USD

AED

AFN

ALL

AMD

ANG

AOA

ARS

AUD

AWG

AZN

BAM

BBD

BDT

BGN

BHD

BIF

BMD

BND

BOB

BRL

BTN

BWP

BYN

BZD

CAD

CDF

CHF

CLF

CLP

CNH

CNY

COP

CRC

CUC

CUP

CVE

CZK

DJF

DKK

DOP

DZD

EGP

ERN

ETB

EUR

FJD

FKP

GBP

GEL

GHS

GIP

GMD

GNF

GTQ

GYD

HKD

HNL

HRK

HTG

HUF

IDR

ILS

IMP

INR

ISK

JMD

JOD

JPY

KES

KGS

KHR

KMF

KPW

KRW

KWD

KYD

KZT

LAK

LBP

LKR

LRD

LSL

LYD

MAD

MDL

MGA

MKD

MMK

MNT

MOP

MRO

MRU

MUR

MVR

MWK

MXN

MYR

MZN

NAD

NGN

NIO

NOK

NPR

NZD

OMR

PAB

PEN

PGK

PHP

PKR

PLN

PYG

QAR

RON

RSD

RUB

RWF

SAR

SBD

SCR

SDG

SEK

SGD

SHP

SLL

SRD

SSP

STD

STN

SVC

SYP

SZL

THB

TJS

TMT

TND

TOP

TRY

TTD

TWD

TZS

UAH

UGX

UYU

UZS

VES

VND

VUV

WST

ZAR

ZMW

ZWL

Cryptoknowmics 2022-02-19 12:17:29

OpenSea Takes Action to Weed Out Dormant NFTs on Ethereum

OpenSea, one of the most prominent nonfungible token (NFT) marketplaces, has released an update to its smart contract as a preventative precaution to remove inactive listings off the platform. All OpenSea users will be required to convert their NFT listings, which are now housed on the Ethereum (ETH) blockchain, to the new smart contract as part of the scheduled smart contract. This vital upgrade comes at a very critical time for the NFT marketplace, whose users were recently subjected to an exploit on dormant listings. While OpenSea has subsequently refunded the affected users, the incident has sparked concern regarding the marketplace’s security. Smart Contracts Upgrade by OpenSea Users on OpenSea will move their NFTs to the new smart contract as part of the update. The Ethereum blockchain is now hosting these NFTs. OpenSea has also said that NFT listings placed before February 18 will expire on that date. The announcement by OpenSea states, “New upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.” According to the statement, once a user migrates the NFT listing, the original date of posting will be displayed. Users can relist their NFTs on the new smart contract once the deadline has passed. Users can move their NFTs for free. The previous Ethereum-based smart contracts will be rendered invalid, resulting in the removal of all dormant listings. User...