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Can OpenSea Bring Law and Order to NFTs?

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Is OpenSea bringing a little law and order to the NFT Wild West? Imagine noticing your precious Bored Ape is missing and then seeing it for sale on another marketplace. Conversely, in a decentralized and highly unregulated industry, how are shoppers to know whether an NFT is stolen?

OpenSea is updating its policy when it comes to reports of stolen NFTs. While it’s against U.S. law to knowingly buy or sell stolen property, OpenSea wants to avoid penalizing unknowing buyers while increasing protection for theft victims. It’s increasing its use of police reports to help validate true claims of stolen NFTs while tamping down on fake reports.

Users will have seven days to provide OpenSea with a police report alleging the theft. Without a police report within the period, OpenSea will enable buying and selling of the reported stolen property.

FULL VIDEO TRANSCRIPT BELOW:

Is OpenSea bringing a little law and order to the NFT Wild West? Imagine noticing your precious Bored Ape is missing and then seeing it for sale on another marketplace. Or, on the other hand, in a decentralized and highly unregulated industry, how are buyers to know whether an NFT is stolen?

OpenSea is updating its policy when it comes to reports of stolen NFTs. While it’s against U.S. law to knowingly buy or sell stolen property, OpenSea wants to avoid penalizing unknowing buyers while increasing protection for theft victims. It’s increasing its use of police reports to help validate true claims of stolen NFTs while tamping down on fake reports. Users will have 7 days to provide OpenSea with a police report alleging the theft. Without a police report within the period, OpenSea will allow buying and selling of the reported stolen property.

While OpenSea itself says this is only a first step and there’s a long way to go, will you trust the platform with your Bored Ape?

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet. 

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