A user of the Dune platform has set up a data analytics system to measure which NFTs are currently reported as stolen on the OpenSea platform. And the amounts are significant: Just for the Bored Ape Yacht Club and relative Mutant collections alone, the number of NFTs exceeds $18.5 million.
BAYC NFTs Widely Marked as Suspicious on OpenSea
Beetlea Twitter user, has set up a tool so that users of the analytics platform dunes can see in real time which non-fungible tokens (NFTs) have been categorized as stolen on OpenSea, the largest marketplace dedicated to NFTs.
OpenSea does not provide public data on assets that they *questionably* mark as stolen;
in an effort to make these assets visible to the public, i created a dashboard of all stolen BAYC, MAYC, BAKC, Clonex, Moonbirds and Azuki token IDs + txns
link (https://t.co/Nuj1Z5I7FC) pic.twitter.com/J3xaehFlTi
—beetle (@1kbeetlejuice) July 6, 2022
“OpenSea does not provide public data on assets that they *dubiously* categorize as stolen. In an effort to make this asset class visible to the public, I created a dashboard of all BAYC, MAYC, BAKC, Clonex, Moonbirds and Azuki NFTs with their IDs and transactions. †
And the result is clear: the number of NFTs considered stolen or suspicious, as well as their dollar value are significant†
Regarding the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections, 2 of the most important collections of NFTs on the market and both made by the firm Yuga Labsthe number of NFTs involved is valued at more than $18.5 million†
Thereby, 130 BAYC NFTs (out of 10,000) and 268 MAYC NFTs (out of a total of 19,423) are considered suspicious. This happens when their former owners contact OpenSea to: Report NFTs as stolen†
If we add the other sets of NFTs listed by Beetle, either: 153 Azuki, 202 CloneX and 70 MoonbirdsThat would add $6.9 million the number of NFTs reported stolen on the platform for some of the largest collections. So the total amount would be over $25.4 million according to the current floor price.
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A system that seems imperfect
The OpenSea platform not only marks certain NFTs as stolen or suspicious after a report by a user, may also suspend the purchase, sale or transfer of one or more involved NFTs on its marketplace. So that we can read about the page dedicated to the site’s terms of service †
” You [l’utilisateur] You further agree not to: use the Service to buy, sell or transfer stolen items, fraudulently obtained items, items taken without authorization and/or other illegally obtained items. †
A number of platform users have failed to criticize this type of operation† For them, OpenSea presents here a overly centralized systembecause of its excessive power to be able to freeze certain assets at its discretion.
However, such a structure, which indeed appears to be designed primarily to protect its own users, may also have certain flaws, as pointed out by franklina well-known BAYC Twitter user:
Infinite money problem:
Step 1: Sell my monkey
Step 2: Tell OpenSea I stole it so they can mark it as suspicious and lock it on their site
Step 3: Buy back my monkey cheaper on another marketplace
Step 4: Contact OpenSea so they can unlock my monkey
Step 5: Repeat https://t.co/u2t4We6eAq
— Franklin 🅱️ with 57 monkeys (@franklinisbored) July 2, 2022
According to him, an NFT reported as stolen is intended to: lose mechanical value, and remains redeemable on other platforms such as LooksRare. Thus, an NFT holder bought in this way can sell it for a higher price on OpenSea after contacting the site’s support.
In addition, let’s specify that an NFT holder can declare it stolen from OpenSea simply after (through its fault) a fraudulent transaction accepted via phishing or a scam, as happened last month, where Yuga Labs’ social networks are often the target of attacks.
👉 ALSO READ: Reddit launches a marketplace for its NFT avatars
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Sources: OpenSea, Dune
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