JAKARTA – One of the most popular NFT marketplaces, OpenSea is reported to have launched a smart-contract upgrade. This is part of an action aimed at getting rid of inactive NFTs on its platform.
As part of the planned upgrade, all OpenSea users will need to migrate their NFT listings, currently hosted via the Ethereum (ETH) blockchain to a new smart-contract.
According to an OpenSea announcement, NFT listings created before February 18 will automatically expire within a week on February 25 at 2 p.m. ET.
“This new update will ensure old and deactivated listings on Ethereum,” the announcement reads.
"This allows us to offer new security features in the future," added a statement from OpenSea.
After a successful migration, the NFT list will show the original date when it was first uploaded. However, once the deadline is exceeded, the user will be allowed to re-register the deleted NFT from the new smart-contract.
During this phase, OpenSea will not charge a gas fee for NFT migration but will cancel the legacy Ethereum-based smart-contract, effectively ending the legacy offering:
“During this migration period, old offers on items will expire, and offers made on legacy smart contracts will become invalid.”
Migrating an NFT list can be done in a two-step process. First, users need to navigate to OpenSea and click on the “Migrate listings” option. For the next step, the user needs to click on the “Confirm” button available next to each NFT list.
A notification will confirm the migration, users will be able to see a list with the new expiration date as reported by Cointelegraph.
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