Asset theft is still a major problem in the nonfungible token (NFT0_) space. NFT marketplace OpenSea is working to adapt its policy to include additional measures against stolen items.
The firm announced that it had developed its policies in accordance with United States laws. It is illegal to knowingly allow the sale of stolen goods. The marketplace acknowledged that buyers who bought stolen items unknowingly were punished even though they weren’t at fault. The marketplace has changed its policy to allow police reports to be used more often, based on the feedback from the NFT community.
In escalated disputes, police reports used to be used in the NFT platform previously. They will now be used to verify all reported stolen items within the NFT platform. The platform will allow the selling and buying of stolen items again if there is no police report within seven working days. The company also attempted to make it easier for the buyer and seller to re-enable the features after the stolen items have been recovered.
NFT platform highlighted that they are working on other solutions to address the NFT theft problem at its root. The company announced that it is automating theft and threat detection.
, a Twitter user, praised‘s move and encouraged others to do the same. He also suggested that other platforms consider the nuances of laws in other countries. Some community members remain disgruntled and take to Twitter to voice their grievances. One user wrote:
It’s funny, because Opensea, the NFT Company that created my NFT, basically told me to go straight to hell when my NFT was taken. It was a refreshing change of attitude. It doesn’t really matter if 1000s of people complain
— CompassionateNFTkidz (@COMPASSIONTENFT)
August 11, 2022
In the meantime, another user claimed they had bought a stolen NFT without realizing it. OpenSea support recommended that the user try to sell the NFT on another marketplace.
Related: Hacker takes his own medicine after the community seizes NFTs
The NFT platform added security features in June to protect users against NFT scams. This feature automatically hides suspicious NFT transfers. This feature is intended to make sure that only legitimate transactions are visible on the market.