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OpenSea introduces new stolen item policy to combat NFT theft - ONE NEWS

Thursday, August 11, 2022 | August 11, 2022 WIB Last Updated 2022-08-11T11:52:59Z


As possession theft stays among the most significant headaches in the nonfungible token (NFT) area, NFT market OpenSea is making an effort to customize its policy to include extra procedures versus stolen products. 

In a statement, the company highlighted that its policies were made thinking about United States laws, were intentionally enabling the sale of stolen products is restricted. However, the market admitted that in many cases, purchasers who unwittingly purchased stolen products were punished although they were not at fault. Because of this and the NFT community’s feedback, the market has actually changed its policy to broaden making use of cops reports.

Previously, cops reports were utilized within the platform in intensified disagreements. With the new upgrade, they will be utilized to verify all stolen item reports within the NFT platform. Without a cops report within 7 days, the platform will allow the trading of the reported item once again to prevent phony reports. Following this, the business has actually likewise made efforts to reduce the procedure of re-enabling the trading functions once the stolen products are recuperated.

The NFT platform likewise highlighted that it’s working to discover other services to deal with the issue of NFT theft at its roots. According to the statement, the business is dealing with automating risk and theft detection.

A Twitter user praised the relocation explaining it as an excellent primary step and motivated other platforms to do the same while recommending the factor to consider of the subtleties of laws from other nations too. On the other hand, some community members are still annoyed, taking to Twitter to report their concerns. A user composed:

Meanwhile, another user claimed that they had actually acquired a stolen NFT unwittingly, and the assistance personnel at OpenSea advised that the user offer it on another NFT market.

In June, the NFT platform made it possible for extra security functions to secure its users from NFT rip-offs. The function conceals NFT transfers that are flagged as suspicious immediately. The objective of this is to make sure that just genuine deals show up in the market.


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