OpenSea, the world's largest and oldest NFT marketplace, just backlisted a massive amount of token IDs worth 24,000 ETH, which is around $27M, based on each collection’s floor price.
The owners with blacklisted NFTs won’t be able to trade them on the marketplace.
For the past few months, OpenSea has recorded many thefts and stolen NFTs reported by the users. NFT which was reported by owners would be labeled as “suspicious activity” but still displayed on the marketplace because they are under review by the support team.
Now, the NFT marketplace took the bold step of blacklisting these NFTs altogether to ensure its users don’t end up getting scammed.
According to the list shared by an on-chain sleuth beetle on Dune Analytics, top ranking NFT collections on the marketplace like BAYC, MAYC, Azuki, CloneX, Moonbirds, and Doodles, and many more were blacklisted by OpenSea.
Many users have complained about the blacklisting of NFTs of some that are still under review causing a big loss to the buyers. OpenSea has faced severe backlash from users for not being diligent enough with their security measures.
The marketplace has faced many security breaches over the past few years and just recently, OpenSea announced its users’ emails were leaked.
With so many concerns surfacing, the platform decided to backlist the stolen NFTs so that the users are unable to trade them on the marketplace.
However, much more needs to be done by the OpenSea team to ensure its authenticity and transparency in front of its users.