If you're new to NFTs and have always kept your crypto in a centralized exchange such as Coinbase, then there's a good chance you're like me and had never really considered a hardware wallet until you got into CryptoPunks. There's also a decent chance you're like many other first-time Punk owners who went ahead and purchased a Punk via MetaMask before having your own hardware wallet like a Ledger or Trezor. In this post, I'll cover how to go about safely transferring your Punk from your MetaMask wallet to your hardware wallet.
The process of transferring Punks is especially fragile and does not come without risk. Errors in the transfer process can result in sending your Punk into to the void and losing ownership of it forever.
The first step to take is to set up your hardware wallet. If you've just bought a new hardware wallet, install the Ethereum app in your hardware wallet. If you already have the Ethereum app, make sure it's up-to-date and running its latest version. Next, connect your hardware wallet to MetaMask. For help on this step, see this helpful guide from MetaMask. You'll now have multiple different addresses connected to your MetaMask account, as shown in the picture below.
The second step is to switch your MetaMask back to the wallet associated with your Punk. You can do this using the drop down menu in the MetaMask extension, as shown in the picture above. Once your MetaMask is connected to the wallet associated with your Punk, you should be able to see the buttons in the image below on your Punk's homepage on the Larva Labs site above its Transaction History.
If you're not connected to the right wallet, you'll only have a single button, which will be for "Bid".
Next, we want to test out our connections to make sure we have the right wallet addresses. I suggest sending a very, very tiny amount of Ether from your MetaMask wallet to your hardware wallet in order to make sure it is received on the other end and you have your addresses straight. You'll have to eat the gas fee here, but it'll be well worth the peace of mind. You can do this directly in MetaMask using the "Send" button. Simply enter the full address of your hardware wallet (it should be 42 characters long) and transfer the ETH between accounts. Once you've receive the ETH in your hardware wallet, you're all set to transfer your Punk.
Finally, you're ready to transfer your Punk from your MetaMask wallet to your hardware wallet. Go back to your Punk's homepage on Larva Labs and click the "Transfer" button, as shown in the picture above. You'll be prompted to insert the ETH wallet address you want to transfer your Punk to. Enter the same full 42-character address of your hardware wallet that you entered when transferring the small amount of Ether. It is critical that you ensure you've entered the correct address here. Make sure there were no errors in your copy and paste or other typos. Hit "Transfer Punk" when ready.
MetaMask will pop up and ask you to confirm your transfer, as shown in the picture below. If you look closely, you'll see that the recipient address for the transfer according to MetaMask is not your hardware wallet but instead <0xb47e3cd837dDF8e4c57F05d70Ab865de6e193BBB>. This is as expected, as this is the address for the CryptoPunks contract interaction. You're all set! Just choose your gas fee and click "Confirm".
If you're still concerned about whether or not you've inputted the right addresses, user @SHIBAS - sum1 shared a great tip in the cryptopunks Discord for being especially safe with your transfers. In your confirmation window, choose a low-end gas fee to ensure that your transfer won't be completed right away. Once you hit "Confirm", go to https://etherscan.io/address/Your42CharacterMetaMaskETHAddressHere. This Ether Scan will show you all transactions associated with your MetaMask wallet. In particular, it should show that you have a pending transfer. Under the "Txn Hash" column, click the hyperlink associated with the pending transfer. On the next page, click "Click to See More". Scroll down to the "Input Data:" section and click on "Decode Input Data".
Once you click on "Decode Input Data", the address for your hardware wallet should populate. If this is the right address, you're all good to go. Just head on back to the Larva Labs page and your MetaMask extension. Here, you can use MetaMask to increase your gas fee in order to "Speed Up" the transfer and ensure it is processed. If for some reason this is not the right address, your initial low gas fee will have bought you enough time to go back to MetaMask and cancel the transfer.
Your first Punk transfer can be a stressful event, but with the proper caution it can also be a simple process. As everyone in the industry will tell you, DYOR, or do your own research. While the concepts covered in How to CryptoPunks should steer you in the right direction, this blog should not be treated as a one-stop shop. Always do your own thorough due diligence.
If you have any comments or topics that you think would be helpful for me to cover, feel free to shoot me a note @wahoowaaa on Twitter. Enjoy.
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