OpenSea performs a smart contract upgrade and removes inactive NFTs on Ethereum
OpenSea, one of the most popular NFT marketplaces, has mission an upgrade to its smart contract, a proactive measure to remove inactive assets on the platform.
As part of the upgrade plan, all OpenSea users will need to migrate their NFT records currently stored on the Ethereum (ETH) blockchain to the new smart contract.
Follow notification from OpenSea, NFT listings listed before February 18 will automatically expire within the next week, February 26 at 2:00 (UTC).
“The new upgrade will ensure that the old, dormant listings on Ethereum safely expire and allow the market to offer new security features in the future.”
After successful migration, the NFT listing shows the original posting date. However, if the above deadline is exceeded, users will be able to re-list the delisted NFTs in the new smart contract.
During this period, OpenSea will not charge gas fees for NFT migration, but will invalidate the old Ethereum-based smart contract as well as the old incentive policies:
“During this migration phase, the old offers will expire and the offers made on the old smart contract will become invalid.”
The NFT list migration process consists of two steps. First the user needs to go to OpenSea and click on the “Move List” option.
Next, the user needs to click on the “Confirm” button available next to each entry as shown below.
A message will appear confirming the move and the user can view the listing with the new expiration date.
New update list | Source: OpenSea
OpenSea has leveraged the greatest advantage of being the first mover in the NFT space to become the largest marketplace for NFT transactions.
With the disruptive financial potential of this technology market, an Indonesian university student named Sultan Gustaf Al Ghozali has become one millionaire for selling NFT versions of his selfies on OpenSea.
Previously, Ghozali took selfies, sitting or standing in front of his computer, then converted them into NFTs and uploaded them to OpenSea in December 2021. Ghozali’s collection then reached a total transaction volume of 317 ETH, which is more than 1 million USD.
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OpenSea performs a smart contract upgrade and removes inactive NFTs on Ethereum
OpenSea, one of the most popular NFT marketplaces, has mission an upgrade to its smart contract, a proactive measure to remove inactive assets on the platform.
As part of the upgrade plan, all OpenSea users will need to migrate their NFT records currently stored on the Ethereum (ETH) blockchain to the new smart contract.
Follow notification from OpenSea, NFT listings listed before February 18 will automatically expire within the next week, February 26 at 2:00 (UTC).
“The new upgrade will ensure that the old, dormant listings on Ethereum safely expire and allow the market to offer new security features in the future.”
After successful migration, the NFT listing shows the original posting date. However, if the above deadline is exceeded, users will be able to re-list the delisted NFTs in the new smart contract.
During this period, OpenSea will not charge gas fees for NFT migration, but will invalidate the old Ethereum-based smart contract as well as the old incentive policies:
“During this migration phase, the old offers will expire and the offers made on the old smart contract will become invalid.”
The NFT list migration process consists of two steps. First the user needs to go to OpenSea and click on the “Move List” option.
Next, the user needs to click on the “Confirm” button available next to each entry as shown below.
A message will appear confirming the move and the user can view the listing with the new expiration date.
New update list | Source: OpenSea
OpenSea has leveraged the greatest advantage of being the first mover in the NFT space to become the largest marketplace for NFT transactions.
With the disruptive financial potential of this technology market, an Indonesian university student named Sultan Gustaf Al Ghozali has become one millionaire for selling NFT versions of his selfies on OpenSea.
Previously, Ghozali took selfies, sitting or standing in front of his computer, then converted them into NFTs and uploaded them to OpenSea in December 2021. Ghozali’s collection then reached a total transaction volume of 317 ETH, which is more than 1 million USD.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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