OpenSea Smart Contract Upgrade To Delist Inactive NFTs On Ethereum

OpenSea, one of the most prominent nonfungible token (NFT) exchanges, 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.

The new contract is live! Start migrating your listings now: https://t.co/W1w9ciCK2D

— OpenSea (@opensea) February 18, 2022

What You Need To Know OpenSea Smart Contract Upgrade

According to the OpenSea announcement, NFT listings created before February 18 will automatically expire one week later, on February 25, at 2 p.m. ET:

“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 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 phase.

But will invalidate the prior Ethereum-based smart contract, essentially ending the old offers:

“During this migration period, old offers on items will expire, and offers made on the old smart contract will become invalid.”

The NFT listing migration is a two-step process. The user must first go to OpenSea and select the ‘Migrate listings‘ option.

The user must then click the ‘Confirm’ button located next to each listing, as seen below, to proceed to the next stage.

Navigating to OpenSea’s NFT migration. Source: OpenSea

A notification will confirm the migration and users will be able to view the listing with a new expiration date.

Users will be informed of the migration and will be able to access the listing with a new expiration date.

OpenSea took advantage of the NFT space’s early-bird edge to become the largest platform for NFT trading.

RELATED: How Gustaf Al Ghozali, 22, Made $1M By Selling NFT Selfies On OpenSea

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.

Uploading my photo into nft lolhttps://t.co/E3Q4sBmN26#NFT #opensea pic.twitter.com/rD51rdcpzp

— Ghozali (@Ghozali_Ghozalu) January 10, 2022

iexclusivenews recalls that Ghozali shot selfies in front of his computer while sitting or standing.

His selfies were eventually transformed into NFTs and posted to OpenSea in December 2021.

Following that, Ghozali’s collection reached a total transaction volume of 317 ETH, which is more than $1 million.