Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => NFTs & Collectibles => Topic started by: BlockchainX on July 29, 2022, 02:51:04 PM
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Whether you’ve jumped on the NFT bandwagon or are just doing your research before jumping in, one of the most important things you’ll need to know is how to transfer an NFT correctly (and safely). This is the world of cryptocurrencies, where any mistake can make you lose everything.
With crypto art selling in the millions this market cycle, it’s vital that you learn to handle your assets carefully, just as you would any real-world art. In this sense, we are going to teach you step by step everything you need to know about how to send and receive NFTs correctly.
Installing MetaMask
First things first, whether you’re sending or receiving an NFT, you’ll need a handy app like MetaMask. For those who don’t know, MetaMask is the world’s leading non-custodial wallet with over 10 million monthly active users.
Working as a browser extension or smartphone app, MetaMask allows you to store, manage and transfer Ethereum or other ERC-20 tokens.
When creating your account, you will have the opportunity to create a wallet and add a password that will give you exclusive access to the account. It will also give you an initial phrase as a backup (be careful not to lose it and write it down on a piece of paper, leave it well backed up). However, once your MetaMask account is active, you are ready to transfer any NFT .
How to send an NFT? (Step by Step)
This is a quick guide on how to send an NFT between Ethereum compatible wallets. This process will be the same whether you have sold an NFT and are transferring the token to the buyer or if you are simply sending the NFT to another of your wallets or to a market.
1. Open the MetaMask wallet
If you want to send an NFT using MetaMask, you will need to install the mobile app. At the moment, the browser extension does not support NFT transfers, but this is expected to change in the near future.
2. Go to the NFTs tab
Tap the “NFT” tab to see an overview of all the NFTs you have. Select the one you want to transfer and continue to the next step.
3. Enter the recipient’s address
Now comes the important part. Here you will be asked for the recipient’s address , which should have already been provided to you. An Ethereum address is a 42-character hexadecimal address, which may seem a bit confusing to those unfamiliar with it.
However, all you have to do is simply copy and paste the address into the box. Be sure to double check (maybe even triple) the address to make sure they match because once you send the NFT, there’s no going back . Once you’re ready, press ‘Next’ and follow the standard transaction instructions.
4. To pay, to pay the gas
Now is the time to pay the gas fees. For now, you have to choose between “Slow”, “Average” and “Fast” . The faster the option you select, the higher the rates.
For more information on gas rates when using MetaMask, check out their handy user guide that breaks down the basics.
5. Verify the transaction
Finally, all that is left for you to do now is to verify the transaction on the blockchain technology . One of the best ways to do this is through the Etherscan website.
Simply enter the transaction ID in the search bar in Etherscan, or click “View in Etherscan” directly in MetaMask to see the status of the transfer. As soon as you see the word “Success” on the transaction page, the transfer is complete.
How to receive an NFT? (Step by Step)
When you buy an NFT, the asset will usually be sent directly to your wallet through the market. However, if this is not the case, the seller will need to send it to you manually . Is that how it works:
1. Give your address
Go to your MetaMask, copy your address and provide it to the sender. Please make sure there are no mistakes and your address is 100% correct.
2. Have the NFT sent to you
Once you’re satisfied you’ve provided the correct address, give the green light and tell the seller to make the transfer. Once they have sent it, ask them for the transaction ID (TXID).
3. Confirm the transaction
Using the TXID, look up the transaction on Etherscan. You should immediately see evidence of the transaction on the blockchain development services. Once the TX is confirmed, you are officially the new owner of the NFT.
4. Add the token to the wallet
You may not be able to see it yet, but it is there .
Sometimes the NFT will not appear in your wallet automatically. If that has happened to you, don’t worry. All you need to do is add the NFT manually directly in the MetaMask app. Simply click on the NFT tab once more and select “Import NFT”. You will then be prompted to enter the token address and “Collectible ID” .
How much does it cost to transfer an NFT?
As mentioned, every time you make a transaction on the Ethereum blockchain, you have to pay something called “gas”. The gas works as a network fee paid to miners to compensate them for the energy expenditure of mining new tokens.
Unfortunately, the gas fees to transfer an NFT vary dramatically depending on how clogged the network is . The busier it is, the more expensive it is to send an NFT. For a short period of time, you can expect to send an NFT for around $1–20. However, prices can get very high very quickly when there are a lot of people.
How to keep my NFT safe?
Here are some quick tips on how to keep your NFT and wallet safe when they are transferred to other people.
Use cold storage like Ledger or Trezor, check out the best NFT wallets .
Always check who you are sending the NFT to.
Please re-verify the address when sending and receiving.
Beware of phishing scams (fake websites and sellers).
Always confirm the currency when sending/receiving (ETH in this case).
Never give away your MetaMask account seed phrase or password.
Finally, if you have sold an NFT to a buyer, never send the token to their address until you have received the funds first . Above all, be vigilant when dealing directly with sellers/buyers. In general, it’s best to stick to NFT markets as they offer an extra layer of protection, but if you must go it alone, remember to follow the steps in this article and keep our safety tips in mind.
To know More: www.blockchainx.tech/crypto-currency-development