Top NFT Marketplace OpenSea Completes Migration: Details

OpenSea, a top platform for trading of non-fungible tokens, has moved the content of its customers to upgraded smart contracts architecture.

OpenSea migration completed successfully

The largest Ethereum-based decentralized application OpenSea announced yesterday, Feb. 25, that its mechanisms are moved to the upgraded smart contract.

Our contract upgrade is complete, and the site is now fully functional. All unmigrated listings on the old contract have now expired. To relist for no cost, visit the relist tab in your profile.

— OpenSea (@opensea) February 25, 2022

All owners of NFTs who are interested in the availability of their tokens on the platform can relist their NFTs at no cost.

“Unmigrated” listings have expired and will not be supported any longer. Migration was opened on Feb. 18-25.

As OpenSea migrated to the updated Wyvern smart contract and got rid off its inactive listings, the platform can now roll out new features, including more descriptive signatures and bulk cancellation.

Despite the pullback, OpenSea processed over $3.7 billion in February

The new Wyvern 2.3 contract utilizes EIP-712 standard; its significantly reduces opportunities for phishing scams.

As covered by U.Today previously, OpenSea’s NFT owners were recently targeted by the largest phishing scam campaign in the history of the NFT segment.

Seventeen top-profile NFT enthusiasts transferred their assets to scammers through malicious smart contracts. Net losses surpassed $1.7 billion as scammers stole a number of expensive NFTs from the BAYC and Azuki collections.

OpenSea is the largest NFT marketplace and the most popular Ethereum-based decentralized application. Its daily user count exceeds 50,000; in the last 30 days, its trading volume exceeded $3.7 billion despite a major decrease in interest in NFTs.