Here’s why OpenSea Features are Disabled

Paigambar Mohan Raj
Source: Benzinga

OpenSea’s week-long window for users to move their nonfungible token (NFT) listings has come to a conclusion. Following the deadline, the platform announced that due to the move, some functions on the site may be unavailable briefly.

Features that may be disabled

As per Opensea’s announcement, on Friday, February 25, during the final part of the contract migration period, a few functions and experiences on the site may be unavailable for several hours.

Specifically, users may not be able to see their active, migrated listings, even though they have migrated them. Additionally, users may see floor prices vary. 

The team has asked users to not relist their migrated items during this time, even if they don’t appear in the Active Listings tab. Doing so will create a duplicate listing of the item, which will need cancellation, and hence cost a gas fee. 

Once the migration is complete, users will see their items in the Active Listings tab.

Why did Opensea ask users to migrate their listed items?

On February 19, OpenSea released a new smart contract and advised users to begin migrating their NFT listings from the old to the new contract. The upgrade, according to the NFT marketplace, adds additional capabilities like bulk listings and more descriptive signatures, as well as assuring that all inactive listings expire.

But things took a bad turn as the platform 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 recommended affected users to contact their support team.

Mintable, an NFT platform, has promised to restore NFTs stolen in the recent OpenSea phishing attack. Some of the NFTs that were lost were listed on another marketplace called LooksRare, which the team discovered. According to Mintable creator Zack Burks, they chose to buy the NFTs and return them to their original owners.