Tuesday, October 4, 2022
HomeNFTOpenSea pauses some features for contract migration completion

OpenSea pauses some features for contract migration completion

The week-long window for users to relocate nonfungible token (NFT) listings on OpenSea has ended. Following the deadline, the platform announced that some functionality on the site may be temporarily unavailable due to the transfer. OpenSea launched a new smart contract on February 19 and urged users to begin transferring their NFT listings from the old contract to the new one. According to the NFT marketplace, the upgrade provides new features such as bulk listings and more descriptive signatures, as well as ensuring that any inactive listings are removed.

However, immediately after its launch, the site experienced phishing attacks, which resulted in some consumers losing their NFTs. The OpenSea team then performed an investigation into what had happened. Devin Finzer, co-founder of OpenSea, advised affected users to contact their support team. Mintable, an NFT platform, has stated that it will restore NFTs that were lost in the recent OpenSea phishing attempt. The team noticed that some of the NFTs that were lost were advertised on another marketplace named LooksRare. They elected to buy the NFTs and restore them to their original owners, according to Mintable founder Zack Burks.

The platform has informed customers that active posts on the website may become invisible, and floor pricing may alter, as a result of the contract conversion, which will take place on Friday. However, the platform argues that this is only a temporary condition. To protect listings, OpenSea has temporarily blocked bids and purchases until the transfer is completed.

Meanwhile, the blockchain community has expressed reservations regarding NFTs. Coffeezilla, a Youtuber, and members of the community were able to stop an alleged NFT scam effort to steal $20 million in digital assets. An anonymous user provided a detailed report describing the claims made against the accused NFT fraud team members.

 

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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