OpenSea bids and purchases are disabled until the migration is complete, ensuring that listings are safe.
The firm’s week-long window for users to move their nonfungible token (NFT) listings has come to a conclusion.
Following the deadline, the platform announced that due to the move, some functions on the site may be unavailable briefly.
On February 19, the company released a new smart contract and advised users to begin migrating their NFT listings from the old to the new contract.
The upgrade, according to the NFT marketplace, adds additional capabilities like bulk listings and more descriptive signatures, as well as assuring that all inactive listings expire.
However, the platform reported phishing assaults shortly after the introduction, resulting in some customers losing their NFTs.
Following this, the OpenSea team conducted an investigation into what had occurred.
OpenSea co-founder Devin Finzer recommended affected users to contact their support team.
Mintable, an NFT platform, has promised to restore NFTs taken in the recent OpenSea phishing attack.
Some of the NFTs that were lost were listed on another marketplace called LooksRare, which the team discovered.
According to Mintable creator Zack Burks, they chose to buy the NFTs and return them to their original owners.
The contract conversion will complete on Friday, and the platform has warned users that active postings on the website may become invisible, and floor pricing may change.
The platform, however, claims that this is merely a temporary situation.
Until the move is complete, the company has temporarily prohibited bids and purchases to protect listings.
In the meanwhile, the blockchain community has been wary about NFTs.
Youtuber Coffeezilla and community members were able to thwart an alleged NFT fraud that was attempting to steal $20 million in digital assets.
An anonymous user submitted a detailed report detailing the allegations leveled against the members of the suspected NFT fraud team.