OpenSea tries to save NFTs but pesky frontrunners are poaching them

OpenSea is trying to fix a problem that’s letting expensive NFTs get sold at far cheaper prices.NFT marketplace OpenSea is trying to fix an issue that has led to the loss of multiple expensive NFTs, at rock bottom prices. Only one of its attempts to solve the problem has somehow made things worse.at old offer prices that were made when the NFTs were much less valuable.

OpenSea is trying multiple ways to solve this problem, including by providing more information to users about the state of their NFTs and any offers on them. Today it has started sending out emails informing users that have such older listings that have not been cancelled. The email encouraged the user in question to cancel them.On the Ethereum blockchain, there is a persistent issue of frontrunning.

In this case, when users went to cancel their NFT listings, it actually exposed that the old offer was still there — and these aren't always that easy to find.an NFT collector known as Dingaling, this happened to a user called Swolfchan. This user submitted a transaction to cancel their listing of a Mutant Ape for 6 ETH.

before the listing was cancelled. They acquired it for a roughly 70% discount to the collection's floor price.So Opensea basically just told everyone to go and cancel their old listings, but in turn actually got everyone to give the 'exploiters' the exact info needed to buy their NFTs at the original low priceDingaling added that users should transfer their NFTs out of addresses that have inactive listings before cancelling them, in order to avoid having them poached in this way.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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