Open Sea revises its policy to support the trade of stolen NFTs.
- Instances of Theft in NFT space
- Open sea revises its policy to help the users
- Open Sea’s future plans to curb NFT theft
- Mixed reactions from users of Open Sea in regards to the revision done to the policy
Increasing instances of theft in NFT space
The instances of theft are rapidly increasing in the NFT industry, leaving the investors in distress. Hacking of NFTs, robbing the wallets via different means are all contributing in making the NFT space unsafe and unsecure. The investors are always in dilemma if they should be venturing into the market, considering the safety situation of the market.
To counter such a situation and to improve the trust among the investors, Open Sea, an NFT trading platform went on to revise its policy, liberalizing the trade of stolen NFTs. What were the revision? Let’s look about the information in detail below.
Open Sea revises its policy for users
The NFT market place, Open Sea, acknowledged that at the beginning the policies were made in accordance to the laws of United States, which prohibited the sale of stolen NFTs knowingly. Open Sea also acknowledged that, though some of the investors unknowingly traded the stolen NFTs, they were penalized wrongly. As a result, the market place, went on to mend its policy to cater to the users.
In the past, escalation of disagreements on the site was done using police reports. They will be used to verify all reports of stolen items on the NFT platform as a result of the new update. To prevent false reports, the site will let the reported item to be bought and sold again if a police complaint is not received within seven days.
Open Sea’s attempts at making NFT a better market place
Open Sea also went on to say that, it working and is determined to make a technology, which will possibly eradicate the theft from the market. The company is also notedly working on a technology that automatically detects threats and thefts before they take place.
Mixed reaction from the users.
Let’s look at a tweet before
That’s funny because when my NFT was stolen, both Opensea and the NFT Company that created it, pretty much told me to go to hell. What a change in attitude. I guess it only matters when 1000s of people are complaining
— CompassionateNFTkidz (@COMPASSIONTENFT) August 11, 2022
As Open Sea announced about its revisions to the policy, the news got mixed reactions from the users. Some of them supported the news, saying it was long over due and this step is taken in the right direction. Some of them criticized Open Sea for taking such a step so late and for not worrying about their NFTs. Some of them also claimed that, NFT went on to redirect the users to sell their stolen NFTs at other platforms.
What do you think about the policy changes made by Open Sea to curb the thefts in the NFT market space? In case, you like this article, don’t forget to share it with your peers and colleagues.