How OpenSea's New Policy is Protecting Collectors from Theft
Recently there has been an unfortunate increase in hacking cases in the crypto world and this has resulted in significant losses for both firms and investors. In light of this, non-fungible token (NFT) marketplace OpenSea has decided to take action by updating its policies to better protect its users against theft of digital collectibles.
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| The company facilitates the purchasing and reselling of items that have been recovered after being stolen |
One of the major changes made by OpenSea is that they will now seek the help of law enforcement in any case of piracy additionally they have made it easier for users to buy and resell stolen items after they have been recovered. These changes were made based on feedback from the NFT community.
As OpenSea said in a recent tweet : "We're making it easier for users who report stolen items to buy or resell them after they've been reported stolen."
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| Opensea new policy screenshot from Twitter |
OpenSea understands that some users have lost confidence in the platform due to legal difficulties in some cases involving stolen NFTs and subsequent buyers or holders, the firm wishes to reassure its users that it will not sell stolen items on its platform. does not promote or encourage piracy by allowing Selling or transferring a stolen item is illegal under US law and anyone who buys such items can be fined. OpenSea wants to address this issue and is taking user feedback into account to do so.
