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Non-fungible tokens are yet another form of digital assets, with several different attributes from cryptocurrencies. They simile with crypto assets in terms of based on blockchain technology, their limited supply, etc. NFTs are quite popular all around the space. Many digital artists made millions of dollars after creating digital collectibles. However, every NFT theft also results in a loss of a similar hefty amount.
NFT stealing is among the biggest concerns across the space. Several steps were also taken to get rid of this issue. Popular NFT marketplace, OpenSea announced that it is working towards bringing some changes to its stolen item policy while adding required measures against the stolen digital items.
According to OpenSea, the NFT firm ensured that the newly incorporated policies would be obligating the United States laws. As per the US laws, it is against the law to knowingly allow the stolen item’s sale.
Following the similar law, many buyers were penalized since they had bought stolen items unknowingly. This made them suffer even though it was not their fault. OpenSea took this issue into account and followed the feedback of the NFT community. It worked towards adjusting the policy while including the expansion of police reports use.
Earlier the police reports were only used during an escalated dispute on the NFT platform. However, after the update, the reports now will be eligible to be used to confirm reports of all the items stolen within the platform.
As per the new updates, OpenSea would allow the buying and selling of any allegedly stolen item, if there would not be any police report in seven days, to avoid any instance of fake reports. The company also enacted the re-enabling process of buying and selling features, after the recovery of stolen items. Moreover, the NFT platform added that they are also working on finding solutions to counter the NFT theft problems at their emerging point itself.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
