One of the most popular NFT marketplaces in the world, OpenSea, has decided to roll out an upgrade to its smart contracts. This has been seen as a proactive measure that would weed out the inactive listings that are present on the platform. As a distinctive part of this planned overhaul, all users of OpenSea would have to migrate their listings of NFT- which is currently hosted over by the blockchain of Ethereum- to this new smart contract.
OpenSea Has A Plan For Inactive NFT Listings
According to the statement made by OpenSea, the NFT listings that were created before the 18th of February will see themselves automatically expiring within a week by the 25th of February. This new upgrade will definitely ensure that the old and inactive listings on the blockchain of Ethereum expire securely and allow the company to provide newer safety features in the near future.
After migrating successfully, the NFT listing will present the original date of posting. However, once the deadline gets crossed, most users will be allowed to relist the same over the new smart contract.
It has also been mentioned that OpenSea will not be charging any gas fees during this phase for the migration of NFT but will definitely invalidate the old Ethereum-based smart contract- which would effectively expire the old offers. During the period of migration, old offers would seemingly expire, and those offers which were made to the old smart contract will get completely invalid.
The migration of the NFT listing takes a couple of processes. Firstly, the user has to navigate through OpenSea, and click on the option that says ‘Migrate listings’. After that, the user has to click the confirm button for every listing made. A notification will then confirm the migration and users would b able to view the listing with a separate expiration date.
