OpenSea smart contract upgrade to delist inactive NFTs on Ethereum
As a part of the planned upgrade, all OpenSea users will need to migrate their existing NFT listings to a new smart contract. OpenSea, one of the most popular nonfungible token (NFT) marketplace, has rolled out an upgrade to its smart contract, a proactive measure to weed out inactive listings on the platform.As a part of the planned upgrade, all OpenSea users will need to migrate their NFT listings — currently hosted over the Ethereum (ETH) blockchain — to the new smart contract. The new contract is live! Start migrating your listings now: https://t.co/W1w9ciCK2D— OpenSea (@opensea)....
Related News
OpenSea announced a new smart contract upgrade with a one-week deadline yesterday. However, the urgency and short deadline opened up a small window of opportunity for hackers. Just yesterday, OpenSea announced a smart contract upgrade, which requires users to migrate their listed NFTs from Ethereum (ETH) blockchain to a new smart contract. As a direct result of the upgrade, users that don't migrate over from Ethereum risk losing their old, inactive listings — which currently require no gas fees for migration. Major nonfungible token (NFT) marketplace OpenSea has reportedly fallen victim to....
OpenSea’s latest vulnerability poses a larger and more deeper question relating to the global NFT ecosystem’s existing security infrastructure. Despite the ongoing volatility plaguing the digital asset sector, one niche that has undoubtedly continued to flourish is the nonfungible token (NFT) market. This is made evident by the fact that a growing number of mainstream mover and shakers including the likes of Coca-Cola, Adidas, the New York Stock Exchange (NYSE) and McDonalds, among many others, have made their way into the burgeoning Metaverse ecosystem in recent months.Also, owing to the....
Bids and purchases are made unavailable to ensure that listings are protected until the migration completes. The week-long period that OpenSea gave users to migrate their nonfungible token (NFT) listings ends today. Following the deadline, the platform announced that some features on the site may not be available temporarily due to the migration.On Feb. 19, OpenSea pushed a new smart contract and urged users to start the migration of their NFT listings from the old contract to the new one. The NFT marketplace mentions that the upgrade brings new features such as bulk listings and more....
Some OpenSea users who heeded OpenSea’s call to call their inactive listings ended up losing their NFTs and their money. Twitter users reacted negatively to an OpenSea email sent to users who still had inactive listings on their accounts. In the email, OpenSea explained that old NFTs listings are still fulfillable, and should be canceled by the user because OpenSea is unable to cancel them on their behalf. They claimed this would “prevent any of your items from being sold at the inactive listing price,” due to Ethereum’s (ETH) dropping price.According to the NFT collector @dingalingts and....
OpenSea's critics said the policy change stifled NFT creators by trashing the ability to create unlimited collections and NFTs on the platform. NFT marketplace OpenSea has backflipped on a controversial decision to limit the number of NFTs and collections creators can mint using its smart contract.The platform previously allowed unlimited collections and items, but changed its policy to only allow five NFT collections with 50 items per collection when using OpenSea’s collection storefront contract.The unexpected announcement from OpenSea’s Twitter Support account, posted on Jan. 27, stated....