- OpenSea to incorporate new stolen item policy to combat NFT theft.
- The policy resembles US law wherein the sale of stolen property knowingly is banned.
- OpenSea is also seeking alternative methods to address the fundamental cause of NFT theft.
OpenSea, widely regarded as one of the industry’s leading NFT markets, strives to address one of the most pressing problems for investors worldwide: asset theft. The OpenSea team indicated that they are customizing their policy to incorporate additional measures against stolen assets.
In a Twitter thread released today, OpenSea revealed that its policies were made considering US laws, which prohibit the sale of stolen property knowingly. As a result of this and criticism from the NFT community, the marketplace has altered its policy to expand the use of police reports.
Earlier, police records were utilized in escalated confrontations on the platform. They will be used to validate any stolen asset reports within the NFT platform with the upcoming policy.
To discourage 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 made attempts to simplify the process of reactivating the trading features once the stolen products are recovered.
The NFT platform also stated that it is working on alternative methods to address and tackle the fundamental cause of NFT theft. Currently, the firm is focused on automating threat and theft detection, according to the tweets.
OpenSea introduced new security measures in June to protect its users against NFT fraud. The feature conceals NFT transfers that are automatically marked as suspicious. The objective behind this is for only genuine transactions to be visible in the marketplace.