One of the most popular NFT marketplaces, OpenSea, has released an update to its smart contract.
As part of the new update, all OpenSea users will need to migrate their NFTs hosted on the Ethereum blockchain to the new smart contract.
According to the OpenSea announcement, NFTs posted before February 18 will automatically expire within a week (February 25).
“The new update will ensure that old, inactive listings on Ethereum expire safely and allow us to offer new security features in the future,” the developers said.
After a successful migration to a new smart contract, the original date of publication of the token will be displayed next to the NFT. Once the deadline expires, users will be prompted to list again.
OpenSea said it will not charge a fee for switching to the new contract, but will now cancel the old smart contract, effectively terminating the old NFT