The world’s most dominant nonfungible token marketplace OpenSea unveiled a new smart contract upgrade in the late hours of 18 February 2022 designed to remove inactive listings on the platform.
As part of the contract upgrade, all OpenSea users will be required to migrate their NFT listings which at present are hosted on the Ethereum [ETH] blockchain to the new smart contract. As stated in the official announcement, the NFT listings created before Feb. 18 are slated to automatically expire within a week by Feb. 25 at 2 pm ET. Reading along similar lines, the blog stated,
“This new upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.”
After the successful migration, the NFT listing will show the original date of posting. However, once the deadline is over, users still can relist the delisted NFTs over the new smart contract. The FAQ article also mentions that during the migration phase, the platform will not levy gas fees for NFT movement but will nullify the old Ethereum-based smart contract, which would essentially expire the old offers.
Here’s OpenSea’s two-step migration process
The migration of the NFT listing is a two-way step. At first, the user needs to navigate to OpenSea by clicking on the ‘Migrate listings’ option. In the next process, the user will need to click on the ‘Confirm’ button which is present next to each listing.
Then a notification will confirm the migration and users will be able to view the listing with a new expiration date.
OpenSea has been lately on an upgrading spree after a bug allowed attackers to gain illegal access who then exploited old contracts to buy tokens for several thousands of dollars below market price. A few weeks ago, the platform announced a new system that will help users to weed out unclaimed sale offers.
As per the announcement, the new system will enable users to cancel all unfilled contracts while incurring only minimal gas fees. In addition to that, the proposed change would ensure to make signatures clearer, effectively preventing users from mistaking contract terms in the future.