Opensea (NFT marketplace) is centralised in every possible manner. They take a 2.5 % cut in every trade, they’ve the power to label your asset, they can take unforgivable actions on negative labels such as freezing your account on the platform for any future trade (on the assets you own as well).

The vices of web 2 are getting pushed to web 3 and because of the core feature of web 3 (irreversibility), the vices are mutating into their terrifying forms.

In web 2, if you lost something- the authorities (after verifying your claim) could reverse the actions. Most of us relied on their good conscience to get our asset back which we lost due to bad taste in our sense of technology (& it's technicalities).

While in web 3, if you lose something- the process is irrevocable. You cannot get your asset back whatsoever. People tend to underestimate the technicalities of trading in a web 3 platform, and hence are more vulnerable to such events.

When you lose your asset in opensea, your asset is labelled with suspicious activity (after their team verifies your claim that you have lost your asset). The process of verification could take hours from their end and if the thief sells before they label it then 2 people are at a complete loss:

1. You- process cannot be reversed and they will not refund your asset
2. The new buyer- he can't make a trade of that asset on opensea anymore. He'll be forced to list it on a lower liquid Marketplace.

All this while the person who stole/hacked your asset is enjoying the money which is given to him by the new buyer.