Sale of stolen NFTs: OpenSea finally explains

In a post on Twitter, OpenSea provided details on why it has a strict policy regarding the sale of NFTs reported as stolen. She said that she cannot authorize the sale of such objects under any circumstances. For good reason, it is strictly forbidden and illegal to sell stolen objects in the United States, even if they are digital objects. But that’s not the only reason.

US law and the risk of financial loss

For several years, OpenSea, the main NFT marketplace, has faced numerous regular accusations about the NFTs it sells. On the other hand, she regularly receives criticism because she blocks NFTs marked as stolen by users. In fact, as soon as a user reports that an NFT is stolen, the platform is obliged to prevent its sale.

OpenSea has explained the reasons why it blocks the sale of allegedly stolen NFTs. The company first talked about US legislation which, as we said, prohibits the sale of stolen items. However, this is not the only reason. In reality, the OpenSea platform wishes to protect itself from the risk of financial loss in the event that the real owner of the object files a lawsuit against it.

Police reports as solutions

Although it has explained the reasons for which it prohibits the sale of objects reported as being stolen, OpenSea suffers the wrath of some Internet users. They consider that it is not sufficiently clear with regard to its policy and also accuse it of having reacted late to the problem of selling stolen NFTs. The company has admitted that it has not been very proactive.

“Our policy is designed to keep our community safe, but we know that in some cases its side effects have damaged your trust in our platform. We have failed to proactively and transparently communicate the reasoning behind our approach,” wrote OpenSea.

The issue of stolen NFTs is of paramount importance to OpenSea, due to the numerous lawsuits it has had. To remedy this, the platform expects that soon, it will resort to police reports to find solutions. According to her, this will speed up the process of checking objects. “For all upcoming reports, if we do not receive a police report within 7 days, we will reactivate buying and selling for the reported item,” OpenSea pointed out on Twitter, adding that the goal is to help prevent false reports.

Is the problem of stolen NFTs on OpenSea tending to be definitively resolved? In any case, this is the wish of the platform which has made new arrangements. She explained that she prohibits the sale of NFTs reported as stolen, as US law prohibits the sale of stolen items. In addition, it is a way for the platform to protect itself from the risk of spending money in the event that the real owner of an NFT files a lawsuit for selling their object without their consent.

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Sale of stolen NFTs: OpenSea finally explains


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