OpenSea Takes Action to Weed Out Dormant NFTs on Ethereum
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 smart contract.
This vital upgrade comes at a very critical time for the NFT marketplace, whose users were recently subjected to an exploit on dormant listings. While OpenSea has subsequently refunded the affected users, the incident has sparked concern regarding the marketplace's security.
Smart Contracts Upgrade by OpenSea
Users on OpenSea will move their NFTs to the new smart contract as part of the update. The Ethereum blockchain is now hosting these NFTs. OpenSea has also said that NFT listings placed before February 18 will expire on that date.
The announcement by OpenSea states,
“New upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.”
According to the statement, once a user migrates the NFT listing, the original date of posting will be displayed. Users can relist their NFTs on the new smart contract once the deadline has passed. Users can move their NFTs for free.
The previous Ethereum-based smart contracts will be rendered invalid, resulting in the removal of all dormant listings. Users who want to migrate their NFTs may do so simply on the platform by selecting the 'Migrate listings' option. A notification will be sent to the user.
Further, the announcement continues, “During this migration period, old offers on items will expire, and offers made on the old smart contract will become invalid.”
The NFT listing migration is a two-step process. To begin, the user must go to OpenSea and select the 'Migrate listings' option. The user must next click on the 'Confirm' button that appears next to each listing. The migration will be confirmed through email, and users will be able to access the listing with a new expiration date.
To become the largest platform for NFT trades, OpenSea took advantage of the early-bird advantage in the NFT field. Looking at technology’s unmanageable financial potential, a student name Ghozali made a fortune by selling NFT copies of his selfies on OpenSea. He achieved a total trade volume of 317 ETH or 1 Million US Dollars.
OpenSea Is Reshaping
The largest NFT marketplace is OpenSea. Because it was one of the first platforms to join the NFT sector, it has amassed a sizable market share. It has drawn some of the most inventive and popular NFT listings.
However, the platform has encountered a slew of problems. OpenSea suffered community reaction following the exploitation of a vulnerability that allowed an attacker to purchase popular listings at previously listed rates. Furthermore, individuals on Discord began complaining about phony OpenSea representatives.
Thereby, OpenSea has announced a partnership with Metalink to enhance user experiences in order to meet the demands of the community and improve customer service. The objective of OpenSea is to establish a direct channel for users to interact with OpenSea - receive updates, provide feedback, share information to assist OpenSea in serving their consumers better.
