were made viewing United States laws. The sale of stolen items is restricted. Still, the marketplace acknowledged that in some cases, buyers who unknowingly purchased stolen items were penalized even though they were not at blame. Because of such instances and the NFT community’s feedback, the marketplace has altered its policy to extend the use of police reports.

Series of tweets from OpenSea,

Formerly, police reports were used within the platform in escalated conflicts. With the new update, these reports now will be used to confirm all stolen item reports within the NFT platform. Without a police report in a span of seven days, the platform will facilitate the buying and selling of the registered item again to avoid fake reports. Following this, the company has also made efforts to facilitate the process of re-enabling the buying and selling features once the stolen items are retrieved.

The NFT platform also underlined that it’s working to find other solutions to counter the problem of NFT theft at its roots. According to the statement, the company is working on automating threat and theft detection.

Also read, MetaMask unfolds an update for preventing NFT Scams

Community Response on OpenSea’s announcement

A Twitter user hailed the move. The user describes the move as a good first step and urges other platforms to follow. In addition, the user suggests the consideration of the nuances of laws from other countries as well. On the other hand, some community members are still displeased, taking to Twitter to convey their issues. A user mentions:

Another user asserted that they had purchased a stolen NFT unknowingly, and the support staff at OpenSea suggested that the user sell it on another NFT marketplace.

A couple of months back, the NFT platform promoted additional security features to rescue its users from NFT scams. The feature conceals NFT transfers that are found suspicious automatically. The purpose of this is to secure that only legitimate transactions are visible in the marketplace.


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