Articles·OpenSea Changes To Shake Up Floors, Listings

OpenSea Changes To Shake Up Floors, Listings

This Friday, floor prices and listings on OpenSea could look a lot different.

At 2 p.m. EST on Feb. 25 every listing made before 3 p.m. on Feb. 18 will expire, as OpenSea updates the smart contract it uses for its marketplace. The update to the OpenSea contract was needed after several users reported their NFTs sold at prices they were formerly listed.

What the fuck @opensea I am beyond pissed at your god damn site right now, I just woke up on a Monday morning to find out that my ape @BoredApeYC just sold for 6.66 eth overnight due to an old listing price. This ape was not transferred between wallets cont. -> pic.twitter.com/M5yQv3weFC
— VirtualToast.eth (@ToastVirtual) January 24, 2022

To attempt to fix the issue, OpenSea set up an inactive listings page and announced the contract change through email (though that created some confusion during an alleged phishing attack). While most users are concerned with migrating and its effects on their wallets, the change presents an opportunity to projects that launched before Feb. 18 at 3 p.m. EST (the time OpenSea instituted the new contract).

Any listing not migrated during the last week will expire, reducing listings for projects and potentially shaking up floor prices.

Is the Opensea contract migration possibly the most bullish marketplace event in NFT history? All listings reset? The Great Unlist-ening? Gonna be interesting to see how it affects different collection pic.twitter.com/1Czp6vrFLt
— ⟠Palis⟠🐍 (@curvethots) February 14, 2022

For example, only 55 listings have been posted for the Wrapped MoonCats collection in the past seven days compared to 211 total listings. It’s possible the remaining listings will expire, giving buyers and projects opportunities to reset floors.

For sellers, OpenSea is advising users not to relist any items that they’ve migrated from Feb. 18-25, which will duplicate the listing and cost users gas fees to cancel. It’s easy to be apprehensive with a new smart contract, but the contract has now been around for a week, long enough for bad actors to take advantage of any exploits.

Some NFT projects have already taken advantage, scheduling what could be well-timed roadmap updates.

Roadmap 2.0
Less than 24 hours away
Buckle Up.
— Purrnelope's Country Club (@PurrnelopesCC) February 24, 2022

Author Bio

TD Marquis

A veteran journalist and editor with more than a decade's worth of experience, TD helped a small community newspaper in Vermont win a New England Newspaper Association Right to Know Award in 2014. TD helped compile five years' worth of invoices to uncover a long-established practice of small-town government officials paying themselves six figures to do small jobs around town. TD discovered NFTs with Top Shot in 2021 and his first NFTs on ETH were saving two Mooncats. He is now the proud owner of Rowhome #61 and 1,300 other NFTs of questionable value. He also sent 4 ETH to a fake Mekaverse site and wants Lucky Trader readers to avoid the same fate.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.