OpenSea, the world’s largest non-fungible tokens (NFT) marketplace has introduced a new stolen item policy to combat NFT theft.
Theft is the biggest issue in the non-fungible tokens space today. OpenSea is now making an effort to tailor its policy to incorporate additional measures against stolen items.
This was made known in an announcement by the top NFT marketplace. The firm highlighted that its policies were made considering United States laws, where knowingly allowing the sale of stolen items is prohibited.
However, OpenSea admitted that in some cases, buyers who unknowingly bought stolen items were penalized even though they were not at fault. Because of this and the NFT community’s feedback, the marketplace has adjusted its policy to expand the use of police reports.
Opensea’s New Policy to Combat NFT Theft
In the new update, police reports will be used to confirm all stolen item reports within the NFT platform. Without a police report within seven days, the platform will enable the buying and selling of the reported item again to avoid fake reports.
The company has also made efforts to ease the process of re-enabling the buying and selling features once the stolen items are recovered.
The NFT platform also highlighted that it’s working to find other solutions to tackle the problem of NFT theft at its roots. According to the announcement, the company is working on automating threat and theft detection.
The popular NFT marketplace has had issues this year. A few months ago, the company had a breach of data. Also in January, the platform was subjected to one of its most severe assaults yet, in which an exploit allowed attackers to sell NFTs without permission. The marketplace reimbursed $1.8 million in losses.
Users of the NFT marketplace has praised the new move to combat NFT tokens. This was after a Twitter user claimed that they purchased a stolen NFT and OpenSea support advised them to sell it on another marketplace.