In a post on Twitter, OpenSea gave details on the reasons for the strict nature of its policy regarding the sale of NFTs reported as stolen. She claimed that she cannot authorize the sale of such items 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 this is not the only reason.
US legislation and the risk of financial loss
For several years, OpenSea, the main NFT marketplace, has been facing many regular accusations about the NFTs it sells. On the other hand, she regularly receives criticism because she blocks NFTs reported 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 a explained the reasons for which it blocks the sale of allegedly stolen NFTs. The company first talked about the American legislation, which, as we said, prohibits the sale of stolen items. However, this is not the only reason. In reality, the OpenSea platform wants to protect itself from the risk of financial loss in the event that the actual owner of the object files a lawsuit against her.
Police reports as solutions
Although it has explained the reasons why it prohibits the sale of items reported as stolen, OpenSea is under the thunderbolt of some Internet users. They believe that she is not sufficiently clear about her policy and also blame her for having reacted late to the problem of selling stolen NFTs. The company acknowledged 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”, OpenSea wrote.
The problem of stolen NFTs is of paramount importance to OpenSea, due to the many lawsuits it has had. To remedy this, the platform anticipates that soon, it will resort to the 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 the purchase and sale for the reported object”, OpenSea pointed out on Twitter, adding that the goal is to help prevent false reports.
Does the problem of stolen NFTs on OpenSea tend to be definitively solved? In any case, this is the wish of the platform, which has taken new measures. She explained that she prohibits the sale of NFTs reported as stolen, because 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 the sale of his object without his consent.
Receive a digest of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss anything essential Cointribune!
Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.