- OpenSea has confessed not being transparent & reasonable regarding its stolen items policy.
- The team is making needed adjustments to the policy.
- To maintain the users’ trust, it is considering other solutions too.
On Wednesday, the very popular marketplace, OpenSea, took to its Twitter handle and addressed certain questions based on its stolen items policy. The team confessed to not being very transparent and open regarding their communications the way they should have been. OpenSea also stated that they are considering bringing the much-needed change now.
1/ Can we address the 🐘 in the room? We want to provide you more clarity and transparency around our stolen items policy ↯— OpenSea (@opensea) August 10, 2022
In its statement, the team shared that their policy is based on the laws of the United States regarding permission of selling or transferring the stolen items. When stolen items are allowed to be sold, it encourages theft, and the buyers have the possibility of buying a stolen NFT without their knowledge. This could lead to severe consequences like penalties.
Now, according to the feedback from the community, OpenSea is making changes in its policy via expansion of the reporting system. According to the changes, a police report must be filed in 7 days, else the item won’t be allowed for trading.
It is hoped that the change will reduce the frequency and number of false reports. According to the policy, users who have reported an item as stolen in the past will be allowed to trade themselves upon recovering the item.
OpenSea is actively looking at other possible solutions to improve its users’ process.