OpenSea Introduces a New Stolen NFT Policy

August 12

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OpenSea, the world’s largest marketplace for crypto collectibles, has announced a new policy aimed at combating theft of non-fungible tokens (NFTs). The new policy is designed to discourage thieves from targeting OpenSea users, as well as to provide a safety net for users who have been victims of theft. The team behind the platform acknowledged that while allowing the sale of stolen items is not a sign of a healthy ecosystem, neither is a lack of trust from users. To regain users’ trust, the team is committed to taking a step to prioritize users and prevent bad actors from operating on the platform. The new policy will require sellers to provide proof of ownership for NFTs before they can list them for sale. In addition, the team will be working to create a database of stolen NFTs so that buyers can check whether an nft has been reported stolen before making a purchase. By taking these steps, OpenSea is hoping to create a more trustworthy marketplace for nfts and restore user confidence in the platform.

“Theft is a major problem in the crypto world, and we want to do our part to combat it,” said OpenSea co-founder Devin Finzer. “We hope that this policy will discourage thieves from targeting our users, and that it will provide some peace of mind for those who have been victims of theft.”

As the popularity of NFTs continues to grow, so does the risk of theft and fraud. In response, many platforms are beginning to introduce policies and features that will help to combat these problems. OpenSea is the latest platform to take these steps, and it is likely that we will see more platforms following suit in the future. These measures are important in protecting both collectors and creators from loss, and they will help to ensure that the NFT industry continues to thrive.

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About the author 

lourdes

Lourdes is an International creative strategist & content creator. She has curated content for the fashion, travel & hospitality industry for over 12 years.