OpenSea Pauses Activity due to Smart Contract Upgrade

OpenSea Pauses Activity due to Smart Contract Upgrade

The NFT marketplace has currently halted several features during its new contract migration phase for a temporary period.

With several NFT marketplaces suffering from malicious activity, a lot of investors are looking for ways to protect their assets. In fact, the largest NFT marketplace will be trying to up its game in the security department via a new smart contract.

The planned migration to a new contract started almost a week ago, with OpenSea asking users to move their NFTs to the new contract because they will just become invalid on the old one. 

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According to Opensea, the migration will end on Friday, and the NFT marketplace advises not to “relist any items that were previously migrated, even if they don’t appear in the Active Listings tab because it will create a duplicate listing of the item…”

Likewise, OpenSea highlighted that users might not see active listings of migrated assets on the new contract, and some NFTs may have fluctuating floor prices, which will essentially be fixed after the process has ended.

Unfortunately, on February 19th, users were targeted by a hack, or later regarded as a phishing scam on OpenSea which happened just moments after the smart contract migration announcement. 

Many backers of OpenSea, who analyzed the situation regarding the phishing attack, claimed that it was the investors' fault that they clicked the malicious link and signed the contract.

However, in a Robin Hood-ish scenario, the NFT marketplace Mintable tracked down some of the stolen assets on the LooksRare platform, purchased them back, and returned them to their rightful owners. 

According to the estimates, the recent phishing attack on OpenSea took $1.7M worth of NFTs from investors, including Bored Ape Yacht Club and Mutant Ape Yacht Club collectibles.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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