OpenSea Switches To Smart Contracts Architecture

OpenSea, a leading platform for non-fungible token (NFT) trading, has modified its smart contract architecture to accommodate the content of its customers.

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On February 26, 2022, OpenSea, the biggest Ethereum-based decentralized program, stated that its functions have been migrated to the improved smart contract.

The exchange said that all NFT holders who want their tokens to be available on the service can relist their tokens at no expense. According to the post, “Unmigrated” listings have passed their expiration date and will no longer be supported. However, the migration period began on February 18 and ended on February 25 of this year.

OpenSea can now roll out new features such as more descriptive signatures and bulk cancellation after migrating to the upgraded Wyvern smart contract and removing inactive listings. The EIP-712 standard is used in the new Wyvern 2.3 contract, which considerably decreases the chances of phishing frauds.

This takes us back to the largest phishing fraud attempt in the record of the NFT segment that had reportedly targeted OpenSea’s NFT owners.

Seventeen high-profile NFT advocates had their funds stolen by criminals using fraudulent smart contracts. Fraudsters took a number of valuable NFTs from the BAYC and Azuki collections, resulting in net losses of $1.7 billion.

OpenSea disabled features temporarily during migration

OpenSea gave users a week to move their nonfungible token (NFT) listings, which concluded on Friday. Following the deadline, the company announced that due to the relocation, several functions on the site will be temporarily unavailable.

The company released a new smart contract on February 19, 2022, and advised users to begin migrating their NFT listings from the previous contract to the new one.

However, the network reported phishing assaults shortly after the introduction, resulting in some customers losing their NFTs. Following this, the OpenSea team conducted an investigation into what had occurred. OpenSea co-founder Devin Finzer suggested affected parties contact the company’s support team. This issue was resolved by Mintable, another NFT platform.

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Furthermore, the contract conversion was completed on Friday, with the platform notifying users that active listings on the platform may be hidden and that floor prices may fluctuate. The platform, however, stated that this is merely a temporary situation. The company said that until  the transfer was complete, bids and purchases would be temporarily prohibited to protect listings.

OpenSea is the most popular Ethereum-based decentralised application and the largest NFT marketplace. It has over 50,000 daily users, and its trading volume has surpassed $3.7 billion in the last 30 days, despite a significant drop in interest in NFTs.

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