Recently, OpenSea and Rarible users are facing issues because of the websites’ malfunctioning. Carson Turner, a bored ape owner, lost his BAYC and MAYC NFTs when he was transferring the assets from one wallet to another.
More About the OpenSea/Rarible malfunctioning
As mentioned, when a user transfers an NFT listed for sale on OpenSea from their wallet to their wallet again, their assets appear to be unavailable for purchase, although they are still accessible to buyers.
As a result, some people have mistakenly thought they could use this “hack” to delist NFTs if they change their mind about selling them. By the same token, certain people are using the hack to avoid gas fees associated with cancelling the sale.
This “glitch” resulted in Turner’s Bored Ape #2643 being brought, even though he thought it was no longer for sale. In fact, he ended up spending 10 ETH ( about $38, 000) to get it back. Fortunately, OpenSea helped Turner and returned all the royalties and fees from the marketplace accounts.
However, not everyone receives the same level of assistance as Turner. (See picture)
According to a Twitter user, there’s another circumstance in which NFT can be sold at a no longer relevant price is described below:
1. Own NFT
2. List NFT (listing A)
3. Lower Price (listing B)
4. NFT sells (listing B fulfilled)
5. Buy same NFT (could be ERC-1155)
6. Listing A reactivated API
How to protect yourself?
After the incident, Rarible created an order management tool that allows you to identify and cancel potential risky sales from OpenSea.
The marketplace tweeted, “When you move your item out, the order can’t be fulfilled anymore. But when the item gets back to your wallet, the order is active on-chain again. The secure way to remove a listing is to cancel it on-chain. All Rarible Orders are always fulfilled or cancelled on-chain.”
In the tool, you will see two types of orders: Active and inactive. Active orders are on right now and require most of your attention. Inactive orders are the orders that will become active in case the NFT gets back to your wallet.
Temporarily, Rarible has disabled all open sea orders on Rarible.com. Not only this, but the platform has also developed a tool where everyone can see and cancel their potential risky sale orders.
Apart from this, a platform called revoke.cash, allows OpenSea users to revoke all OS permissions. You can also watch NFT influencer – @tropoFarmer’s video to know more about the feature.
Besides, just a few days ago OpenSea froze $2.2million worth of assets due to a phishing scam. Now, many are now questioning whether OpenSea has ditched decentralisation in favour of centralisation.
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This article is educational material.
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