OpenSea Updates its Stolen NFT Protocol to Better Protect Users

Share on facebook
Share on twitter
Share on linkedin

Mighty NFT marketplace, OpenSea, has announced it will knuckle down on its treatment of stolen property. Therefore, updating its protocol to ensure its customers receive the best response possible.

Due to the nature of crime and the legislation preventing it from trading in stolen goods, Opensea, must ensure it does not unwittingly aid NFT criminals. Going forward, it will immediately freeze any assets reported stolen, then hold them in that state until they receive a police report regarding the offending NFT. Should they not receive such correspondence within 7 days, OpenSea will release the token from its captivity.

1/ Can we address the 🐘 in the room? We want to provide you more clarity and transparency around our stolen items policy ↯

— OpenSea (@opensea) August 10, 2022

Furthermore, the venerable platform will look to ensure that victims are not punished further. Thereby, simplifying the process for unlocking NFTs after they have returned to their rightful owner so that they can then trade on the marketplace without further hindrance.

All of this activity comes as OpenSea looks to close any of its contentious areas of operation by making these immediate changes while it continues to explore more efficient automated solutions. Users can expect a whole range of platform upgrades designed to deal with the rising scourge of NFT crime.


Related Posts