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The nonfungible token (NFT) market place OpenSea is making an attempt to modify its policy so that it incorporates additional safeguards against stolen goods because asset theft continues to be one of the top problems in the NFT ecosystem.
The company stated in a statement that its policies were developed in accordance with US law, which forbids willfully permitting the sale of stolen goods. The market acknowledged, however, that in certain instances, consumers who inadvertently purchased stolen goods were punished despite their innocence. The market has changed its strategy to increase the usage of police reports as a result of this and the input from the NFT community.
In the past, escalating disagreements on the site used 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. In response, the business has worked to make it simpler to reactivate the purchasing and selling functionalities if the stolen goods are found.
The NFT platform also made clear that it is looking for more ways to address the fundamental causes of NFT theft. The corporation is attempting to automate threat and theft detection, the release claims.
A Twitter user commended the action, calling it a good starting step, and urged other platforms to do the same while recommending that the subtleties of regulations from other nations be taken into account as well. On the other hand, some community members continue to voice their unhappiness on Twitter. One user posted:
2/ Our policy is designed to keep our community safe, but we know in some cases its side effects have damaged your trust in our platform. We’ve failed to proactively and transparently communicate the rationale behind our approach.
— OpenSea (@opensea) August 10, 2022
The support team at OpenSea advised the user to sell the stolen NFT on another NFT marketplace after another user reported they had unintentionally bought a stolen NFT.
To shield its consumers from NFT scams, the NFT platform enabled further security safeguards in June. Automatically identified NFT transfers that are questionable are hidden by the feature. Making ensuring that only legitimate transactions are visible in the market is the aim of this.
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