OpenSea has upgraded its smart contract and added a new one characteristic NFT listing. With the latest upgrade, the NFT market will remove inactive lists on the platform.
According to an OpenSea tweet, users will migrate their NFT listing to a new smart contract. Also, the market has announced that NFT lists created before February 18 will automatically expire by February 25.
For those who don’t know, OpenSea is a decentralized NFT market. Here users can buy and sell non-replaceable tokens. Moreover, NFTs are unique digital collectibles that can be anything from videos, images, sound, art, etc.
In addition, it is the largest NFT market in the world. It is also quite popular among users who often call it “eBay of Digital Objects”.
Inactive NFT lists will surely expire after the OpenSea upgrade
With the new intelligent contract upgrade, inactive NFT lists will surely expire. According to OpenSea, an inactive list is where your NFT is not canceled and is still filled in when you return the item to your wallet.
Moreover, inactive ads will remain until you cancel the NFT or expire. Also, if users choose to cancel inactive ads, they must pay a gas fee.
Speaking about the new upgrade, OpenSea says: “This new upgrade will ensure that old, inactive ads on Ethereum are sure to stand out and allow us to offer new security features in the future.”
After moving to a new smart contract, NFT the listing will show the original publication date. However, the new agreement will allow users to list removed NFTs when they exceed the deadline.
Moreover, the platform has assured us that it will not charge any gas (transaction) fee for NFT migration. However, they will cancel the old contract based on Ethereum, which will effectively end all old offers.
OpenSea adds: “During this migration period, old bids for items will expire and bids made on the old smart contract will become invalid.”
Migration is a two-step process
Users will need to follow a two-step process to complete the migration to the new smart contract. You will need to visit the OpenSea platform and click on the Migrate Listings option.
Next, click the check button next to them NFT lists to start the migration process. In addition, users will receive a migration confirmation notification.
Moreover, they will see their active lists with a new expiration date for their NFTs. OpenSea will allow all users to migrate their lists by February 25th.