OpenSea’s new stolen NFT policy
Picture this: You’re in the market for a new car; you find a second-hand BMW at a bargain price, so you buy it.
Next day, the police come, confiscate your bargain Beemer and tell you it was a stolen car and you can’t resell it, get a refund or even own it anymore.
Feels kinda unfair, right?
Well, a similar thing is happening with NFTs.
As they’ve gone up in value, NFTs have become a prime target for stealing, and reselling.
And, as the largest NFT marketplace, all eyes have been on OpenSea and how they deal with stolen NFTs.
In the past, OpenSea’s policy has been to block stolen assets from being bought, sold, or transferred on its platform as it investigated each case. This meant an indefinite hold on accessing such NFTs and their respective worth.
(Kinda sucks for those caught in the crossfire like our friend with the BMW)
The good news? They’ve listened to their users and taken action.
Last week, OpenSea announced that they would be changing the way they handle NFT assets that are reported as stolen. It will now require a police report to be submitted within seven days of flagging an NFT as stolen.
While it might not seem like ‘listening to your users’ is such a crazy idea - it doesn’t happen often enough.
Web3 is built on trust. One way trust can be earned is by listening to feedback, and taking action.
This policy update may not have a huge impact on Web3’s day-to-day, but it’s a step in the right direction.
