The world’s largest NFT marketplace, OpenSea, has had weeks of bad PR. Last month, NFT owners lost over $1 million when their Bored Apes were sold at a 99% discount. The NFTs were sold without their authorization, and at old prices.
In one case, a BAYC NFT was sold for 0.7 ETH, at a time when the floor price was 95 ETH.
The problem was technically not a bug, but rather an exploit in the way the blockchain works. The platform released a quick fix, which however would only be useful for new users.
Now, OpenSea has announced what it sees as a permanent fix. In a new smart contract upgrade to address the inactive listings problem, the platform said that old listings on Ethereum will now expire.
Owners can migrated their listings to the new contract starting this Friday.
Update on contract migration timing.
First, a reminder: to address the inactive listings issue, we’ve initiated a smart contract upgrade. This upgrade will ensure that old, inactive listings on Ethereum expire, and will allow us to offer new features like bulk cancellations and more descriptive signatures.
This Friday, February 18, at 3pm ET you can start migrating listings to the new contract. Next week at 2pm ET on Friday, February 25, any listings you haven’t migrated will expire.
If you miss the window to migrate, you’ll be able to re-list any expired listings without incurring any additional fees (including gas fees).
If you have questions along the way, reach out to us at firstname.lastname@example.org.OpenSea
Here’s a video guide on how you can migrate your listings.