NFT token marketplace OpenSea has published an upgrade to its smart contract, making it more secure. Inactive listings will be removed following the change. In light of a recent vulnerability in the NFT marketplace caused by expired listings, this upgrade is all the more important. This incident has sparked discussion regarding marketplace security, even though OpenSea paid the impacted customers.
Users of OpenSea will have their NFTs migrated to the new smart contract as part of the upgrade. The Ethereum blockchain is now hosting these NFTs. NFT listings made before February 18 will also expire on February 18, OpenSea has stated.
A user who migrates the NFT listing will be able to see the original date of publishing. After the deadline has passed, users can relist their NFTs on the new smart contract. NFTs can be moved for free by users. The “Migrate listings” feature on the platform makes it simple for users to move their NFTs. Once the migration is complete, a notification will be sent to the user.
OpenSea is Making Modifications
OpenSea is the world’s most popular NFT marketplace. It has a large portion of the NFT market due to its early entry as one of the first platforms. Creative and popular NFT listings have flocked to it.
A reaction against OpenSea erupted after a vulnerability was exploited, allowing an attacker to purchase popular properties at their previous pricing. Users have also taken to Discord to express their displeasure with bogus OpenSea representatives. Recently, OpenSea established a partnership with Metalink so that it can better serve the community and improve customer support.
- An upgrade to smart contracts is being planned by OpenSea.
- The new smart contract will require users to move their NFTs from the Ethereum network.
- It’s only been a week since OpenSea teamed up with Metalink to improve the experience of its customers.