All OpenSea customers will be required to move their current NFT listings to a new smart contract as part of the scheduled update.
OpenSea, one of the most prominent nonfungible token (NFT) marketplaces, has updated its smart contract as a proactive move to purge the site of inactive listings.
All OpenSea users will be required to convert their NFT listings — which are now housed on the Ethereum (ETH) blockchain — to the new smart contract as part of the scheduled update.
According to the OpenSea statement, NFT listings created before to February 18 will expire automatically within a week, at 2 p.m. ET on February 25:
“This new update ensures that inactive listings on Ethereum are safely removed and enables us to add further security features in the future.”
After a successful migration, the NFT listing will reflect the original posting date. Once the deadline has passed, users will be able to relist previously delisted NFTs using the new smart contract.
OpenSea will not collect gas costs for NFT migration during this phase, but will invalidate the prior Ethereum-based smart contract, essentially terminating the previous offers:
“Throughout this migration time, existing offers on products will expire and existing smart contract offers will become void.”
The procedure of migrating the NFT listing is two-step. To begin, the user must visit to OpenSea and choose the option to ‘Migrate listings.’
The user must next click on the ‘Confirm’ button that appears next to each listing, as illustrated below. A confirmation message will be sent to users, and they will be able to see the listing with the updated expiry date.
OpenSea capitalised on the early-bird advantage in the NFT field to establish itself as the biggest market for NFT deals.
Sultan Gustaf Al Ghozali, an Indonesian college student, earned a billionaire by selling NFT copies of his pictures on OpenSea, reaffirming the technology’s disruptive financial potential.
As previously reported by Cointelegraph, Ghozali snapped pictures while seated or standing in front of his computer, which were eventually converted to NFTs and posted to OpenSea in December 2021. Ghozali’s collection has since amassed a total transaction volume of 317 ETH, which is more over $1 million in value.
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