Transferring ownership of the workspace means that you give away your Owner's rights to this workspace and your seat.
This means that if you are the workspaces' Owner you will lose access to:
Subscription and billing information
Workspace users management
All created Versions projects
If your role is Admin you can also transfer ownership of the workspace from one person to another, and you will keep the seat and access to all the content of the workspace.
To transfer the ownership of the workspace go to Workspaces Settings; you will see the following section:
Enter the e-mail of the person that you want to transfer your ownership rights to, and click Transfer Ownership. The person you chose will get notified in their Notification tab and via email.
If you want to transfer your ownership, but keep access to the contents of the workspace, you'll need to have a seat. If you try to access the projects within that workspace - you'll see the message suggesting that you request a seat from the new Owner of the workspace. You'll see the projects when the new Owner gives you a seat in the workspace.
If you need to transfer a project or the contents of your personal workspace, read the following articles;