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OpenSea Changes To Shake Up Floors, Listings

Tony MarquisTony Marquis
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.

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. 

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.

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