With asset theft being a concern worldwide, non-fungible token (NFT) marketplace OpenSea has introduced measures to redraft its policy against stolen items, according to Cointelegraph.
As stated by Cointelegraph, the firm made the announcement that its policies will be made in coordination with the United States laws, where sale of stolen goods is restricted. However, the marketplace told that buyers, who were unaware about the stolen goods, were penalised in some cases. Due to such cases and feedback from the NFT community, to marketplace aims to redraft its policy to increase the use of police reports.
Based on Cointelegraph’s information, police reports were used within the platform for escalted disputes. Through the new update, OpenSea will use all police reports to confirm all stolen item reports within the platform. The platform aims to make efforts to make the re-enabling process convenient for buying and selling activities as soon as the stolen items are recovered. The NFT platform intends to devise new ways for tackling the problem of NFT theft from its roots by working on methods such as automating threat and theft detection. In the month of June, the NFT platform allowed additional security features to ensure protection against NFT scams for its users. The feature consists of categorising NFT transfers that are considered as suspicious, as the goal of it is to make sure that only legitimate transactions are available in the marketplace.
According to OpenSea’s official website, it is a NFT marketplace headquartered in New York, United States of America, and was founded by Devin Finzer and Alex Attalah in 2017. The platform has a marketplace which allows users for NFTs to be sold directly at a fixed price, or through an auction, on the basis of the Ethereum ERC-721 standard, the layer-2 scaling solution for Ethereum Polygon, the KIP-7 standard for Klaytn, and the SPL standard for Solana, from a blockchain perspective.
(With insights from Cointelegraph)