Another planned upgrade is expected on the OpenSea network as plans are underway to take the system to a new level by updating existing features to boost efficiency.
One of the leading NFT marketplaces, OpenSea, is on the verge of upgrading its smart contracts to allow users to move their NFT collections to a new smart contract, and inactive users will have their NFT listings delisted from the platform.
The active NFT listings are currently hosted on the Ethereum blockchain network. The smart contract is now ready to accommodate the NFTs. The NFT created on February 18 will be discontinued by February 25, according to the statement released by OpenSea.
The new upgrade will reveal the old NFT listings on Ethereum and allow OpenSea to add more features in subsequent editions. After the successful movement of the active listings, the NFT listing will indicate the exact date of posting. But users unable to beat the deadline will be allowed to relish the delisted collectibles over the smart contract.
What Are The Expected Gas Fees?
OpenSea did not mention charging gas fees during the migration phase, but it will only cancel the previous Ethereum smart contract, automatically making the old smart contract invalid. That is to say, the old offers will expire at this phase, and any requests made at this point are not valid.
How Can Users Migrate Their NFTs?
OpenSea has made the migration of the NFT listings to the new smart contract as seamless as possible, with users visiting the OpenSea site, navigating their way, and clicking on the “Migrate Listing.” Afterward, users can find their way to the “confirm” tab, which is available to each listing on the website.
Lastly, a confirmation in the form of notification will show the migration option, and users could view the list of migration and their respective expiry dates.
It is interesting to note that, as an early bird in the NFT ecosystem, OpenSea has made the most of the advantage of being a player to become a leading marketplace for NFT transactions.
In reaffirming the NFT’s technology potential, Cointelegraph reported that one college student in Indonesia became an overnight success after becoming a millionaire following the trading he carried out by selling the NFT version of his selfie on OpenSea.
Cointelegraph said the student took a handful of selfies in many positions and postures, which he later converted into NFTs and loaded onto the OpenSea platform. In December last year. Subsequently, his collections reached 317 ETH, approximately half a million dollars in fiat currency.
Non-fungible tokens (NFT) are a disruptive technology with features that enable artists to make a fortune from their creativity like never before and, at the same time, reward their customers for their contributions through their patronage.
Many more creative industries and individuals have already confirmed their entry into the NFT space. It is only a matter of time before technology overtakes the mainstream art marketplace.
