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— Purrnelope's Country Club (@PurrnelopesCC) February 24, 2022
Less than 24 hours away