OpenSea has upgraded its smart contract to add a new feature of NFT Listing. With the latest upgrade, the NFT marketplace will remove inactive listings on the platform.
As per the OpenSea tweet, users will migrate their NFT listing to the new smart contract. Also, the marketplace announced that NFT listings created before February 18 would automatically expire by February 25.
For the unaware, OpenSea is a decentralized NFT marketplace. Here, users can buy and sell Non-Fungible Tokens. Moreover, NFTs are unique digital collectibles that could be anything from videos, images, audio, art, etc.
Additionally, it is also the largest NFT marketplace in the world. It is also quite popular among users who often call it the “eBay of Digital Objects.”
Inactive NFT Listings Will Securely Expire After OpenSea Upgrade
With the new intelligent contract upgrade, inactive NFT listings will securely expire. According to OpenSea, an inactive listing is where your NFT isn’t canceled and is still fulfillable when you return the item to your wallet.
Moreover, Inactive listings will stay until you either cancel the NFT or expire. Also, if users decide to cancel inactive listings, they must pay a gas fee.
Speaking about the new upgrade, OpenSea says, “This new upgrade will ensure that old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.”
After migrating to the new smart contract, the NFT listing will show the original posting date. However, the new agreement will allow users to list the delisted NFTs when they cross the deadline.
Moreover, the platform has assured us that they won’t charge any gas(transaction) fee for NFT migration. However, they will cancel the old Ethereum-based contract, which will effectively end all old offers.
OpenSea adds, “During this migration period, old offers on items will expire, and offers made on the old smart contract will become invalid.”
Also Read: YouTuber exposes NFT scammers before they can make $20 million
Migration Is A Two-Step Process
Users will have to follow a two-step process to complete the migration to the new smart contract. They will have to visit the OpenSea platform and click on the Migrate Listings option.
Next is to click on the confirm button adjacent to their NFT listings to start the migration process. Additionally, users will get a notification confirming the migration.
Moreover, they will view their active listings with a new expiration date for their NFTs. OpenSea will allow all users to migrate their listings till February 25.
