Collectors on OpenSea Losing NFTs Due to Listing Glitch

Collectors are complaining on Twitter that their NFTs are selling at their previous listing prices on OpenSea after migrating to Rarible.
Image Source: OpenSea

Quick take:

  • Collectors are claiming their NFTs are selling at their previous listing prices on OpenSea.
  • The problem affected NFT transfered from OpenSea to Rarible.
  • The owners of reported NFTs reportedly failed to cancel on OpenSea, avoiding gas fees.

On Monday, several collectors complained that their NFTs were quickly selling at their previous listing prices on OpenSea after migrating to Rarible. The affected NFTs are those that the owners failed to cancel on the OpenSea marketplace during migration, avoiding the high gas fees.

Some of the users initially thought it was an OpenSea bug that allowed hackers to steal NFTs from collector wallets. Writing on Twitter, Sir Bitlord tweeted:

However, others were quick to notice the glitch, with @Helloiammorgan writing that the bug was “causing Apes to be listed and sold at previous listing prices.” 

Kosher Plug who was among the first people to notice the anomaly highlighted three Bored Ape Yacht Club NFTs that sold during the glitch for far lower prices than the theoretical floor price for the BAYC collection.

According to smart contract auditing firm Peckshield, one opportunist took advantage of the listing glitch, making roughly 332 ETH, ~$740,000.

A BAYC NFT owner TBALLER complained that his Bored Ape sold for 0.77 ETH, several levels below the current floor price BAYC of 86 ETH.

Experts have attributed the glitch to the way NFT listing and cancellation works on OpenSea. To list an NFT on the world’s largest marketplace, owners must sign an order, allowing them to list the asset for free.

Collectors can then use the signature to purchase the NFT at the set price on-chain, at any time. In order to move the asset off-chain, collectors must sign a different order, rendering the listing invalid on-chain.

The problem with this principle is that collectors must pay transaction fees to fulfil it. As a result, many just migrate their NFTs from their wallets to other ETH wallets, avoiding the hefty gas fees. 

One Twitter user @Negative9093 replied to TBALLER citing the proper method of cancelling a listing on OpenSea, especially regarding the transfer of assets to Rarible. 

This is not the first time OpenSea is facing user complaints. The marketplace was down momentarily last week causing a stir on social media.

In addition, OpenSea faced backlash from users towards the end of December after freezing $2.2 million worth of NFT collections following a hack.

Despite the drawbacks, the marketplace recently broke its all-time monthly trading volume, surpassing the $3.42 billion set last August.

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