NFTs are currently the new blockchain product taking the world by storm. A few years ago, It was the cryptocurrency everyone was talking about. NFTs are now vigorously competing with cryptocurrency for the spotlight as the leading Blockchain products. As a result, a lot of content creators and Nft community members are getting wealthier thanks to the huge profit from Nft sales to a new crypto audience.
As NFTs continue to be the fast emerging market, you might be finding a way to explore various opportunities to make money. To do that, it’s advisable to sell various NFTs in different markets,e.g Opensea, and Raible.
For some reason, you might want to Transfer Nft from OpenSea to the Rarible platform
So hop in, and let’s show you how to Transfer Nft from OpenSea to Rarible with ease
What is OpenSea?
The primary objective of OpenSea is to serve as an online Marketplace where content creators such as Designers, musicians, artists etc can put out their works without any costs.
The leading Nft platform -opensea is easy to use, and the creation of an account can’t be easier. To create an account with Opensea, all you need is to connect your Crypto wallet and just like that – your account will be created for you.’
Anyone can create/mint and buy from Opensea, although users must abide by the community guideline.
OpenSea is built on the Ethereum blockchain, therefore the Ether token is adopted for the transaction fees.
One can say it is the eBay of digital arts, Purchasing an Nft is similar to buying groceries at the store, after you make the payment, you will be identified as the owner. But what happens when you want to transfer it from one platform to another.?
What is Rarible?
Rarible is an online platform where content creators uploads their works (e.g Albums, artwork, Photograph etc) in form of digital art(Nft) for buyers to select the piece they love to purchase.
The Non-fungible token focussed Marketplace-Rarible was one of the companies born to live during the lockdown (May, 2020) by Alex Salnikov and Alexei Falin.
Similar to OpeanSea, the Rarible marketplace is a distributed software built on Ethereum that allows trades without a third party.
However, Content creators would have to turn their work into digital collectibles-NFT i.e mint using the Rarible software.
To mint on the Rarible platform is easy and it requires no coding, All you need is to connect your wallet, click on create option, and fill in the necessary information regarding your future NFT(such as listing price, a Single or Multiple NFT option etc).
It is worth mentioning that creating also refer to as minting Nft can be expensive as a result of the Ethereum gas fees.
What Is an NFT wallet?
An NFT wallet is a digital wallet that is suitable to keep and transferring NFTs.
Relative to the Blockchain, It is important for your chosen NFT wallet to be compatible with the Chain your Nft is built on
Most of the NFTs are minted on the Ethereum blockchain, hence, Ethereum wallets are strongly recommended.
The Nft wallet is a payment system to purchase NFT in the marketplace and storehouse to keep your NFT safe.
It is impossible to steal your Nft asset once your private key is not compromised.
There are various examples of NFT wallets, among the best are Metamask(suitable for Ethereum-based NFT), Trustwallet (Binance-based NFT) and Alphawallet (Ethereum-based NFT)
Non-fungible tokens (NFTs)-Explained?
Unlike cryptocurrencies such as Bitcoin and Ethereum, NFT is not a currency or uses blockchain to complete financial transactions between individuals. The cryptocurrency’s main purpose is to serve as decentralized digital money for internet users.
NFTs are blockchain products used to certify ownership of a given asset. It functions like your car ownership papers that point out that you are the real owner of the car. Except that an NFT is ‘proof of ownership’ in digital form. Most NFTs are built on the leading altcoin- the Ethereum blockchain network.
Similar to Real instate where each property/land is non-fungible(unique) to someone, NFTs are impressive as each digital item is not exchangeable (fungible) meaning it is distinctive and can’t be replaced by an identical digital asset.
A “fungible” token, is one that is switchable with an identical item. For example, Looking at cryptocurrency or fiat currency, where one dollar can be replaced by another one dollar or 1 Bitcoin can be exchanged with another 1 Bitcoin since they both have the same value. Just like we humans, each NFT is distinctive; You have no replica, so a non-fungible — impossible to be replaced.
Minting vs Lazy Minting
These are the two most used languages in the NFT space especially when you are trying to create, transfer or sell an NFT.
Let’s explain these terms in a bit
Minting
Minting is a process of making your digital artwork a Non-fungible tokens-NFT.
Minting an NFT is a simple process of making your digital item a product of the blockchain–a public ledger that is secure, irreplaceable and tamper-proof. Comparable to how cryptocurrencies are mined and brought into circulation for the crypto community, NFTs are tokens that must be “minted” after they are created in order to be non-fungible (Distinctive).
Once your digital artwork is minted i.e written on the blockchain, it can be tracked on the blockchain and traded on the NFT marketplace.
Since we are writing (Url of your image) on the blockchain, Minting will cost us some crypto tokens depending on the platform in use. If we are using popular and well reputable platforms such as Opensea, Rarible etc, we will be required to pay gas fees in ether. The cost of minting an NFT at the time of writing is roughly 50 dollars, it is quite expensive considering you might want to mint more than one NFT.
There are two ways to avoid paying high gas fees,
- Minting on a small, less reputable Blockchain,
- The lazy Minting feature,
Lazy Minting
The Lazy Minting feature integrated into NFT platforms such as Rarible and Opeearsea allows content creators to create an NFT, and list it for sale FOR FREE! Yeah you read it right, you can escape paying the gas fees yourself –Free minting
Users interested in your digital art will cover the cost when they purchase it. A cool feature right? You don’t have to worry about the loss of paying gas fees and not making a sale.
The key difference between Mint and Lazy mint is that; In standard minting, you create your NFT on the blockchain instantaneously, while in Lazy mint, you create your NFT on the blockchain (mint) when the buy action is activated
So, when you upload your Digital artwork on Nft marketplaces such as Rarible and Opeansea using the lazy mint feature, it is stored in the off-chain database (instead of writing it in the Blockchain) Until the first buy occurs.
After the first sale takes place, Information about your digital artwork is transferred to a blockchain, hence it becomes an NFT.
The Lazy mining style can be an issue when trying to Transfer NFT from OpenSea to Rarible cos your digital artwork is not yet an NFT,-hence, there is nothing to transfer in the blockchain.
So if what you have is just a digital artwork in your Opeansea or Rarible account, Don’t panic! we have provided a way to transfer the digital artwork or Nft from one platform to another.
How to Transfer NFT from OpenSea to Rarible- Unminted Nft!.
Suppose you create an NFT in Opensea and wish to transfer it to Rarible for listing,
Here are the 5 steps to follow;
1, Create a new digital wallet e.g metamask, Trustwallet e.t.c
2. Transfer the Unminted NFT to the wallet
3. log in to your Rarbible account
4. Connect the Wallet (with NFT) to Rarible.
5. Follow through with the Listing procedure.
Note: To Transfer NFT from Opeansea to Rarbile might incur some charges, so ensure the wallet in use have some ETH tokens,
How To Transfer NFT from OpenSea to Rarible
If your NFT has been written on blockchain-i.e minted either by paying gas fees, purchasing it or making a sale.
To Transfer NFT from Opensea to Rarible; Connect the same wallet (with the Minted NFT) to Rarible and follow through with the listing procedure
Rarbible will detect your minted NFT automatically once you are done with the connection.
This is due to the fact that the NFT detail is encoded on Blockchain.
Frequently Asked Questions
