By Shelly Melancon (Switzerland)
Holders strive to beat the deadline set by popular market platform OpenSea, as the seven-day window stipulated to move their NFT listings ends on today, February 25. While users continue to transfer their assets, OpenSea has maintained that a few features will remain unavailable temporarily until the contract is finalized.
The Bid and Purchase portals are features that would be unavailable. With these features limited, users won’t be able to acquire or mint the tokens, but since the disablement is only for a brief moment, users can get back to bidding and acquiring collectibles.
Why OpenSea Made the Move
Last week, OpenSea announced integrating an updated smart contract and told users to transfer their items to the new one. According to the famous marketplace, the latest update would add improved features like bulk listings, and artists would be able to add better signatures.
Unfortunately, the platform was reportedly exploited hours following the public announcement, with some assets lost. While OpenSea conducted an investigation into the exploit to discover what happened, the users who reportedly lost their items were told to reach out to support.
OpenSea assured users of return of the stolen NFTs following the exploit. A brief investigation that was launched discovered that most of the NFTs were already found on LooksRare, a marketplace similar to OpenSea. They decided to acquire the lost assets to return them to their initial owners.
Although the migration ends soon, OpenSea told users that the migrated listings may still not appear and that bids may vary. While the intention was to safeguard users’ assets, it left many worried. However, the platform assures everyone that it wasn’t serious and all transferred listings would become active.
NFT Scams Still Commonplace In the Industry
Currently, the NFT industry is doing pretty well, hitting record figures in revenues and adoption. However, the sector is still susceptible to scams, like the general crypto market. Last week, a vigilant blockchain community prevented a $20 million NFT scam from happening.
A YouTuber called Coffeezilla documented how he and other crypto enthusiasts took down the scammers, adding that the group behind the scam was operating under a known name that was also responsible for other NFT scams like Vault of Gyms and Dirty Dogs that had already occurred.
According to the investigative YouTuber, the guys launch trustworthy and quality NFT projects and then take the money realized from them. Squiggles were their latest scam project, initially scheduled to drop on February 10. Unfortunately, they were stopped by “Detective Coffeezilla.”
The YouTuber is known for busting scammers and rug pullers. Coffeezilla exposed a fellow YouTuber for vehemently refusing some funds received after a rug pull earlier this month.
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