OpenSea updates its stolen NFT protocol to better protect users
Powerful NFT Marketplace, open sea, has announced that it will crack down on the treatment of stolen property. Therefore, its protocol is being updated to ensure that customers receive the best response possible.
Due to the nature of the crime and the law preventing it from trading in stolen goods, Opensea must ensure that it does not inadvertently assist NFT criminals. Going forward, it will immediately freeze any assets reported stolen, then hold them in that state until they receive a police report on the offending NFT. If they do not receive such correspondence within 7 days, OpenSea will release the token from its custody.
1/ Can we address
in the room? We want to provide you with more clarity and transparency around our stolen items policy ↯
— OpenSea (@opensea) August 10, 2022
Additionally, the respected platform will ensure that the victims are not punished further. Thus, simplifying the process of unlocking NFTs after they are returned to their rightful owners so that they can subsequently trade in the marketplace without further hindrance.
All this activity comes as OpenC looks to close any controversial areas it creates change immediately While it continues to explore more efficient automated solutions. Users can expect a full range of platform upgrades designed to combat the growing scourge of NFT crime.
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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.
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