OpenSea, one of the biggest and most popular non-fungible token (NFT) marketplaces globally, has updated its smart contracts, a proactive measure to delete inactive entries on the platform.
All NFT Listings on Ethereum Blockchain to Expire By February 25
According to OpenSea’s announcement on February 18, All listed NFT created before February 18th on the Ethereum blockchain will automatically expire at 2:00 pm ET by February 25th:
“This new upgrade will ensure that old, inactive listings on Ethereum are secure and allow us to provide new security features in the future.”
As part of the planned upgrade, all OpenSea users will need to migrate their NFT lists (currently hosted on the Ethereum (ETH) blockchain) to the new smart contracts.
After a successful migration, the NFT list will show the original release date. However, once the deadline expires, users will be able to re-list delisted NFTs via a new smart contract.
At this point, OpenSea will not charge gas for NFT migrations, but will invalidate the old Ethereum-based smart contract, thereby invalidating the old offering:
“During this migration period, the old listing for the item will expire and the listing for the old smart contract will expire.”
Migration of NFT records is a two-step process. First, users need to navigate to OpenSea and click on the Migration List option.
OpenSea main profile page. Source: OpenSea
Next, the user needs to click on the “Confirm” button next to each entry as shown below.
Navigating to OpenSea’s NFT migration. Source: OpenSea
A notification will confirm the migration and users can view the list with the new expiration date.
OpenSea updated listing. Source: OpenSea
OpenSea captured most of the early advantages in the NFT space and became the largest NFT exchange market.