The world has gone all-digital. Starting from paper currency and moving to digital currency, no one would’ve ever anticipated this transition. Nonetheless, in this article, we will be covering how to withdraw money from Opensea, which allows all of its users to trade in NFTs.
You see, it all started with cryptocurrency’s first-ever presence in 2009, with the introduction of blockchain which led to the debut of NFTs. Now, we see various platforms take care of and carry out the trading of NFTs and cryptos. However, ERC-721 was the first standard for representing non-fungible digital assets on the Ethereum blockchain.
Today, Opensea is the one of largest running Non-Fungible Token marketplace based in the United States, which deals with all types of NFTs in various cryptocurrencies like Ethereum (ETH)/WETH, SOL, USDC, and DAI. Therefore, in this article, we will explore a set procedure for withdrawing money from Opensea. We hope to keep you engaged and turn out to be of great help.
What is Opensea?
OpenSea is an American online Non-fungible Token (NFT) virtual marketplace headquartered in New York City. The founder of the company was Devin Finzer and Alex Atallah. OpenSea offers a marketplace allowing for non-fungible tokens to be sold directly at a fixed price, or through an auction, based on the Ethereum ERC-721 standard for Ethereum Polygon.
OpenSea is a decentralized marketplace that allows users to buy and sell NFTs. Founded in the year 2017, the NFT exchange initially began as a market for CryptoKitties but has highly expanded beyond collectibles. It’s currently a marketplace for a wide variety of digital assets, including art, domain names, game items, and music.
OpenSea is built on the Ethereum blockchain, so you should have an Ethereum wallet to buy and sell NFTs on OpenSea. OpenSea supports over a dozen wallets, including MetaMask, Coinbase, and TrustWallet. OpenSea also supports several blockchains, including Polygon (MATIC) and Klatyn (KLAY).
A piece of news was floated in the market that, In the mid of February 2022, hundreds of NFTs were stolen from OpenSea users causing a huge panic among the platform community. The estimated value of the stolen tokens was more than $1.7 million. According to OpenSea, only 32 users had been affected. The platform’s vulnerability poses a deeper question relating to the security infrastructure of the existing NFT ecosystem.
To understand the process of how to withdraw money from Opensea, it is first important to know its features and the Pros and Cons of trading on Opensea.
OpenSea NFT marketplace comes with several noteworthy features that make it the most trustable and popular trading platform.
Features of Opensea and How it is Beneficial to its Users
1. NFT Gifting
OpenSea allows its users to send NFTs as a gift to other OpenSea users. If you don’t find your friend’s username on OpenSea, you can send an NFT gift to their ETH address so they receive it directly in their wallet. You can also receive NFT gifts from friends and family on any platform.
2. NFT Minting
OpenSea allows the minting of NFTs. OpenSea doesn’t currently charge a fee for minting Non-fungible tokens, but you will pay a 2.5% service fee on the final sale.
Opensea is entirely free to set up a marketplace on OpenSea, however, OpenSea does charge a 2.5% service fee for each sale. Compared to other NFT marketplaces, this fee is relatively moderate.
4. Supported Wallets
There are various wallets you can use with OpenSea. Here’s a list of wallets supported by the platform:
- Coinbase Wallet
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PROS And CONS of Using Opensea
Although, Opensea is the best-supported marketplace known worldwide, however, are reasons why some of its users do not find it feasible or convenient to use. We have also mentioned the steps of how to withdraw money from Opensea
PROS OF USING OPENSEA
- Low fees and gas-free transactions
- Over 150 payment options
- A large variety of NFT collections are available
CONS OF USING OPENSEA
- Crypto Wallet Required
- Only accepts payments in Cryptocurrency
How to Withdraw Money From Opensea?
There are over 150 payment options you can choose from, including stable coins like USDC, ensuring that anyone can buy and sell items on the platform.
The steps of how to withdraw money from Opensea come with a two-stage process that takes up to 4 hours to complete.
you’ll also need enough ETH (on Ethereum main net) in your wallet to cover withdrawal from the Polygon (PoS).
Step – 1 To get started, click on the wallet icon, located up towards the header to the top-right of the OpenSea website. (For this sequential explanation, we’ll be withdrawing ETH from Polygon)
Step – 2 Clicking on the right side of ETH (Matic) will prompt a “Bridge to Ethereum” button. Clicking this will redirect you to Wallet Matic Network for the next part of the payout process
Step – 3 You will be directed to your Polygon (PoS) wallet dashboard, which will show all tokens you have, bridged to Polygon (PoS)
Step – 4 Locate the Ether (PoS/WETH) token, this is the same as ETH or (Matic) on OpenSea.
Step – 5 Click on Withdraw Ethereum
Step – 6 A pop-up window will ask you to enter your withdrawal amount. Once you are done, click on ‘Transfer’ at the bottom. Click three times to continue on the pop-up window. You will confirm the transaction fee and that the withdrawal process may take up to 4 hours to complete.
Step – 7 You will then be asked to sign the transaction on the Matic wallet network (above on MetaMask)
Step – 8 The withdrawal process will take approximately 45 mins to 1 hour. Thus, it will move funds to a checkpoint on the Ethereum network
Step – 9 Once it is processed you will see an “Action Required” notification on the top right of your window
Step – 10 Once the funds arrive at the checkpoint, you will be prompted again with a notification in the top-right corner to sign the transaction on Ethereum Wallet. This will initiate the second part of the withdrawal process. This process may take up to 3 hours to complete
Step – 11 After that time, your withdrawal should be complete. You can click on “View on Etherscan” to see the transaction details.
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These were the steps of how to withdraw money from Opensea. Now, that you understood these steps, it is time to carry on with withdrawing money from Opensea hassle-free.
We hope this article, helped you find what you were looking for and hopefully answered all your queries. If you have any queries or doubts regarding this article, you can drop your queries in the comment section below.