OpenSea Adjusts its Stolen Items and Thefts Policy to Make Room for Flexibility

OpenSea, the largest Non-Fungible Token (NFT) marketplace in the blockchain ecosystem has announced it has made a unique change to its stolen items policy. Taking to Twitter to share the announcement, the company said its aim is to bring more clarity and transparency to its stolen items policy.

According to OpenSea, this policy is “designed to keep our community safe, but we know in some cases its side effects have damaged your trust in our platform.” The NFT trading platform acknowledged its role in failing to “proactively and transparently communicate the rationale behind” some of its approaches.

On the OpenSea Policy Changes

Per the policy changes, OpenSea said it will no longer limit the police reports it receives for stolen items to escalated reports, but will rather it will count for all reported cases. The exchange said if a police report is not submitted a week after the stolen item is reported, it will re-activate it for trading again.

“We’ve already made the call to adjust elements of how we implement our policy. 1st, we’re expanding the ways we use police reports: we’ve always used them for escalated disputes, but they’ll now be used to confirm all theft reports,” OpenSea said in the Twitter thread. “For all reports going forward, if we don’t receive a police report within 7 days, we’ll re-enable buying & selling for the reported item. This change will help prevent false reports. We think this is a good 1st step & we’re grateful for the community’s suggestions.”

4/ So why do we have this policy? It is against US law to knowingly allow the sale and transfer of stolen items. We do not want to incentivize theft by allowing our platform to be used to help sell stolen items.

— OpenSea (@opensea) August 10, 2022

Additionally, the NFT marketplace it is working for an avenue whereby those of its users reporting stolen items will be able to easily relist them for sales when the items are recovered or when they choose to withdraw their reports. Typically, this is often done with the use of notarization.

According to OpenSea, its long-term plan is to continually find a working solution to preventing and resolving stolen items on its platform.

The startup said it is committed to building trust in a vertical manner such that the trust will flow between OpenSea and its users and vice-versa. The expectation for this change in policy is that users will have a better trading experience while also reducing lawsuits against the platform.

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