Home Crypto OpenSea changes policy on stolen NFTs at user’s request

OpenSea changes policy on stolen NFTs at user’s request

NFT aggregator Gem acquired by OpenSea

Popular NFT marketplace OpenSea has changed its policy on stolen NFTs. Users complained about the policy that regularly resulted in penalizing honest buyers of NFTs on the platform. In many cases, the users in question simply did not know that they were purchasing stolen NFTs.

The new policy

In the past, OpenSea blocked assets reported as stolen from further transactions on the platform. This meant that users could only access their assets again after an often lengthy investigation by OpenSea. In a post about “the elephant in the room”, OpenSea writes that it will now only block NFTs if a police investigation is attached. That investigation must be received within seven days of the blocking request.

In the past, OpenSea has already done this for cases that “escalated”, but from now on this is a requirement for any blocking request. With this, OpenSea hopes to filter out fake blocking requests. If there is no police investigation within seven days, it will lift the blockade of the NFT in question. On Thursday OpenSea made clear that the requirement of a police investigation only applies to new blocking requests.

OpenSea must follow the law

The Ethereum blockchain is a decentralized platform that does not have a central point of contact for lawmakers. The same is not true for OpenSea, which is a centralized player that enables trading of NFTs on Ethereum. OpenSea itself also indicates that because of their location in the United States, it cannot simply allow the sale of NFTs that have been reported as stolen.

The problem with that is that ignorant buyers sometimes run into the problem of not being able to use their assets on OpenSea. “In some cases, ignorant buyers are punished by this. Those are the hardest things for us to do,” OpenSea said on Twitter.

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