FEB 21, 2022
This article assumes a basic understanding of NFTs (Non-Fungible Tokens) and that you already have an OpenSea and/or MetaMask account.
You can use virtually any kind of hardware wallet you want, including popular
hardware ‘Ledger’ wallet.
Start by navigating to one of the NFTs you own.
- You can do this by clicking on the Profile option, then the three ‘dots’ under the item you want to begin a transfer.
- Select the gift option here. You can also navigate to the item and initiate a transfer by clicking on the My Collection menu option and then clicking on the item you wish to transfer.
- You will be taken to a new page and will see the gift button on the upper right hand side of your item. Please note you can transfer more than one NFT at a time through OpenSea also.
- Click on the Gift or Transfer button to initiate a transfer. You should see a modal box pop up asking you to enter in the address where you want your NFT transferred to. If you are buying, selling or transferring NFTs on the Polygon network, you don’t have to worry about gas fees.
- Lastly, if you own more than one quantity of the NFT you are trying to transfer be sure to select the appropriate quantity within the quantity field before transferring.
- A menu box will appear allowing you to select “Transfer”. Before proceeding ensure you are sending your NFT to the correct address. Do the same for each NFT you want to move.
- Make sure you are connected to your MetaMask account before initiating the transfer. When you start the transfer of your NFT in OpenSea your MetaMask browser plugin will pop-up a modal window showing you the details of the transfer.
- You’ll see information about your desired transfer action such as associated Gas fees (if you are on mainnet), how long the transfer might take, what the max fee incurred will be, your overall total (amount + gas fee) and options to either reject or confirm your transfer.
It’s important to explain what and why gas fees can be so expensive. Gas fees are the cost incurred whenever you perform any type of transaction over the Ethereum network. Gas is directly related to the amount of computational work necessary for executing operations and is paid using Ethereum’s currency called ether. Gas fees are used to compensate miners to verify each transaction and to protect the network from being flooded with malicious transactions.The term ‘gwei’ is often used to denote pricing and is a denomination of ether. A gwei is equal to 0.000000001 ether. So, a gas fee that is imposed on a transfer or 0.000000005 ether can more easily be described as a cost of 5 gwei.
Is there a way to reduce or eliminate these ‘Gas fees’?
In addition to Ethereum, OpenSea allows users to buy, purchase and transfer NFTs using Polygon. While not as popular as Ethereum, Polygon does give users the advantage of allowing transfers of NFT assets free of charge. Gas fees are only applied on transfers when trying to transfer your NFT from Ethereum to Polygon. However, since Polygon uses commit chains, you will have to wait a while for your NFTs to actually transfer. Alternatively, you could wait before initiating a transfer. Gas fees are not set when transferring NFTs and tend to fluctuate a good bit. By keeping an eye on gas fee, you can find a time with low enough fees that could mean a good deal of saving. If you are unsure which network your NFT is on, Polygon NFTs are identified by a hexagon icon that is purple and is usually located in the lower left hand corner of an NFT item. Ethereum uses a dark gray color for their icon.
Once you have confirmed the transfer of your NFT to your software or hardware wallet you may see your NFT nearly immediately or you may have to wait a while. Many factors determine just how long you will have to wait, including whether you used the Ethereum network or the Polygon network, time of day you initiated the transfer and just how busy the network you used might be. Once an NFT is transferred it will no longer appear in your OpenSea account. You can track the status of your NFT transfer by using a resource such as Polygonscan.com if you used Polygon or Etherscan.io if you opted for using the Ethereum network. Simply enter in the Transaction ID and use the resulting information to check the Timestamp, transaction fee and overall status of the transfer.
What if I want to transfer my NFT from MetaMask into my hardware wallet?
Begin by logging in to MetaMask. Make sure you are logged into the appropriate account within MetaMask if you have multiple accounts. You should be presented with some account information including a tab named “Assets”. From this screen simply select the NFTs you wish to transfer and click Send. Make sure you have adequate funds for the gas fee if you are using the ethereum mainnet. Enter in the address of the account or wallet and simply comply to the standard transaction prompts in order to complete the transfer.
The same rules apply here when using MetaMask as they do when sending NFTs from OpenSea. Make sure you are entering the correct address and be sure to keep an eye out minimizing gas fees. Not having enough funds to cover any gas fees will result in your transaction being rolled back and the loss of any gas fees used for your transaction.
What if I don’t see my NFTs in my MetaMask account? wallet?
If you don’t see your NFT in your MetaMask account, you simply can go to Add Tokens and use the Search function to find your NFT. If you don’t see your NFT there you can try clicking on the “Refresh list” link under “Don’t see your token?” Once you see your NFT, click on it. Please note that you won’t be able to see your NFTs natively using the MetaMask Extension UI unless you add your NFT as a custom token. MetaMask Mobile app displays NFTs under the NFT tab.
If you still don’t see the newly transferred NFT you can try grabbing the contract address in the details area of your NFT on OpenSea. Copy that address and go into your Metamask account. Select Add Token and then custom token. Paste the contract address into token contract address in the custom token area. The token symbol field will auto-populate with the name of your NFT. In the token decimal field just enter in the numeral ‘0’ and then click on the Add token button. You should now see your NFT in MetaMask.