Jesse Halfon’s lawsuit and users’ consistent complaints forced OpenSea to finally review and change its NFT stolen policy.
Last week, a lawyer, Jesse Halfon sued OpenSea for its NFT stolen policy, and many people had expressed they will be joining the lawsuit with Halfon. For many months, users have been complaining to OpenSea who froze their NFTs for being reported stolen even if they weren’t.
OpenSea announced on Twitter that they will be reviewing the way they regulate NFTs reported as stolen on the marketplace. The users will now have to submit a police report within seven days of the reported NFT, if the reporting party fails to provide the report, the NFTs will not be reported stolen.
The team also shared that they will put effort to find the root cause of the problem and eradicate it by taking important steps such as blocking URLs of suspicious accounts. OpenSea is also working with ecosystem partners to “help prevent and disincentivize theft, and building better education resources to help users stay safe in web3.”
This seems to be a piece of good news for all users affected by the previous policy. As the NFT market regains its popularity, OpenSea is making an effort to maintain its position as the world’s best NFT marketplace.