OpenSea Updated its Policy after the Public Pressure!
One of the largest NFT markets, OpenSea, updated its policies in response to some user pressure. OpenSea modified its stolen property policy public. The platform referred to its followers as "the elephant in the room" and tweeted the revelation. We as NFTRminder have put together the most recent policies and information for you.
OpenSea Updated The Stolen NFTs Policy!
OpenSea, the NFT marketplace, has approved changes to its stolen NFT policy. To summarize, for all subsequent reports, if no police report is received within 7 days, the platform will re-enable trading of any item reported as stolen. They also reported that they have begun the process of re-enabling the trading of previously reported stolen items. They stated that they are focused on finding solutions that solve the problems experienced from the root. They also announced their long-term plans for the problem.
The company declared that it will collaborate with several ecosystem partners to detect and prevent theft. He said that they will provide better educational materials to assist users in staying safe on Web3. The most popular wallet, MetaMask, is the first collaboration to be disclosed. The agreement was launched with the comment that "they are already doing meaningful work to assist people to grasp what they are signing." Regarding stolen NFT policies, OpenSea claimed that it is concerned with making sure users operate on their platform safely. The statement added, "Enabling the sale of stolen items and dealing with stolen commodities is not an indication of a healthy environment. However, it is not the lack of trust of those who brought us here.”
Its users on Twitter happily welcomed the announcement. Some of the respondents were highly critical of the platform for how they had handled previous cases. One user said “Tens of thousands of pounds were stolen from me. Your response was extremely slow and frankly, you didn't care." The other is, 'if an asset has been moved to a new wallet within the last hour, do not allow it to be sold. “This will prevent thieves from selling an asset on the OS when stolen and the buyers being solid.” In addition, the comments were generally “this is a good start.”
About NFT Platform
Founded in December 2017 by Devin Finzer and Alex Atallah, OpenSea is a platform for printing, buying, selling, and displaying NFTs. Popular analogies referred to the company as 'eBay for crypto assets' or 'Web3 Amazon'. However, a major inspiration for OpenSea came from the ERC-721 Ethereum standard, which enabled early NFT projects that laid the groundwork for today’s industry. The OG NFT collection CryptoKitties, which also has its private market for trading, pioneered the idea.
For some time, there hasn't been any activity in the market. Additionally, the business at the time concentrated only on developing its platform. All of that changed in 2021 as a result of several events, including the rise in popularity of NBA Top Shot, the historic sale of Beeple, and the achievements of CryptoPunks and Bored Ape Yacht Club.