OpenSea – among the most well-known non fungible token (NFT) marketplaces – reportedly introduced an upgrade to its smart contract, in a bid to remove inactive listings from the platform. 

Specifically, as included within the scope of the upgrade, it is reportedly necessary for every OpenSea user to complete the migration of their NFT listings – at the moment functioning on the Ethereum (ETH) blockchain – to the new smart contract.

Per the OpenSea announcement, the NFT listings created prior to Feb. 18 will reportedly hit expiration on an automatic manner, within a week by Feb. 25 by 2 PM ET. 

“This new upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.”

When the migration is finalized, the NFT listing will reportedly display the original date of posting. However, as soon as the deadline is exceeded, users will have the ability to  relist the delisted NFTs over the new smart contract.

During this phase, OpenSea will not charge gas fees for NFT migration but will invalidate the old Ethereum-based smart contract, effectively expiring the old offers. 

“During this migration period, old offers on items will expire, and offers made on the old smart contract will become invalid.”

OpenSea reportedly made the majority of the early-bird advantage in the NFT sphere to turn into the most major marketplace supporting NFT trades.

To reaffirm the potential power in terms of finance of the NFT sector, a college student named Sultan Gustaf Al Ghozali from Indonesia reportedly secured millionaire status via selling NFT versions of his selfies on OpenSea.