If you're new to MFTs (Music-Fungible Tokens) or transferring them between wallets, the process might seem a bit confusing.
Don't worry! In this guide, we will walk you through the steps of transferring your MFTs from OpenSea to your Arbitrum wallet.
We'll also explain key concepts to help you better understand what is happening during the transfer process.
Key Concepts to Understand:
Wallet Address: A string of letters and numbers that represents the "location" of your assets on the blockchain.
ENS Domain: A human-readable name (like "your-name.eth") that simplifies the long, complex wallet addresses.
Signature Request: A digital verification step where you approve a transaction via your crypto wallet.
Layer 2 Solution: Arbitrum is a Layer 2 solution for Ethereum, meaning it provides cheaper and faster transactions by taking some of the transaction load off the main Ethereum network.
What Are MFTs and Why Transfer Them?
A Music Fungible Token or MFT is a token that represents the right to claim blockchain based rewards from music.
Developed by Opulous with a few goals in mind, allowing artists to raise money and fund their careers outside of the current monopoly that is the music industry, as well as letting their fans earn rewards directly from the song's success from streams, downloads, film features, game features and much more, as well as provided unique perks, varying from sale to sale.
Transferring your MFT to another wallet—such as moving it from OpenSea (where you bought or currently store your MFT) to an Arbitrum wallet (which is a Layer 2 solution for Ethereum)—is essential when you want to manage your assets across different platforms for security reasons, or for claiming rewards.
Now that you know what MFTs are and why you might want to transfer them, let's get into the step-by-step process of transferring your MFT from OpenSea to your Arbitrum wallet.
Step 1: Go to Your Profile Page and Select the MFT You Want to Transfer
Log into OpenSea: First, log into your OpenSea account using one of the MFT enabled wallets below.
Navigate to Your Profile: Once you're logged in, go to the top-right corner of the screen and click on your profile icon. From the drop-down menu, select “Profile” to view your collection of MFTs.
Choose the MFT: Browse through your MFTs and select the one you want to transfer by clicking on it. This will take you to the MFT’s individual page where more details are displayed.
Step 2: Click "Transfer" in the Action Bar at the Bottom of the Page
Once you're on the MFT's page, look for the action bar near the bottom. You'll see several options like "Sell" or "Share," but for this process, you'll want to select "Transfer". This action tells OpenSea that you want to move this MFT to another wallet.
Step 3: Enter the Recipient's Wallet Address or ENS Domain
In the next step, you’ll be asked to provide the recipient’s wallet address. This is where the MFT will be sent.
If you are transferring the MFT to your Arbitrum wallet, you should:
Open your Arbitrum wallet (in MetaMask or your preferred platform).
Copy your wallet address.
Paste the address into the required field on OpenSea.
⚠️ Important: Always double-check that the wallet address or ENS domain is correct before proceeding. If you send an MFT to the wrong address, it cannot be recovered.
Step 4: Click "Transfer" Again
Once you’ve entered the correct wallet address or ENS domain, click the "Transfer" button to confirm that you want to move the MFT.
This will initiate the transfer process. But before the MFT can be sent, you’ll need to authorize the transaction through your connected wallet.
Step 5: Confirm the Signature Request in Your Wallet
At this point, your wallet (MetaMask, Coinbase Wallet, etc.) will pop up with a signature request. This step is required to verify that you approve the transaction.
Check the details of the transaction in the wallet prompt.
If everything looks correct, click "Sign" to authorize the transfer.
Signing the transaction is like giving your digital “thumbs up” to proceed. This ensures that only you, the owner of the MFT, can approve the transfer.
Step 6: Wait for the Transfer to Complete
After confirming the signature, OpenSea will process the transaction.
You’ll receive a confirmation message on the screen once the transfer is complete. The MFT has now been moved from your OpenSea account to your Arbitrum wallet.
Because Arbitrum operates on Layer 2, it benefits from faster transaction speeds and lower fees than transactions on Ethereum’s Layer 1 network. This makes managing MFTs more cost-effective and efficient.
Troubleshooting Common Issues
Transaction Failed: If the transfer fails, ensure your wallet is properly connected and that you have enough ETH in your wallet to cover the gas fees.
Transfer Delayed: Blockchain transactions may sometimes take longer due to network congestion. If your transfer isn’t completed immediately, wait a few minutes and check again.
Incorrect Wallet Address: If the wallet address entered is wrong, unfortunately, the MFT could be permanently lost. Always double-check the details before confirming the transaction.
Do You Still Need Help?
Let us know by joining the official Opulous Telegram Community 👉 here.
If you're still having any issues with any of the above steps, please contact us on a chat function here 👉 Opulous Chat.
You can find the chat button in the bottom right. Make sure you share as much information about your issue as you can so the support team can help you quicker.
Alternatively, you can contact support by emailing support@opulous.org.