With the rise of NFTs (non-fungible tokens), it can be a little confusing to understand how they work and the entire process of buying and transferring them.
But if you plan on getting into the NFT business, it’s essential to know how to transfer an NFT to another crypto wallet. The process is relatively easy and takes four easy steps to complete.
If you’re confused about transferring an NFT, don’t fret; it doesn’t take much time or work. Read on to learn how to complete this simple process.
Log Into Your Crypto Wallet Account
Dealing with NFTs can be a little tricky for some. It’s still relatively new, and many people can get confused about how they work or how to transfer them.
I’m assuming you already know the basics of NFTs and have a wallet with NFTs in it. If you are totally new to NFTs, here are a few articles that will get you up to speed:
- Minting Vs Buying an NFT: Are They The Same Thing?
- How Much Does It Cost to Create an NFT? A Simple Answer
The first step to transfer your NFT is logging into your Crypto wallet account and picking which NFT you want to send. Regardless of the crypto wallet, the steps you use to transfer an NFT are all the same.
For instance, if you’re using Metamask, just open your app or desktop extension and pick which NFT you want to send. Also, when you go to transfer your NFT, make sure that it is “unlisted.” Click on the NFT you wish to transfer and click “send.” If you’re using OpenSea, just head to the specific NFT and click “transfer.”
Steps to transferring NFTs:
- Go to your account and pick the desired NFT.
- Put in the recipient’s public wallet address.
- Pay for the transaction fee.
- Verify the transfer.
Enter Your Recipient’s Crypto Wallet Address
This is one of the most critical steps. When you transfer an NFT, you will not be able to cancel or retrieve your NFT transfer after it’s submitted and the transaction fee has been paid.
So it’s crucial that you verify and double-check the recipient’s address. You don’t want to end up sending your NFT to the wrong person and not being able to get it back, plus you’ll waste your transaction fee money.
And before sending it off, confirm that the wallet can accept deposits of NFTs before completing the transaction; not all wallets are compatible.
Before you proceed, keep the following in mind about NFT transfers:
- You can’t cancel or edit a transfer.
- There are two different speed options for your transfer. Faster speeds equals higher trasfer cost.
- Transfers can take a few minutes to complete.
Submit the Transaction Fee
After you’ve verified the correct recipient address, the next step is to pay for the transaction fee, which won’t cost you a lot. The transaction fee can range from 50 cents to $15, assuming you are using the Ethereum blockchain, and you have two options on how you want the NFT to send. Fees are always subject to change, and different blockchains have different fees.
Transfering NFTs is a lot cheaper than minting NFTS.
Your crypto wallet service will break down the costs and options for the transfer. The prices vary depending on the crypto wallet.
You can select the fast option to send the NFT, which costs a little bit more, but if you want the transaction to be completed quickly, then spending a little extra money could be worth it. If you’re not in a rush and don’t mind, then the slow transaction option would be best, and it’s not as expensive.
With either option, the transaction might not finish right away. The transaction can take several minutes to complete, so just be patient and don’t panic while you wait for it to finish.
However, picking the slow transaction option could take up to 15 minutes to complete. Also, there is a risk of the transaction being unsuccessful and needing to try again.
Use Etherscan to Verify Your Transfer
Thankfully there is a service that helps you verify that your NFT has been transferred successfully. After the transfer has been completed, you can go in your wallet in the activity tab and select “View On Etherscan,” where it’ll take you to Etherscan.io.
In the activity tab, your most recent activity will be shown. Click which transaction you want to verify and go to Etherscan. All of your transaction details will be shown, such as the current status of your transaction. Don’t worry; it’s free to use.
As long as there’s a green “Success” for the status, then the transaction has been completed successfully.
It’s important to always double-check the status and ensure your transfer went through successfully. Etherscan also provides users with info such as timestamps, fees, recipient address, or value.
If you want to confirm ownership of a certain NFT, this article will show you how: How to Check the Ownership of an NFT (7 Methods)
Make Sure You Transfer Your NFT Safely
Transferring an NFT is relatively safe, but there are some things you can do to make sure you’re sending your NFT as safely as possible.
Recommendations to ensure a safe NFT transfer include:
- Never give out wallet seed phrase.
- Ensure you’re sending it to the correct address.
- Pick the fast sending option.
- Don’t send an NFT if you’re still waiting for payment.
To ensure a safe NFT transfer, make sure you never give out your wallet seed phrase. If someone has access to that, they have access to your wallet.
And again, make sure you have the correct recipient address. Always verify this information; if you send the NFT to the wrong wallet, there is no way for you to retrieve it unless the recipient sends it back to you, which isn’t very likely.
It’s usually best to select the fast option when making an NFT transfer. Rarely an NFT transfer doesn’t go through, but the best results come from sending the NFT by using the last option (and it’s much quicker).
If you’re waiting for a payment from someone for your NFT, it’s best for the recipient to send you the money first. You don’t want to send out your valuable NFT without receiving some type of payment first.
Confirm what type of currency is going to be exchanged and that the payment has successfully gone through before sending out any NFT.
As long as you follow these steps, you shouldn’t have any problems transferring NFTs or receiving NFTs in the future and should have plenty of successful transactions.
One of the most incredible things about NFTs is that they are easy to buy, sell and transfer. As our lives interact more with digital commerce and DeFi, the more we need to know about the process.
This website is dedicated to teaching and informing our readers about the cutting-edge world of art and design and how to apply it to NFTs. If you need some more juicy and viral info, you will want to read these 3 articles:
- 8 Best Online Places to Show Off Your NFT Art
- How To Sell NFTs Without Gas Fees (or less) | Complete Guide
- How Much Should You Sell Your NFT Art For? Pricing Guide