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How to swap NFT from one wallet to another wallet?

As you are gradually developing your understanding of the crypto world, there’s a crucial concept of transferring your NFTs from one wallet to another that you need to become familiar with. Whether it be for sale or purchase, for security reasons, it is important to know how to transfer NFTs from one wallet to another.

In this article, we shall tell you how to swap NFTs from one wallet to another.

Step by Step Guide on How to Swap

These are broken down into four main steps:

  • Go to your account and select your desired NFT and hit send.
  • Enter the recipient’s address ( whether it be yours or another person’s).
  • Pay the transaction or gas fee.
  • Verify it on BscScan

The cost of transferring the NFT

The first thing to bear in mind is that the sender always pays the gas fee. The process of transferring the NFT to another address is super simple. However, like banking transactions, this does involve a cost.

The gas fees are determined with the factor of demand in mind. The higher the transaction volume that day, the higher the gas fees.

A transaction occurs in two ways: a slow transaction and a fast transaction.

Slow transactions can take up to 15 to 20 minutes and, due to that, an extremely high volume of transactions can get lost in the blockchain. Fast transactions, on the other hand, happen quickly and can result in higher gas costs.

Ultimately, it is left in your hands as you are the one transferring the NFT. If you choose the last option, your chances of a successful transaction increase.

Step 1: Choosing your NFT

The first and foremost step is choosing the NFT you want to transfer and connecting your wallet to that particular blockchain.

If you’re using Metamask, go to your app or chrome extension and choose the account that contains the NFT. Simply click the NFT and hit send.

Beware that you can send NFTs from the item page as well, depending on the blockchain.

Step 2: Select NFT Contract Address

Once you’re connected to the wallet, you’ll be asked to enter the recipient’s address. Your contacts will pop up once you’ve connected, and you can either select existing recipients or enter a new one by typing in the address.

Either manually enter the token ID of the NFT or choose the token ID if you have a clear idea. However, make sure it is a verified token!

Also, be well informed about the recipient’s address and make sure it is verified and approved by the particular blockchain.

Step 3: Pay the gas fees

As mentioned earlier, gas fees depend on the demand for and volume of transactions. Typical gas fees can range from 50 cents to 25 dollars, depending on the blockchain.

Your choice of transaction speed plays here as well. While slow transactions are inexpensive, it is skeptical to make them. The fast transactions can be a bit pricey, the end result being the transaction made significantly faster.

Remember not to panic, when you don’t see a notification instantly. It may take several minutes depending on the blockchain as well as the volume of transfers.

Step 4: Verify the transaction.

Go to your account profile and search for the history of transactions in order to check it. Make sure your transaction is done in real-time and the recipient is well aware of the transaction. You can check either on BscScan or EtherScan or PolygonScan to verify the transaction.

Please select a compatible network for your NFT, or your assets might be permanently lost and cannot be recovered. Check in with BSC Scan if your transaction was successful.

Transferring the NFT safely

While transferring NFTs is safe, there are bad actors involved, and there are a few things to be aware of. Here are some tips that you can use to make sure that your NFT transfer is safe and successful:

  • Never give out your secret phrase to anybody except when prompted. When transferring, never give out your wallet’s secret phrase to anyone. Unless and until your digital wallet application prompts you to, never share the phrase.
  • Verify your recipient’s address before transferring. Make sure it is a verified or approved account on the blockchain.
  • Recommended transfer speed is the fast transaction. It is reliable and quick, even with an increase in gas fees.
  • Never send an NFT if you are awaiting payment. Always receive the payment before sending the NFT. Confirm if the proper amount and currency are successfully received in your digital wallet.

Final lookout

Beware of scams! It is always a good idea to double-check that your transfer has been sent successfully. Also, if you need to check any additional information about your transfer, such as timestamp, fees, recipient address, or value, BscScan, Etherscan, or PolygonScan conveniently provide all those details for you.

Cryptocurrencies/tokens have real value, so be extra cautious when it comes to transacting within the blockchain or outside the blockchain. Be safe and cautious!

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