OpenSea is a large NFT and Arts trading platform. As an art creative, creativeseasonofficial advises you to try your luck at OpenSea. Exquisite art pieces sell for huge sums of money.
Following recent crypto hacks, OpenSea has come out openly to clarify its policies, hoping to gain the trust it has lost from its users.
"...We're in this together: as we work to make our users safer, it's on us to keep you in the know..."
Why does OpenSea have the OpenSea’s Stolen Item Policy?
The US law prohibits the transfer and sale of stolen items. The platform therefore does not encourage theft by allowing users to sell stolen items, unlike WazirX.
To gain trust it has lost from affected users.
To incorporate new anti-theft methods following user feedback.
To prevent fraud.
To encourage scalability.
OpenSea’s Stolen Item Policy
OpenSea is updating the policy for a trader who bought stolen items unknowingly. Sometimes, a trader might purchase an item without knowing that it is stolen. This is the most difficult issue that OpenSea faces. Here is how OpenSea is handling the issue based on user feedback.
Police Reports. OpenSea is expanding its use of police reports. Initially, OpenSea used the reports for escalated disputes, however, it will now use the reports to confirm theft.
Re-open trade for items with no police reports. If OpenSea does not receive a police report within seven days over the stolen items, OpenSea will allow the selling and bye of the stolen items. This will help prevent false reports over alleged theft. This is the first step.
Enabling users with recovered items to trade. OpenSea is making it easy for users who have recovered stolen items to quickly re- enable buying and selling. The platform is finalizing details on a much simpler process that requires no notary.
Theft and threat detection. OpenSea's long-term focus is to find solutions that tackle the problems at its root. OpenSea is looking to automate theft and threat detection, for example, blocking suspected URLs.
Partnering with other projects to educate users on security. OpenSea is collaborating with ecosystem partners to help disincentivize and prevent theft. OpenSea is looking to build an education system to help users stay safe in Web3. One such partnership is with MetaMask. MetaMask is working closely with Open Sea to make users aware of what they're signing.
Will OpenSea Apply the New Police Report Requirement Retroactively?
Retroactive means from a certain date in the past, for example, Optimism issued its airdrop retroactively. Optimism issued the airdrop retroactively.
Therefore, No. OpenSea will not apply the new police report requirement retroactively.
Reason for this is because theft victims who went through the old OpenSea process had some items disabled for selling or buying. Therefore, if OpenSea uses a retroactive approach, affected users will delay in taking immediate action.
The users might take weeks or months. The only solution is to change the policy beginning yesterday, Thursday (12 August 2022).
Do you have any stolen items at OpenSea? Kindly reach out to OpenSea using this link for further investigation.
How Does One File a Police Report for Stolen Digital Art?
Still the question remains, ‘How do you file a police report for stolen digital artwork within seven days?” This one got me thinking. Is the police report an OpenSea report or an actual police report?
Traders from OpenSea come from different areas across the globe. If I come from a low economic area with little incentive on crypto adoption, how do I inform the authorities that someone stole my ‘digital pictures worth a million US Dollars?’ Absurd! Is it not?
Well, here is the only solution I have in reporting stolen art, otherwise, feel free to leave your thoughts and comments below.
Click the stolen NFT item you would like to report.
Click the three-dot menu and choose “Report.”
You’ll see a dropdown menu in a pop-up window.
Choose why you’re reporting the content.
Select “fake collection or possible scam.”
Choose the original collection before you can click “Report.”
Click on Submit.
About the police report, I am waiting for your thoughts. What do you think?
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