I have purchased the theme and verified Envato’s personal token.
Now how to update the theme? I do not see an update option on the existing theme.
Do I need to uninstall the existing version of the Enfold theme and reinstall the new theme I installed? If so, will I get all the content and settings back in the new theme?

Please be specific when you answer the question. In the last message, I asked clearly “how to install the official Enfold theme on my existing website without losing any of my design or settings.”. And you just sent me the link to register the theme license!