NFT Withdrawal and Deposit FAQ

Ronald
Ronald
  • Updated

Do I need my RECUR Pass in my RECUR wallet to take advantage of Pass Holder benefits?

Yes, for RECUR Pass benefits you will need to hold a Pass in your RECUR Wallet to verify. At any time you may re-deposit your Pass into your RECUR account to regain benefits such as early access.

 

Which wallets do you support?

To withdraw NFTs, any wallet that supports an Ethereum and Polygon address will work to withdraw an NFT from RECUR. In order to deposit your NFTs, you will need to use Metamask. If your NFTs are held on a different wallet, you can import into Metamask and use the UI to deposit into RECUR. Support for direct integration into additional wallets is planned.

 

How do I view my NFTs after they’ve been withdrawn?

To view NFTs withdrawn you can enter your wallet address into any NFT visualization tool, such as OpenSea, to see what you possess. 

 

How can I verify my NFTs have successfully been withdrawn?

Your RECUR Activity will be updated with the completion event and will include a link to the website block explorer to view your transaction on the chain.

 

What is the point of being able to withdraw and deposit NFTs?

The ability to withdraw NFTs from RECURs platform gives all of our fans the benefit of self custody and the ability to sell on other marketplaces. This is part of our commitment to accessibility and supporting agnosticism in the NFT space.

 

Why can’t I see the NFTs I want to deposit?

If you have RECUR NFTs in a wallet you’re trying to connect to and withdraw from, but you can’t see them available when you’ve selected your chain to deposit, please ensure you’re connecting to the correct chain. 

 

Are royalties applied to withdrawn NFTs?

Yes, RECUR NFTs carry the royalty standard from EIP-2891. This ensures the original creators of the NFTs are supported and compensated for their work.

 

How do users transfer NFTs across chains?
Ex: RECUR NFT is minted on Polygon, can it be withdrawn on the ETH chain? Is there a transfer feature?

  • RECUR operates a cross-chain swap in order to facilitate NFT withdrawals and deposits across chains. All NFTs are initially minted to Polygon. This initial mint occurs when the NFT is purchased via a primary sale.
  • At this time, you have two options: withdraw on Polygon or withdraw on Ethereum.
  • If you withdraw on Polygon, we simply send to the address specified by you - no swapping required.
  • If you withdraw on Ethereum, we burn the NFT minted on Polygon, remint it on Ethereum, and then send to the address that you specified.
  • When you are ready to deposit an Ethereum RECUR NFT back into RECUR, you will be prompted to call a burn function from within your wallet. This burns the NFT on Ethereum, and remints it on Polygon inside of RECUR’s own wallet.

 

What fees are there for withdrawing an NFT from RECUR?

The fee depends on the chain that you withdraw to. For Polygon withdrawals, we waive all fees. For Ethereum, we charge a blockchain network fee that is based on the current cost to transact over the Ethereum network. This cost varies based on factors such as the amount of usage that the Ethereum network is currently experiencing at the time of the withdrawal. RECUR only charges to cover the cost to broadcast to the network, it does not charge additional fees.

 

How are fees for withdrawal paid? USD? Crypto? Credit/Debit?

Withdrawal fees are deducted from your account balance. If you have an insufficient balance at the time of withdrawal, you can return to your wallet and Top Up your RECUR Balance using a credit card to cover the additional fees. 

 

What NFTs can users deposit into their RECUR Wallet? Ex: Only RECUR NFTs? Or outside NFTs bought on other marketplaces?

The RECUR Wallet only supports RECUR NFTs at this time. For launch only the RECUR Pass will be eligible for withdrawal and redeposit with support for additional RECUR NFTs to follow shortly.

 

Can Sealed Products (Cases, Packs) be withdrawn?

At launch this feature will be unavailable, but it is something that is being evaluated for the roadmap.