After months of issues, the most popular NFT marketplace globally is making several critical improvements to the platform. Importantly, to their smart contract. It appears that the problems at OpenSea are coming to an end and the listing bug saga is over.
OpenSea is making key updates to its smart contract to fix the bug listing issue. In a tweet to their 1.3 million followers, they finally confirmed they are dealing with the infamous bug listing issue. This particular problem has plagued the platform and led many to question the place of OpenSea as the number one NFT platform.
Over the last few months, some people have seen their valuable NFTs sold without permission due to the OpenSea bug. Importantly, they are now taking significant steps to rectify the problem.
However, this will provide little aid to those who have found themselves on the wrong end of the bug listing.
Essentially, it allowed scammers to purchase NFTs at previously listed prices on the OpenSea marketplace. In one instance, a BAYC NFT sold for 0.7ETH ($1,700).
Significantly, the floor value was around 95 ETH at the time, meaning the holder lost a potential $290,000.
Meanwhile, OpenSea states that “This upgrade will ensure that old, inactive listings on Ethereum expire, and will allow us to offer new features like bulk cancellations and more descriptive signatures.” Starting on Friday, 3 PM ET, you can migrate your listings to the new contract.