Over the weekend, a new OpenSea API bug surfaced.
This bug causes previously thought to be delisted sales, to be relisted without any notification. This means that previous listings that holders thought were no longer posted, could be accepted by buyers.
Let me break down an example. You listed a Bored Ape Yacht Club NFT for sale 5 months ago for 5 ETH and were a victim of this bug. Someone would have been able to buy this NFT today for that thought-to-be unlisted price of 5ETH. That would be 94% below floor value.
— jwads.eth💊 (@wadsofcrypto) January 25, 2022
HELP!!!! @opensea Your site glitched and reactivated a canceled listing and sold my Mutant Ape NFT when I transferred from another wallet and lost a minimum of 16 ETH and my APE please help 🙏🏽 pic.twitter.com/4x4n87f097
— mrcriminal (@mrcriminal1) January 24, 2022
Before panicking and thinking that you’re going to lose all your NFTs for a fraction of their value, let’s dig a little deeper.
Tricky Traders Reaping What They Sow
When this first started to appear on Twitter, there was mass confusion. Quickly though, eagle-eyed collectors found a common trend among victims.
5) This is an issue for ANY situation where you list your NFT for sale but then transfer it back & forth between wallets WHILE that sale is still active
Because once the NFT is send back in the original wallet the original listing is active again pic.twitter.com/izlCImCWcu
— OKHotshot.eth (@NFTherder) January 24, 2022
An issue a lot of early NFT investors face is illiquidity. You may be surprised to find out a lot of BAYC investors, for example, are almost completely illiquid. Many are long-term holders, who haven’t sold a single Ape. If you have all your ETH tied up in NFTs, what do you have left in your wallet to spend for day-to-day transactions? Not a whole lot. And when each post and delisting transaction comes with gas costs, some users look for ways to save their valuable ETH dust.
This led users to find a loophole where if you send an NFT listed for sale to another wallet, the sale would delist from OpenSea.
Or so they thought.
What actually happened was when users sent the NFT to the other wallet, and then sent it back to their main wallet, the sale would relist without any notification.
Instead of paying the $20-$40 to delist the true way, tricky users were spending a fraction of that to delist sales. It came back to bite them.
How Do I Avoid This OpenSea API Bug?
It’s pretty simple. When you delist an NFT, do it the proper way! Go to your profile, click the NFT you want to delist, and click cancel listing. Pay the gas fee, and then your NFT will be delisted. That’s it.
Recently, there have been some tools developed that allows users to view and cancel listings that may be susceptible to this bug:
Use these tools to see if you have any sales active that you were unaware of. The Web3 system isn’t perfect yet. Never try to get tricky and cheat the system when you don’t actually know what you’re doing. Someone who actually does know what they’re doing will find your mistakes and make you pay for them. Or, if you’re lucky enough, this bot will swoop in and save you!
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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