OpenSea, an NFT exchange, has updated its smart contract as part of a proactive effort to weed out inactive listings on the site.
All OpenSea users will be required to convert their NFT listings, which are now hosted on the Ethereum (ETH) blockchain, to the new smart contract as part of the scheduled upgrade.
After a successful migration, the NFT listing will display the original posting date. Users will be able to relist the delisted NFTs over the new smart contract once the deadline has passed. OpenSea will not collect gas fees for NFT migration during this period, but will invalidate the prior Ethereum-based smart contract, essentially ending the old offers.
OpenSea took advantage of the NFT space’s early-bird edge to become the largest platform for NFT trading.
Sultan Gustaf Al Ghozali, an Indonesian college student, earned a billionaire by selling NFT versions of his selfies on OpenSea, demonstrating the technology’s disruptive financial potential.
That’s all from OpenSea’s upgrade.