In March 2021, Sina Estavi, a crypto entrepreneur bought the NFT for $2.9 million worth of ETH via the leading NFT marketplace OpenSea.

Read Also: Twitter To Allow Users to Add Bitcoin and Ethereum Addresses to their Profiles to Receive Tips

Last week’s Thursday, Estavi took to Twitter to announce that he has decided to sell the rare NFT. According to the crypto investor, relatively 50% of its proceeds, which he thought would be $25 million, will be donated to charity.

Sina Estavi tweeted, “I decided to sell this NFT ( the world’s first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity.”

I decided to sell this NFT ( the world's first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly
‌‌‌‌‌‌
https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0

— Estavi (@sinaEstavi) April 6, 2022

Relatively Low Bid So Far

The auction closed about two days ago on OpenSea, with just seven offers. And the highest bidder is offering just 0.09 ETH worth $275 at current prices, while the lowest bidder offers 0.0019 ETH worth about $6.

Read Also: Bitcoin (BTC) To Be Accepted By Walmart and McDonald’s Through Lightning Network

It’s worth noting that the investor has to accept the bid, if not, it will expire in a few hours.

In a conversation with CoinDesk on Wednesday, Estavi said, “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.”

It can be recalled that Estavi’s crypto ventures Bridge Oracle and CryptoLand collapsed after he was arrested in Iran last year. Currently, he’s in the process of re-launching the Bridge Oracle tokens (BRG) on the BNB Chain, which were initially on the Tron blockchain.

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The post Twitter Founder’s First-Ever Tweet’s NFT Went on Sale for $48 Million; Highest Bidder Offers $275 In ETH appeared first on Times Tabloid.

The message was passed across today in a viral tweet on OpenSea’s official Twitter handle. In the tweet, the platform captioned “The best kept secret in web3.”

The best kept secret in web3 pic.twitter.com/xuZn64cZ4U

— OpenSea (@opensea) March 29, 2022

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OpenSea to Become Direct Competitor with Magic Eden

As soon as OpenSea launches support for Solana NFTs on its marketplace in April as stated in the viral tweet, it will become Magic Eden’s direct competitor.

Rumors that OpenSea was preparing to launch support for Solana NFT widely circulated back in late January, after some screenshots appeared online. A popular blogger and hacker, Jane Manchun Wong, captioned screenshots to prove that OpenSea was on the verge to integrate Solana NFT.

Back then, the integration of the new network on OpenSea was most likely found by the reverse engineering of the platform, which allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with the Phantom wallet.

Read Also: Solana Partners with PUBG Creator, Krafton, To Develop and Market Blockchain-Based Games

Although OpenSea tried to distance itself from the rumor, the latest teaser video has proven that the blogger was somewhat right. Though there is no specific date yet, Solana community members can rest assured that the integration would play out in the coming month.

According to data provided by Dune Analytics, in March 2022, OpenSea recorded over 1.6 million ETH in sales volume. This shows that OpenSea is still the world’s dominant NFT marketplace.

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At the time of press, it cannot be ascertained if the assets were stolen via a breach from a deficiency in OpenSea’s platform or a phishing attack.

Read Also: OpenSea Upgrades Smart Contract To Delist Inactive Non-Fungible Tokens (NFTs) on Ethereum

OpenSea Is Currently Investigating the Issue

In a recent tweet, OpenSea reported a possible exploit in relation to its NFT marketplace, stating that investigation has started to know the extent of the attack.

According to the platform, the exploit appears to be a phishing attack from outside its domain. Phishing is a common means for thieves to access accounts through fictitious emails.

So, users are warned to desist from clicking any link different from its well-known official website address.

OpenSea tweeted, “We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea’s website. Do not click links outside of opensea.io.”

We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea's website. Do not click links outside of https://t.co/3qvMZjxmDB.

— OpenSea (@opensea) February 20, 2022

Read Also: OpenSea Says Over 80% of Its Free NFT Mints Were Plagiarized, Spam or Fake

Hacker Steals Assets worth Around $3 Million

According to The Block, at this point, the hacker has stolen assets worth relatively $3 million, which includes popular NFTs such as Bored Apes, Azuki, and CloneX.

Alex Svanevik, the CEO of Nasen, estimates that about 19 users of the NFT marketplace are affected.

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In this regard, it’s necessary for all OpenSea users to migrate their NFT listings hosted on top of the Ethereum blockchain to the new smart contract.

Read Also: OpenSea Says Over 80% of Its Free NFT Mints Were Plagiarized, Spam or Fake

According to the official announcement, the upgrade became effective from 18th Feb. So, NFT listings created before this date will automatically expire within a week.

The announcement reads in part as follows:

“Beginning today, Friday, February 18 we’re upgrading the smart contract. This new upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future. This migration period will last for seven days, until Friday, February 25 at 2:00 PM ET.”

Once the migration is successfully done, the NFT listings will show the original date of posting. But failure to meet the deadline, users will be allowed to relist the delisted NFTs on the new smart contract.

In the process of migration, users will not be charged with the usual gas fees, but the old Ethereum-based smart contract will be invalidated and old offers on items will expire:

“During this migration period, old offers on items will expire, and offers made on the old smart contract will become invalid.”

Read Also: OpenSea Is Reimbursing Users Who Saw Their NFTs Snatched and Resold By Hackers

NFT Listing Migration Is a Two-Step Process

It takes a two-step process to migrate the NFT listing. First, users need to migrate to OpenSea and click on the “Migrate listings” option.

Second, users will need to click on the “Confirm” button made available next to each listing, as described in the below screenshot.

After clicking the Confirm button, a notification will confirm the migration and users will be able to view the listing with a new expiration date.

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In December 2020, OpenSea launched the free NFT minting feature known as “lazy minting”, which gives artists the ability to release NFTs without paying upfront gas costs.

Read Also: Ethereum User Loses Over $500,000 Forever after Sending ETH to Wrapped Ether (WETH) Contract

OpenSea Introduces and Reverses New Rules

In order to combat the misuse of the free minting feature, a new rule was introduced on 27th January. The NFT marketplace introduced the new rule that limited free minting only to five collections of up to 50 NFTs each, but the community responded with backlashes, which later led to the reversal of the decision.

In order to clear the air over the issue and to clarify the reason for introducing the rule, OpenSea wrote:

“To all the creators in our community impacted by the 50 item limit we added to our free minting tool, we hear you and we’re sorry. We have reversed the decision. But we also want to offer an explanation

“Every decision we make, we make with our creators in mind. We originally built our shared storefront contract to make it easy for creators to onboard into the space.

“However, we’ve recently seen misuse of this feature increase exponentially. Over 80% of the items created with this tool were plagiarized works, fake collections, and spam.

“We didn’t make this decision lightly. We made the change to address feedback we were receiving from our entire community. However, we should have previewed this with you before rolling it out.

“In addition to reversing the decision, we’re working through a number of solutions to ensure we support our creators while deterring bad actors.”

Read Also: Biggest NFT Marketplace OpenSea Working on Solana and Phantom Wallet Integration

It’s widely known that OpenSea is still recovering following an exploit tagged as a user interface issue, which caused some NFTs to be listed thousands of dollars below market price.

Some users lost their highly valued NFTs to this exploit, but OpenSea has devised a means to reimburse the victims of the unfortunate incident.

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The post OpenSea Says Over 80% of Its Free NFT Mints Were Plagiarized, Spam or Fake appeared first on Times Tabloid.

This was revealed on Twitter by a popular blogger Jane Manchun Wong a couple of hours ago. Wong captioned screenshots to prove the likely integration.

Read Also: Pantera Capital: Solana (SOL) and Near Are Set For Immense Growth in 2022

Jane Manchun Wong wrote, “OpenSea is working on Solana integration, as well as Phantom wallet support.” In the same thread, “OpenSea’s Chains Filter showing Solana as an option.”

OpenSea’s Chains Filter showing Solana as an option pic.twitter.com/asQoYrfTm4

— Jane Manchun Wong (@wongmjane) January 25, 2022

The integration of the new network on OpenSea was most likely found by the reverse engineering of the platform that allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with Phantom.

Read Also: Non-Fungible Token (NFT) Sales Volume on Solana Blockchain Surpasses $1 Billion

While OpenSea has not officially confirmed or denied Solana support, the official Twitter account of the platform left a comment under Wong’s post tagging the blogger and Phantom wallet official account.

JPMorgan Says Ethereum Is Losing Ground to Solana in the NFT Sector

Due to notably high transaction fees on the Ethereum blockchain, JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, believe that the largest smart contracts platform is already losing ground to rivals such as Solana in the non-fungible token (NFT) sector.

JPMorgan pointed out that Ethereum’s volume share of NFT trading has fallen from around 95% recorded at the start of 2021 to 80%.

In a research note sent to clients, Panigirtzoglou wrote:

“It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.”

Read Also: Bank of America: Solana (SOL) Could Beat Ethereum (ETH) To Become Visa of Crypto Space

According to the major bank’s findings as stated in the report, the Solana network had been seizing market share from Ethereum in recent weeks.

Panigirtzoglou emphasized that if Ethereum keeps losing ground to rival blockchains, it would become a big problem for the market value of Ethereum:

“If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.”

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It can be recalled that a bug in the OpenSea NFT marketplace enabled hackers to hijack a number of rare NFTs from owners for far below their market values and resell them for huge profits.

Read Also: The Term Ethereum 2.0 (ETH 2.0) Has Been Phased Out In Favor Of “Consensus Layer”

According to blockchain analytics firm Elliptic, at least three hackers were involved in exploiting a bug on the Ethereum-based NFT marketplace, OpenSea.

The report further stated that one of the attackers purchased a Mutant Ape Yacht Club NFT for $10,600 in ETH and resold it a few hours later for $34,800 worth of ETH.

In the report, Elliptic said, “The exploit appears to originate from the ability to re-list an NFT at a new price, without canceling the previous listing. Those previous listings are now being used to purchase NFTs at prices specified at some point in the past — which is often well below current market prices.”

Read Also: Ethereum Beats Visa In Terms Of Values Moved In 2021 ($11.6 Trillion and $10.4 Trillion Respectively)

The report pointed out that another attacker paid relatively $133,000 for seven NFTs and sold it quickly on the Marketplace for $934,000 worth of ETH.

OpenSea Starts Reimbursing Victims of the Major Exploit

In a conversation with The Block, an OpenSea spokesperson disclosed that the company has been actively reaching and reimbursing the victims of the major exploit, adding that the platform is taking the matter “incredibly seriously.”

According to the firm, there has been a ground effort to put the issue to rest for bad actors not to abuse it as scale. The company added that it’s working on product improvements to bring a lasting solution to the problem.

Read Also: Credible Crypto: Bears Will Be ‘Wiped Clean’ When Ethereum (ETH) and Other Altcoins Bounce

The company also clarified that the incident wasn’t an exploit or a bug, but a UI issue that surfaces when a user creates a listing, then transfers the NFT to a different wallet in order to avoid gas fees.

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