Recovery Seed Backup Devices

Blacklisted NFTs. Now one more thing to worry about!

It is not good enough to just own an NFT.  You need to own the correct one and you need to own one with a clean history.  If you buy a stolen NFT off an exchange other than OpenSea, you might have trouble selling it at all.  I saw there was a Bored Ape Yacht Club for sale for a big discount on an alternative NFT site.  I couldn't understand why it was 70 Eth on OpenSea and only 44 Eth on this site.  I did some research and when I went to OpenSea to look up the history of the NFT, it had something saying there was an irregularity with it.  Who wants to have an expensive NFT with an irregularity.  I didn't buy anything and I learned about stolen and black listed NFTs.

With the whole blacklist thing in mind, copies of Bored Apes that were simple reflections went on sale on OpenSea and then were quickly banned.  OpenSea is not a decentralized place to sell NFTs.  It is a company and a brand and they care about their image and they want to follow the law.

I guess the moral of this blog post is that you need to know the seller of your NFT.  If its not being sold on Opensea, realize that you may not be able to sell it on Opensea in the future.  Watch out for stolen NFTs being resold below market value and whatever you do, don't lose your keys.

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