OpenSea, the largest marketplace for non-fungible tokens (NFTs), has released an upgrade to its smart contract. The upgrade will remove inactive listings on the platform.
This critical upgrade comes at a critical time for the NFT marketplace, whose users recently suffered an exploit on inactive listings. While OpenSea has since reimbursed the affected users, it has stirred debate about the security of the marketplace.
OpenSea smart contracts upgrade
As part of the upgrade, users on OpenSea will migrate their NFTs to the new smart contract. These NFTs are currently hosted on the Ethereum blockchain. OpenSea has also added that the NFT listings made before February 18 will expire by February 18. The announcement said,
This new upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.
After a user migrates the NFT listing, the original date of posting will be shown. After the deadline passes, users can relist their NFTs on the new smart contract.
Users can migrate their NFTs at no cost. The old Ethereum-based smart contracts will be invalid, which will get rid of all old inactive listings. Users that want to migrate their NFTs can easily do so on the platform through the “Migrate listings” option. A user will receive a notification once the migration is completed.
OpenSea making changes
OpenSea is the largest NFT marketplace. It has taken a large share of the NFT market due to being one of the earliest platforms to enter the space. It has attracted some of the most creative and most popular NFT listings.
However, the platform has been faced with a myriad of issues. After the exploitation of a vulnerability that allowed an attacker to buy popular listings at old prices, OpenSea faced community backlash. Moreover, users started complaining about fake OpenSea representatives on Discord.
To fulfil the community’s needs and improve customer service, OpenSea recently announced it was partnering with Metalink to collect community feedback and improve user experiences.
“Our goal is to create a direct channel for you to interact with OpenSea to get support, offer feedback, receive updates, and share any other information that will help us better serve you,” OpenSea said.
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