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OpenSea Reinforces Measures Against NFT Theft

In a Twitter thread late on Wednesday, OpenSea revealed that it is working on strengthening its policies around asset theft. The marketplace acknowledged the failings of its existing measures, however, going forward the team intends to be more open with users.

Users Dissatisfied With Stolen Items Policy

Since the onset of space, thefts have been one of the biggest issues the NFT industry has faced. OpenSea does have policies in place for stolen items. However, over the past year, the NFT marketplace has received a flood of complaints from users regarding these measures. 

As the team noted in their post, their current policies incorporate the requirements of United States laws. The laws in question forbid knowingly allowing the sale of stolen items. However, several OpenSea customers have complained about receiving sanctions from the company over stolen assets they innocently purchased. 

One buyer stated that after they unknowingly purchased a stolen token, OpenSea’s support staff suggested selling it on another platform. The company claims dealing with thefts is one of the most challenging issues they have faced. With more buyers expressing their dissatisfaction the NFT marketplace has taken steps to adjust its current measures. 

Police Reports Will See Greater Use

OpenSea’s policy will now broaden its use of police reports. In the past, the company only employed reports when disputes went overboard. Following the update, OpenSea will use them to verify all claims of stolen items on the marketplace. 

If the original owner does not file a report regarding the item within a week, OpenSea will permit the sale or purchase. In their announcement, they explained that this change will help reduce the frequency of false reports. OpenSea will also make it simpler for customers who have reported stolen items to re-enable sales/purchases once they recover their assets.

They will also implement features to help customers decide whether or not to keep their reports up. The platform cited an example of one such update.

For example, we’re finalizing details on a simplified process that doesn’t require a notary.”

OpenSea to Tackle the Roots of Asset Theft

OpenSea noted that one of its major goals is to combat thefts at their root. The post stated that the company is already working to implement automated threat and theft detection systems. Through this, OpenSea says it could block suspicious URLs earlier. 

The platform plans to bring ecosystem partners onboard to work toward discouraging thefts. They also aim to provide better education resources to help Web3 participants remain secure. OpenSea pointed out wallet provider MetaMask’s efforts to ensure users receive adequate information. 

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According to OpenSea, they care very much about customer safety on their platform. The team once again noted their failings but also called for more trust from their users. 

Doing better begins w/ sharing & listening more. We’re committed to improving at both. Thank you for your feedback, your patience & your passion. Behind this blue boat is a group of humans who love this space like you do & we wouldn’t be here without you. More from us soon.”

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