NFTs

Non-fungible tokens have, in recent years, become the basis of so many digital collectibles. The industry is growing fast and could hit $211 billion by 2030.

Nonetheless, if you are an NFT collector, trader, or enthusiast, it helps to know how to transfer these tokens across different platforms. This guide will give you a detailed explanation of how to do it.

What Are NFTs?

An NFT, which stands for Non-Fungible Token, is a digital asset used to represent digital collectibles. It’s easy to confuse NFTs with JPEG images or associated art pieces.

What are NFTs
NFTs prove ownership of digital collectibles. Source: iteratorshq.com

Sometimes NFTs have even been referred to as digital art. This is not true. An NFT is a unique token used to prove ownership of digital collectibles. That’s why we store them in wallets as opposed to cloud servers.

How to Transfer NFT Assets from Wallet to Wallet

Most people store and interact with non-fungible tokens through their wallets. So, in case you want to transfer assets across two different wallets, follow the guide below:

  • Head to Your wallet and access the list of all NFTs.
  • Choose the NFT you want to transfer and hit ‘Send.’
  • In the Dialog box that appears, key in the public address of the recipient’s wallet
  • Check the transaction and confirm.

Please note that the guide above is more of a general approach and will likely work for most wallets. However, some wallets may have additional specifics. They will, however, not deviate that much from the steps listed above.

How To Transfer NFT Assets from Marketplace to Wallet

In recent months, we have seen the rapid growth of OpenSea and other NFT marketplaces. Now, the NFT transfer procedure will vary from one marketplace to the other. However, if you are transferring from OpenSea, here are some of the steps to take:

  • Make sure you log into your OpenSea account.
  • Navigate to your list of NFTs and choose the ones you want to send
  • Click the Transfer button.
  • You will now be required to enter the recipient’s public address.
  • OpenSea will also calculate the fees involved and give you a confirmation button.
  • If everything is fine, hit confirm, and it’s done.

Can You Transfer NFTs Across Multiple Chains?

A considerable portion of NFTs is built on the Ethereum network. But in recent years, more and more networks, including Solana, have been providing better support for these tokens.

Cross chain NFTs
Transferring NFTs across multiple Chains. Source: Zerocodenft.com

So, can you actually move your NFTs from one chain to another? Technically, it’s possible, but you must use a cross-chain bridge that supports NFT transfers.

One of the best bridges to use right now is the Poly Bridge NFT built on the Polygon Network. Here is how to use it.

  • Head to The Poly Bridge website
  • Click Connect Wallet on the top right corner of the screen
  • Follow the prompts until the wallet is connected.
  • While there, select the network from which you want to transfer the NFT assets.
  • The Poly Bridge supports up to 25 chains, including Ethereum.
  • Afterward, select the collection you want to transfer and the specific NFT item.
  • Finally, choose the chain you want to transfer those assets to.
  • Click ‘Next’ and follow the remaining prompts until you are done.

N.B: Transferring NFTs across chains can sometimes incur lots of transaction fees. Ensure you understand how much you are required to pay before confirming the transfer.

How Long Does It Take?

How long the transaction takes will largely depend on the network congestion. If more people are using the network at that particular time, expect the transfer to take longer.

Illustration of Bored Ape Yacht Club NFT
It takes up to 30 minutes to transfer NFTs. Source: finance.yahoo.com

You will also notice that when you are about to transfer these NFT assets, you will be prompted to choose the slow or fast option. If you prefer fast, you will pay extra, but at least the transfer will be completed in the least amount of time.

However, it doesn’t mean that the slow option is that slow anyway. On average, NTF transfers will take as little as 30 seconds or as high 30 minutes.

What If the Transfer Fails?

The transfer of the NFT assets may fail. Do not worry. The NFTs will be returned to your wallet or your marketplace account. Sometimes network congestions cause these failures, but they are not that common.

How Much Wil I Pay in Gas Fees?

Again, gas fees are determined by the congestion in the network. If more people are using the blockchain, then naturally, the gas fees will be higher.

The blockchain network you are using also plays a key role. For example, you are likely to pay more in gas fees for Ethereum compared to Solana. In any case, you should be able to pay somewhere between $0.5 and $15.

Best Practices When Transferring NFTs

The most important thing to remember when dealing with NFTs or crypto, for that matter, is that once a transaction is completed, it cannot be reversed. So, you must take care to ensure you get everything right. Here are some tips:

  • Make sure the recipient’s wallet address is correct.
  • You must never share your private key under any circumstances
  • While it’s okay to try and save on gas fees, the sooner the transaction is completed, the better. Always go for the fast transfer.
  • If you are transferring the NFT to a buyer, get paid first or use a third-party escrow service.

How to Get NFTs?

There are several ways to get NFTs these days. First, you can head to an NFT marketplace like Raible, OpenSea, and others and buy. Please note that there are many NFT scams these days so make sure you are buying something of worth.

Folks can also get some NFTs through in-game digital assets. These are purchased directly through the P2E in-game marketplaces or earned through gameplay. Finally, you are free to create your own NFTs just for fun or for selling.

Any investment/financial opinions expressed by Play to Earn Diary are not recommendations. Our content is for educational purposes only. If you plan to invest in any game or cryptocurrency then please do your own research and only spend what you can afford to lose.

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