How to withdraw money from OpenSea? There is no doubt that the world is going all-digital with the transition from paper currency to digital currency having been the most anticipated. However, in this article, we will be explaining how to withdraw your money from Opensea, which is a platform that allows all users to trade in NFTs.
The beginning of the cryptocurrency boom began in 2009, with the introduction of blockchain that led to the advent of NFTs, which were the first cryptocurrency to be present on the market. It is common for a variety of platforms to handle and trade NFTs and cryptos. However, ERC-721 was the first standard for presenting non-fungible digital assets on Ethereum.
As of today, Opensea has grown into one of the largest Non-Fungible Token Marketplaces based in the United States. It offers a wide range of Non-Fungible Tokens in various cryptocurrencies such as Ethereum (ETH)/WETH, SOL, USDC, and DAI, among others.
Thus, in this article, we will look at an easy-to-follow procedure for withdrawing money from Opensea. We hope this article keeps you engaged and helps you out in the long run.
How does Opensea work?
In case you’re wondering, NFT is a term used to refer to non-fungible tokens (also known as ‘non-fungible assets’), which are unique, collectible digital things such as in-game assets, avatars, trading cards, and art that can be purchased and sold on OpenSea.
As a result of the 12,000% increase in trading activity during August 2021 alone, OpenSea has tracked well over $3.5 billion in volume for NFT trading. When compared to the $21 million in volume that was posted with the entire year of 2020, it’s safe to say that the 12,000% increase in trading activity signals success.
OpenSea has recently been hailed by investors like Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto powerhouse a16z as the first NFT platform to gain unicorn status almost overnight, thanks to investment from the likes of Mark Cuban and Kevin Durant. # How to withdraw money from OpenSea?
NFT collectors, artists, investors, and traders all rate OpenSea highly, but if you’re new to the platform, it can be very confusing. Using this beginner’s guide, you will learn about NFTs in a simple and easy to understand way, what OpenSea is and how to use it, as well as which are the best NFTs available out there.
As a user, it’s always a good idea to understand NFTs before diving into OpenSea, so that you don’t run into confusion later on. An NFT is a Non-Fungible Token, and that doesn’t tell you very much either. So let’s start at the very beginning.
Fungible tokens are digital coins, such as Bitcoin, that are interchangeable tradable. The Bitcoin is always the same as every other Bitcoin, which is why it is not unique. This is the same for traditional money as well. Since dollar bills are interchangeable, neither of you lose anything if you trade them with another individual.
There are non-fungible tokens that are a representation of unique digital goods. Think of avatars in profile pics like CryptoPunks, collectibles in video games like Axie Infinity, or original artworks on digital platforms. Because they are different digital objects, if you own a CryptoPunk NFT and your friend owns a Bored Ape YC NFT, they will not be interchangeable, just like currencies are.
It is no secret that NFTs have become extremely popular among digital creators because they allow users to prove ownership of digital objects for the first time. In addition, they also allow creators and collectors to deal directly with one another, which is what the peer-to-peer NFT market on OpenSea is all about.
How to Withdraw Money from OpenSea?
In OpenSea you can trade NFTs on the platform, which means that you are able to buy, create, and sell NFTs using the platform. There is no doubt that you will earn some money from this. # How to withdraw money from OpenSea?
With OpenSea, you will need to convert the crypto to local currency and transfer it to your bank account in order to withdraw the cash to your wallet. With OpenSea, you will first need to convert the crypto to local currency.
You can read more about how to withdraw your funds from OpenSea by checking out the steps below.
Convert Crypto To Local Currency
It is also possible for you to withdraw cryptocurrency from your cryptocurrency wallet and send it to your crypto exchange wallet so you can convert it into currency. But before you begin, you need to make sure that you follow some certain guidelines.
- You can connect OpenSea to a crypto wallet such as MetaMask, Rainbow, or Coinbase if you wish.
- Start by creating an account on a cryptocurrency exchange. If you want to use Binance, Coinbase, or FTX, you can do so.
Withdraw CryptoCurrency to an Exchange
It is highly recommended that you only use a small amount of a cryptocurrency when transferring it to your wallet for the first time. You need to know that any transactions on Blockchain are irreversible, and therefore, your funds can be lost for a long time to come. If you do not know about this, you will not be able to complete the transfer.
I will explain here how to withdraw ETH from Metatask to Binance, and I will take you through all the steps. Check out all the steps carefully before proceeding.
Step 1: Create an Account on Binance
- To do this, you will need to open the official Binance website or binance.com. Once you have opened the Binance website, tap on the register option on the website.
In the next step of the registration process, you will be taken to a page that requires you to enter your email address, password, and address.
- Following that, you will need to accept all the terms and conditions before you can proceed to create an account.
- You will be asked to verify your account once you create it. Here, you may have to enter some basic information or upload an image of your ID in order to verify the account.
Step 2: Copy and Paste the Ethereum Address
It is the wallet icon on your Binance dashboard that you will have to click on. On the wallet tab you will get a list of all the balances of these cryptocurrencies. From the list, you will be able to select ETH from the list. Once you have selected ETH from the list, you will be able to click on the deposit tab.
After you have made your deposit, you will be redirected to the deposit crypto portal. On the page, tap on the coin box, and if Ethereum is not selected, select the same. Under the network drop-down menu, you will see the ERC20 network option.
Step 3: Transfer Ethereum from MetaMask to Binance
You can then switch from the Binance app to the MetaMask wallet. If you know your password well, you’ll be able to unlock your wallet. The next step is to go to the Ethereum Mainnet network. You will see your balance along with options such as buying, swapping, and sending. You will need to click on the send option, then paste the Ethereum address you have copied into the search public field. # Transfer Ethereum from MetaMask to Binance
Once you have pasted the address in, you will be redirected to the send page. Once you have reached this page, you should notice a tick icon on your screen. This signifies that you have selected the correct address. Under the asset option, be sure you have selected Ethereum.
Type the amount in the amount section. Then click the Next button, and then tap the Send button. It will take approximately thirty minutes for this to complete. # Transfer Ethereum from MetaMask to Binance
Step 4: Sell Ethereum
On the Binance application, click on the selling page to view this information.
- You can then spend ETH by choosing the ETH option under this section.
- Indicate how much Ethereum you want.
- Under the receive option, choose the currency you wish to receive.
- Select the option to continue.
Step 5: Withdraw the Money
During this process, tap the wallet icon and then select fiat and spot. You will be presented with a list of all of your cryptocurrency balances. Click on the withdraw button to withdraw your funds. # How to withdraw money from OpenSea?
You can now select a currency from the drop-down menu, as well as the payment option that you are using. Next, type in the amount you would like to withdraw to your bank account in the field provided.
There is an option to add a new card if you are using a bank card. If you have added a bank card, simply tap on the continue option to receive a verification code in your phone. Enter the code and click on submit. If you are using a bank card, this may take up to 5 minutes to complete. # How to withdraw money from OpenSea?
How to transfer money from OpenSea to MetaMask?
In order to do so, you have to go to the MetaMask extension and make sure you’re on Polygon’s “Polygon Mainnet” network. You will need to click on the “Import tokens” button at the bottom of the extension in order to accomplish this. To create a custom token, simply copy the contract address above into the Token contract address field, then click Add custom token, then confirm on the next window.
To withdraw funds from MetaMask to Pay Pal, a user must:
- Start by sending the crypto funds to a cryptocurrency exchange like Binance or Coinbase
- Select settings from the menu.
- Add a payment method by selecting the option.
- Please enter the credentials for your PayPal account.
- Select the PayPal account linked to your account.
- Select the cryptocurrency you wish to withdraw by clicking on the arrow displayed next to the assets category.
- Make a copy of the Ethereum address displayed.
- This address should be pasted into your MetaMask wallet.
- You can send your funds by selecting Confirm (to confirm).
- Check your exchange’s Ethereum/funds page by refreshing the page.
- Choose the sell option and enter the amount you would like to sell.
- You can withdraw money from PayPal by selecting it as your withdrawal account.
- Before sending, make sure you have reviewed all the details.
- You can check your PayPal balance if you log in and check your exchange amount.
How do I find my funds on Polygon?
This blockchain allows Ethereum currencies like ETH, USDC, and DAI to be transferred securely, instantly, and scalable with a high degree of security. It is necessary to bridge the currencies from Ethereum’s mainnet to Polygon first. Think of Polygon as a brother to Ethereum.
The currencies are very similar, but there are some slight differences between the two blockchains. # How to transfer money from OpenSea to MetaMask?
Conclusion
OpenSea makes withdrawing money easy. Just send your remaining ETH balance to the wallet app of your choice if you wish to withdraw your money from OpenSea. # How to withdraw money from OpenSea?
In order to withdraw money from your OpenSea account, click on the “Withdrawal” button under “My Funds” on the company’s website. On the next page, enter how much Ether you want to withdraw, select “Send To Wallet”, and choose the wallet application or address you want to send the funds to.
It should be noted that the withdrawal button only appears if your balance is greater than 0.001 ETH (0.1 BFT). It should also be noted that you are unable to use this feature if your address does not have enough Ethers or your transaction fee is low. # How to transfer money from OpenSea to MetaMask?
