OpenSea stoops to press and update their stolen NFT policy

Now, after some pressure from its users, leading NFT marketplace, OpenSea has changed its stolen item policy. They addressed it to their Twitter audience as “the elephant in the room”.

OpenSea has updated its stolen NFT policy.

OpenSea’s stolen NFT principle

OpenSea, the top NFT marketplace, has confirmed changes to its stolen NFT policy. In short, now, for all future reports, if there is no police report within 7 days, the platform will re-enable buying and selling of any stolen items. Additionally, they are developing a process to re-enable their purchases for those who have previously reported theft.

They also announced their long-term plans around the issue, which includes focusing on finding solutions to address the issue at its core (issues surrounding stolen NFTs).

They will work with various ecosystem partners to prevent and discourage theft and develop better education resources to help users stay safe on Web3. The first partner they announced is Metamask, the leading wallet. They are “already doing meaningful work to help make users aware of what they are signing”.

OpenSea has acknowledged that it cares “deeply” about its stolen NFT policy to enable users to operate securely on its platform. They said: “Allowing stolen items to be sold and dealing with stolen goods is not a sign of a healthy ecosystem… but neither is it a lack of trust from those of you who brought us here.”

They concluded by thanking the public for their response, patience and passion. You can view the entire Twitter thread explaining the changes here.

Feedback from OpenSea users

Some reactions from users on Twitter have been quite critical of the platform for how they have dealt with previous cases. One user said: “£10k was stolen from me and your response was slow and frankly you really didn’t care. ” Another added: “If an asset is transferred to a new wallet in the last hour … do not allow it to be sold This will prevent thieves from selling an asset on the OS when stolen and prevent buyers from being unsanitary”, But they noted, “It’s a good start”.

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