Bumpy affair - OpenSea completes migration to new smart contract

The one-week grace period that the market-leading NFT marketplace OpenSea gave its users to migrate their own non-fungible tokens (NFTs) expired on Friday. Since the actual migration was completed in the next step , the platform pointed out that some features could not be used temporarily during this time.

As part of this process, OpenSea imported a new smart contract yesterday and asked users to migrate their NFT listings from the old smart contracts to the new version. This should bring a number of improvements and new functions , including so-called bulk listings and more detailed signatures.

A few hours after the announcement , however, the platform reported that there were several phishing attacks that cheated crypto investors out of their NFTs. The OpenSea team then investigated the cases and asked affected users to contact customer support.

The NFT platform Mintable also promised that all NFTs stolen by the phishing attacks would be returned to OpenSea. However, some of the lost tokens were put up for sale on the LooksRare marketplace, which is why Mintable decided to buy up the respective NFTs and return them to the original owners.

After the migration was completed, OpenSea informed users that active listings may not be visible and that the minimum prices offered may vary as they are displayed. These are initially only short-term problems, as the platform emphasizes.

When it comes to crime and fraud in the NFT market, the blockchain community is increasingly taking justice into its own hands . For example, a $20 million NFT scam was recently stopped by YouTuber Coffeezilla and some community members.

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