OpenSea Launches New Policy to Address NFT Theft

OpenSea Launches New Policy to Address NFT Theft

The stolen item policy is a response to recent public demand

NFT marketplace leader OpenSea introduced a new policy to help fight against stolen NFTs being sold on the platform. Although users have reported some cases of theft and sale of their assets on OpenSea in 2022, the company has been struggling to address these cases satisfactorily. This new announcement brings the community new hope for safer trading.

In February 2022, a hacker stole millions worth of NFTs in a phishing attack originating outside of OpenSea’s website. The platform quickly confirmed it and alerted its users, despite efforts and refunds. Also, a more recent data breach in June 2022 resulted in a user information leak.

After a somewhat conflicted year, OpenSea took it to Twitter to address these sensitive matters first-hand.

As you can read in the thread, OpenSea is aware of the side effects of those events on damaging people’s trust in the platform.

From there, the new policy brings some adjustments to the company, such as using police reports to confirm each and every theft report – before, they were just used in escalated disputes.

OpenSea also pointed out that it will be easier for users who reported an item stolen to list it again for sale without needing a notary. 

What is OpenSea?

OpenSea is one of the most used NFT marketplaces out there. You can buy and sell non-fungible tokens from many of the best collections through the platform, integrated with the Ethereum, Polygon, and Solana networks.

OpenSea August 2022 DappRadar Statistics
Track OpenSea with the DappRadar NFT Rankings

Also, you can explore the most popular collections on NFTs in detail with the DappRadar NFT Collection Explorer and use the NFT Value Estimator to get an idea of how much they are worth.

We will continue following OpenSea’s journey in leading the NFT space. You can read more about the marketplace on our blog.

You can use DappRadar’s NFT trackers and tools to help you verify whether or not a dapp, token, or NFT is legit. Our Twitter page sends out the latest updates quickly, so when we hear of a scam, our followers will be the first to know.

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