Will OpenSea bring a little law and order to NFT Wild West? Imagine you noticed your precious Bored Ape missing and then saw it for sale in another market. Conversely, in a highly decentralized and unregulated industry, how can shoppers know if an NFT has been stolen?
OpenSea is updating its policy when it comes to reports of stolen NFTs. While it is against US law to intentionally buy or sell stolen property, OpenSea wants to avoid penalizing unknown buyers while increasing protections for victims of theft. They are increasing their use of police reports to help validate true allegations of stolen NFTs while cracking down on fake reports.
Users will have seven days to provide OpenSea with a police report alleging theft. Without a police report during the period, OpenSea will allow the purchase and sale of reported stolen property.
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Will OpenSea bring a little law and order to NFT Wild West? Imagine you noticed your precious Bored Ape missing and then saw it for sale in another market. Or, on the other hand, in a highly decentralized and unregulated industry, how can buyers tell if an NFT has been stolen?
OpenSea is updating its policy when it comes to reports of stolen NFTs. While it is against US law to intentionally buy or sell stolen property, OpenSea wants to avoid penalizing unknown buyers while increasing protections for victims of theft. They are increasing their use of police reports to help validate true allegations of stolen NFTs while cracking down on fake reports. Users will have 7 days to provide OpenSea with a police report alleging theft. Without a police report during the period, OpenSea will allow the purchase and sale of reported stolen property.
While OpenSea itself says that this is only a first step and there is a long way to go, would you trust the platform with your bored monkey?
It’s your son Ross Mac and that was coding time The Street.
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