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Top NFT news: OpenSea introduces new stolen item policy to combat NFT theft

12-Aug-2022 By: Rohit Tripathi
Top NFT news: OpenSe

As asset theft remains one of the most serious concerns in the nonfungible token (NFT) space, NFT marketplace OpenSea is attempting to tailor its policy to include additional measures against stolen items.

In an announcement, the firm stated that its standards were developed in accordance with US law, which prohibits knowingly enabling the selling of stolen property. However, the marketplace acknowledged that in certain situations, purchasers who inadvertently purchased stolen things were penalized despite the fact that they were not at fault. Because of this, as well as comments from the NFT community, the marketplace has changed its policy to allow the use of police reports.

Previously, police records were used in heated confrontations on the platform. With the new update, they will be utilized to corroborate all stolen item complaints inside the NFT platform. In order to eliminate fraudulent reports, the site will allow the purchasing and selling of the reported item again if a police report is not received within seven days. Following this, the firm has taken attempts to simplify the process of reactivating the purchasing and selling functionalities after the stolen products have been found.

The NFT platform also stated that it is working on alternative methods to address the fundamental cause of NFT theft. According to the announcement, the firm is focused on automating threat and theft detection.

A Twitter user commended the action, calling it a good starting step and encouraging other platforms to follow suit, but also recommending that the subtleties of regulations from different nations be considered. On the other hand, some members of the community remain unsatisfied, resorting to Twitter to express their dissatisfaction.

In June, the NFT platform added new security elements to safeguard its consumers from NFT fraud. The function conceals NFT transfers that are automatically marked as suspicious. The purpose is to ensure that only legitimate transactions are visible in the marketplace.

Read also: Optimism TVL increases by around 300% M/M before The Merge upgrade.

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