OpenSea, one of the most popular NFT marketplaces, has rolled out an upgrade for its smart contract, a proactive measure to get rid of inactive menus on the platform.
As part of the planned upgrade, all OpenSea users will have to migrate their NFT lists – which are currently hosted on the Ethereum (ETH) blockchain – to the new smart contract.
According to the OpenSea announcement, NFT entries created before February 18 will automatically expire within one week by February 25 at 14:00 ET:
“This new upgrade will ensure that old, inactive listings on Ethereum will safely expire and allow us to introduce new security features in the future.”
Upon successful migration, the NFT entry will display the original date of the post. However, when the deadline is passed, users will be allowed to re-list the removed NFTs on the new smart contract.
During this stage, OpenSea will not charge gas for NFT migration, but will invalidate the legacy Ethereum-based smart contract, effectively ending the legacy offerings:
“During this migration period, old offers on goods will expire, and offers on old smart contracts will become invalid.”
Relaying an NFT entry is a two-step process. First, the user has to go to OpenSea and click on the “Migrate Entries” option.
OpenSea main profile page. Source: OpenSea
For the next step, the user has to click on the “Confirm” button available next to each entry, as shown below.
Navigate to the OpenSea NFT relay. Source: OpenSea
The migration notification will confirm and users will be able to see the entry with a new expiration date.
OpenSea Update List. Source: OpenSea
RELATED: 22-Year-Old Indonesian Man Makes $1 Million Selling NFT Selfies on OpenSea
OpenSea took advantage of the early bird advantage in the NFT region to become the largest market for NFT traders.
To underscore the technology’s disruptive economic potential, an Indonesian student named Sultan Gustav Al-Ghazali became a millionaire by selling NFT copies of his personal photos on OpenSea.
As previously reported by Cointelegraph, Ghazali took self-portraits, either sitting or standing in front of his computer, which were subsequently converted to NFTs and uploaded to OpenSea in December 2021. Ghazali’s group then reached a total trading volume of 317 ETH, equivalent to more than American dollar. 1 million dollars.
