What does it mean?
It usually happens when someone, usually the legit OWNER of the item, reports it on Opensea since it has been stolen from their wallet, due to some scam activity.
This way, Opensea prevents that item from being sold on their marketplace. It’s like avoiding your stolen watch to be sold on eBay.
Legit or not?
My take on this issue
To be honest, despite I understand the logics behind that choice by OpenSea, I don’t agree with that.
Looksrare and X2Y2, as truly decentralised marketplaces, don’t take any action and the reason behind that choice is simple:
- yes, we are sorry about your loss, but it’s like you lose your wallet or some other things while walking or leaving your bag unattended. It’s YOUR responsibility to avoid that. Web3 is all about YOUR WALLET and YOUR RESPONSIBILITY to keep it safe
- marking the item, means that items CAN’T be sold anymore on OpenSea. This affects the collection and the owners of the collection
- think of a small collection, 40 items. Say 90% of holders get scammed on Discord, everyone reports the item… so the Artist will find their collection BANNED from Opensea. Is this LEGIT?