OpenSea is a popular marketplace for nonfungible tokens (NFT). They have released an upgrade to their smart contract. This proactive measure will help to eliminate inactive listings.
All OpenSea users who have NFT listings currently hosted on the Ethereum (ETH), will need to migrate to the new smart contracts as part of the upgrade.
The new contract has gone live! Start migrating your listings now: https://t.co/W1w9ciCK2D
— OpenSea (@opensea), February 18, 2022
OpenSea announced that NFT listings created prior to Feb. 18 will automatically expire in a week, by Feb. 25, at 2 PM ET.
“This upgrade will allow us to offer new safety measures in the future and ensure that inactive listings on Ethereum are securely expired.”
After successful migration, the NFT listing should reflect the original posting date. Users will be allowed to relist delisted NFTs using the new smart contract after the deadline has passed.
OpenSea won’t charge any gas fees for NFT Migration during this phase. However, the old Ethereum-based smart contracts will be invalidated, effectively ending the old offers.
“During the migration period, all old offers on items and smart contracts will be void.”
The process of migrating the NFT list is two-step. The first step is to navigate to OpenSea, then click on the “Migrate listings” option.
OpenSea main profile page. Source: OpenSea
To proceed to the next step, click on the “Confirm” button located next to each listing as shown below.
Navigating to OpenSea’s NFT migration. Source: OpenSea
An email notification will confirm the migration. Users will then be able view the listing with a new expiration.
OpenSea updated listing Source: OpenSea
Related: A 22-year old Indonesian man makes $1M selling NFT selfies to OpenSea
OpenSea seized the opportunity to be the largest NFT trading platform by leveraging the early bird advantage.
Sultan Gustaf Al Ghozali, a college student from Indonesia, became a millionaire selling NFT versions his selfies on OpenSea.
Uploading my photo into nft lolhttps://t.co/E3Q4sBmN26#NFT #opensea pic.twitter.com/rD51rdcpzp
— Ghozali (@Ghozali_Ghozalu) January 10, 2022
Cointelegraph reported that Ghozali took selfies while seated or standing in front his computer. These were later converted to NFTs and uploaded by OpenSea in 2021. Ghozali’s collection reached a total trade volume in 317 Ethereum, which is equivalent to over $1 million.