As the week-long period that OpenSea non-fungible tokens (NFTs) marketplace gave users to migrate their NFT listing comes to an end, OpenSea has disabled the bids and purchases features.
Through s Twitter thread, OpenSea said that the reason for disabling the two features was to protect the listings of users during the migration process.
3) To protect your listings, no bids or purchases can be made on your migrated items until the migration completes. At this point, your listings will reappear in your Active Listings tab.
— OpenSea (@opensea) February 25, 2022
The period that OpenSea had given their users to migrate their NFT listings ends today
New OpenSea smart contract
OpenSea unveiled a new smart contract on February 19 and urged its users to start migrating their NFT listings from the old smart contract to the new smart contract. It gave the users a period of one week which is coming to an end today.
The new smart contract comes with new features like bulk listing, more descriptive signatures, and expiration for all inactive listings.
Why temporarily disable bids and purchases?
Some hours after OpenSea announced the smart contract migration and requested users to migrate their listings, it noted some phishing attacks that made some users lose their NFTs. The platform launched investigations into the matter and asked affected users to contact the support team.
In an interesting twist, another NFT platform called Mintable noticed that the stolen NFTs had been listed on another NFT marketplace called LooksRare and promised to purchase the NFTs and return them to their original owners on OpenSea.
Today (Friday, February 25, 2022) OpenSea informed users that active listings within the websites may be invisible and the floor prices may vary after the migration period lapses. However, the platform was quick to add that it would only be for a while to protect the listings of users as it complete the migration.