OpenSea sued over its reported stolen NFT policy

OpenSea is completely buried in lawsuit cases. This time, the world’s largest NFT marketplace is facing charges for its stolen NFT policy led by lawyer Jesse Halfon.  The lawsuit is expected to turn into class action as many others have asked to join the lawsuit as well.

The lawsuit has been filed by NFT owners whose NFTs are reported as stolen by OpenSea due to their NFT policy. According to these holders, someone reported their NFTs stolen even though it wasn’t true, preventing them from trading on the marketplace.

OpenSea’s support team has failed to cross-check whether the reported NFTs are really stolen or not. This has outraged many NFT owners who bought it with their own hard-earned money. Furthermore, the NFTs have also lost their value in the marketplace because of being marked as stolen.

The lawsuit is filed in the State of Michigan. In a tweet, Halfon announced,  “Filed a lawsuit against @opensea today based on their ‘broken’ stolen NFT policy. I believe this template could be the impetus which forces a long overdue change to the system.”

Halfon hopes this lawsuit will force OpenSea to review its stolen NFT policy. He also added that although this lawsuit might not lead to a class action, still there is a possibility if a majority of the community joins hands with Halfon.

Will OpenSea review its NFT policy or will the lawsuit lead to class action? The NFT community anticipates how the situation turns out.