Whether you are an NFT Creator, collector, Investor, and enthusiast. First thing first you need to know how to transfer NFT to another crypto wallet.
NFT art is selling in the millions these days, and it’s important to learn how to manage digital assets because this is the crypto world, and it can be rather unforgiving at the best of times. So, here is a step-by-step guide on how to transfer your NFT correctly.
What is NFT?
NFT stands for non-fungible token. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable with other items because they have unique properties.
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. They can only have one official owner at a time, and the Ethereum blockchain secures them – no one can modify the record of ownership or copy/paste a new NFT into existence.
Here’s how you can transfer NFT.
You can easily transfer NFT from one wallet to another by following these quick steps:
- Select your desired NFT in your account (Metamask or OpenSea), then click Send.
- Enter the recipient public wallet address.
- Pay the transaction fees (Fees chargable on transfer method you choose).
I’m providing you with instructions to transfer your NFT from Metamask to OpenSea. These instructions describe how to transfer non-fungible tokens from one crypto wallet to another. Regardless of where you are transferring from (Metamask, OpenSea, etc. ), the steps will be similar to accomplish the same goal of transferring your NFT safely.
Step 1. Start by choosing the NFT you wish to send to your account.
If you use Metamask, you can choose the account containing the NFT by opening your app (mobile) or extension (desktop) and selecting it. Click Send after selecting the desired NFT. When sending an NFT from OpenSea, select the NFT you want to send and click Transfer.
Step 2. You now need to enter the recipient’s wallet address or ENS.
You will be asked to enter the recipient’s public wallet address after selecting the NFT you want to send. The recipient’s Ethereum Name Service (ENS)—the crypto version of the Domain Name System (DNS) used on Web 2.0—will be displayed on your screen.
Step 3. Pay the transaction fee.
Once you have verified the address of the recipient, you will need to pay the transaction fee. The price for transferring an NFT varies between $50* and $15.00. Although selecting the Slow transaction option is the least expensive, I don’t recommend it.
Step 4: Use Etherscan.io to verify your Transfer.
In order to view your recent transaction and verify your NFT has been transferred, visit Etherscan.io (The Ethereum Blockchain Explorer). I found that the simplest way to view your most recent Transfer is to go to your wallet and view the Activity tab. Verify the transaction you would like to view on Etherscan by selecting View on Etherscan. Here you can see all of your Transaction Details, such as your current transaction status, on The Ethereum Blockchain Explorer.
Success status will be shown, Once the transaction has been done.
It would help if you always double-checked whether your Transfer was sent successfully, in my experience. Additionally, Etherscan conveniently provides you with any additional information regarding your Transfer, such as timestamp, fees, recipient address, or value.
Read also: How to invest in NFT
How to transfer NFT
The cost of transferring an NFT.
It is easy to transfer non-fungible tokens from one address to another, but the process is not free. You have to pay a transaction fee on the Ethereum blockchain for every transaction, including transferring an NFT.
Based on the current gas price and demand on the blockchain, the cost to transfer a single NFT range from $0.50 to $15.00. Choosing the Slow transaction will be the cheapest, but it may take upwards of 15 minutes to complete. However, choosing the Fast transaction will be the most expensive, but it will be the fastest. Gas is always the sender’s responsibility.
Ultimately, it’s up to you how fast you want to move and how much you pay. There’s a higher risk of the transaction failing when you use the Slow transaction option as opposed to paying more for the Fast transaction option.
How to transfer/store Open Sea NTF using Metamask
In order to keep my NFT token safe, how do I transfer it from Opensea to a hardware wallet via Metamask? After searching on YouTube, I followed one that said to ‘add token’ / ‘custom token’ on Metamask, so I did and entered the NFT contract address from Etherscan, but it didn’t automatically load the token symbol as per the YouTube video. I can’t find this token symbol, I can’t find it anywhere, and it is driving me crazy.
Are you still able to receive offers if you store it on a hardware wallet, or does it disappear from Opensea? Is it possible to transfer it back to resell later? As a newbie, any advice would be greatly appreciated.
If I create NFTs on OpenSea, will they be visible on other platforms?
After the NFTs have been purchased or transferred, they will be visible on other platforms. Once NFTs are created on OpenSea are not actually ‘minted’ onto the blockchain until they are purchased or sent to another wallet.
OpenSea allows you to create NFTs for free.
The first way to make and sell non-fungible tokens for free, without paying for gas
Our OpenSea team has been testing a new method for creating non-fungible tokens (NFTs) that eliminates the need to pay gas to creators. Today it works directly on Ethereum, making it the first truly free NFT maker.
Despite having some existing tools for developers and a no-code NFT minter, users had to pay gas to deploy smart contracts and then pay gas to mint each NFT. In a blockchain, gas is the variable price miners charge for writing new data. An NFT can be minted on any platform for $2 on a calm day and for $32 on a crazy day like today. You would have spent about $100 per month if you were an artist creating ten NFTs per month.
Today, we are announcing the Collection Manager on OpenSea, which allows you to create your own NFTs without paying a dime in gas. It is also gas-free to sell these NFTs – you need to initialize your OpenSea account once.
I want to know how it works and how to use it.
As the NFT won’t be transferred on-chain until the first purchase or Transfer is made
This is called lazy minting. Your NFTs are unbundled from the metadata when they are issued on-chain.
Now, even collections can be made instantly and for free. Start by creating an ERC-1155.
Selecting a collection will reveal an Edit button and an Add New Item button (pictured above).
Click the Edit button to:
- Set up your logo, social media links, and display settings
- You can choose whether to take a commission on primary or secondary sales
- Your store should allow you to accept certain currencies (including social tokens)
Create a new NFT by clicking Add New Item.
NFTs are created by encoding the address and the token’s total supply in the token’s ID. You’ll be the only one who can mint more of them, and buyers will be able to count on a hard cap on supply.
You can deploy your own contracts from the same interface, manage the way they look on OpenSea, or set the currencies and sale commissions for contracts you make on other platforms, such as Mintbase or Raible!
We follow the ERC-1155 standard when we make NFTs with the Collection Manager partly so we can mint gas-free and partly so we can add exciting features in the future.
NFTs can be sold on any platform even before they exist on a chain. Smart contracts return all the correct results for each NFT you make publicly and are compliant with the ERC-1155 standard, allowing them to be sold and transferred off-platform! Find reasons why they might be useful for the marketplace.
What is the cost of transferring NFT on OpenSea?
You will need to pay between $70 and $300 to open an account and start selling. OpenSea should charge between $10 and $30 for the second transaction, which gives them access to your NFTs.
What is the process for transferring money from OpenSea?
On OpenSea, you will find the Ether (PoS-WITH) token, which is the same as ETH (Matic).
Does OpenSea charge a fee to transfer NFT?
NFTs aren’t transferred on-chain until the first transaction is made. The new OpenSea collection manager permits creators to make NFTs without upfront gas costs.
For your first listing on OpenSea, you will have to pay a gas fee.
The cost to mint an NFT on OpenSea?
Open sea NFTs charge 2.5% as Minting fees as compensation for listing digital assets for free. The company takes 2.5% of every sale. Rareible charges 2.5% as a minting fee. Nifty Gateway takes 5% and 30 cents from every secondary sale.
What are the options for minting NFTs on OpenSea?
Your wallet must be able to connect to OpenSea in order to mint NFTs.
MetaMask is the most popular among these options, so we recommend it. In MetaMask, you can store ERC-20 tokens such as Ether (ETH) – the currency you will likely be using to purchase and sell NFTs on OpenSea.