💰 Seeing accrued funds through Uncut in your wallet
All the funds accrued through your collective are automatically transferred to the default wallet you have set up on Uncut. Keep in mind that Uncut has no access to your funds. All transactions are handled directly between you and the blockchain, which means that you are in complete control of your assets at all times. This is just one of the many benefits of using a decentralized platform like Uncut, as it allows you to take ownership of your own creative process and monetization efforts.
⚠️ Please ensure that the wallet you are using on Uncut is Polygon compatible and accepts wETH before proceeding. We recommend double-checking to ensure that your funds will be secure and accessible.
Every time you sell an NFT, the corresponding funds are sent to your wallet in the form of wETH (wrapped Ethereum). wETH is a type of ERC-20 token that represents Ethereum (ETH) on the Polygon Network. It is created by wrapping ETH in a smart contract, which allows it to be used on the Polygon Network in the same way that ETH is used on the Ethereum mainnet. This means that wETH can be traded, transferred, and used to pay for goods and services on the Polygon Network, just like regular ETH.
One of the main advantages of wETH is that it allows users to take advantage of the low transaction fees and fast confirmation times on the Polygon Network, while still being able to hold and use their ETH assets. It also enables users to access decentralized applications (dApps) and participate in smart contracts on the Polygon Network without having to leave the Ethereum mainnet.
To see your wETH, you need to make sure you have installed the Polygon Network in your wallet. You can check out this article that explains how to install the Polygon Network in your wallet.
Once you have your wETH, you have several options for using it:
- Send it to another wallet or address on the Polygon Network
- Use it to purchase other NFTs
- Trade it on a decentralized exchange and turn them into another currency (DEX).
- HODL (hold) it as a long-term investment
Keep in mind that crypto markets can be volatile, so be sure to do your own research and due diligence before making any investment decisions. Remember to always keep your private keys and passwords safe and secure, and regularly back up your wallet to prevent any potential loss of assets. If you need help accessing or managing your funds, don't hesitate to reach out to our support team for assistance.
We hope this helps you understand how to manage and use your accrued funds on the Polygon Network. Happy creating!