How to Transfer an NFT Securely

NFTs have become a popular way for crypto-enthusiasts to buy and trade digital collectibles. Those looking to get involved with NFTs must learn how to transfer an NFT from one wallet to another. Understanding how to transfer an NFT will enable you to move them between your wallets, trade them with others, and use them as prizes for NFT giveaways.

This article will explain everything you need to know about how to transfer an NFT.

Setting up a wallet

Setting up an NFT wallet begins with choosing the distributed ledger you'd like to use for collecting NFTs.

Hedera is a popular option due to its carbon-negative operations and predictable fees. According to Hedera's NFT fee schedule, minting 10,000 NFTs on the Hedera network is roughly eight times cheaper than Algorand and roughly 21 times cheaper than Solana.

According to Dapp Radar, Ethereum is still the most popular blockchain for NFTs. Ethereum's popularity with NFT traders is likely due to the fact it was the original blockchain used for NFTs. Many Ethereum NFTs sell for higher prices than those on other chains.

Setting up a Hedera NFT wallet

Once you've decided which distributed ledger you'll use, it's time to pick a reputable NFT wallet provider. HashPack and Blade wallets are excellent choices if you use the Hedera network.

HashPack can be installed on your Chrome browser, iOS device, or Android device. You can also use the web app version of HashPack if you don't want to download it. You can deposit funds in your HashPack wallet by purchasing HBAR on an exchange and sending it to your wallet address or by purchasing it in the HashPack app using its Banxa or MoonPay integrations.

Blade Wallet is available as a Chrome extension and takes just five steps to set up. Regardless of which wallet you choose, you'll need to create a password and be given a secret passphrase that you must write down and store in a safe location. If you lose your passphrase, you won't be able to access your wallet.

Setting up an Ethereum NFT wallet

The MetaMask Wallet is one of the most popular options for the Ethereum blockchain. MetaMask is available as a browser extension and mobile app. This wallet gives users the ability to store NFTs and transfer them.

You can download MetaMask from its official website by selecting the appropriate browser or device. If this is your first time setting up a MetaMask wallet, you'll want to click "create a wallet." After agreeing to the disclaimer, you'll need to create a password and write down your randomly generated 12-word recovery phrase. You must keep up with your recovery phrase; if it's lost, you won't be able to access your wallet.

You can fund your wallet using the "buy" button in the MetaMask plugin or app. Alternatively, you can buy crypto on an exchange and send it to your wallet address.

Those looking for an added layer of security may prefer a Ledger Hardware Wallet. These wallets store your private keys offline, keeping them safe from hackers. The Ledger Nano S and Ledger Nano X both support NFT storage and let you buy cryptocurrency using their Ledger Live application.

Finding the NFT to transfer

Finding your NFT is straightforward when using a wallet like HashPack, as it allows you to see your NFTs under the NFTs tab. Your digital assets are displayed like a virtual art gallery, making it easy to find what you want.

MetaMask can be trickier since you can only see your NFTs when using the mobile wallet. To see your MetaMask NFTs on your phone, you simply need to click the "NFT" tab. If you're using the MetaMask browser extension, you'll need to connect it to a reputable exchange like OpenSea. Still, you can locate your NFT without seeing the image as long as you know its asset ID.

Transferring the NFT

Choose the NFT and click "send"

According to MetaMask, you should only attempt to send an NFT using the mobile app. Once you've located your NFT, you'll simply click on it to begin the transfer. Next, you'll need to click the button at the bottom of the MetaMask app that says "send."

This process is nearly identical when using HashPack, although you'll click the "next" button instead of "send."

Input the recipient's public wallet address

You'll likely copy and paste the recipient's wallet address. Still, you must double-check the address to ensure you're sending your NFT to the correct wallet. When you accidentally send NFTs to the wrong wallet, there is no way to get them back.

Confirm

When you confirm your NFT transfer, you'll have to pay the associated fees. There may be an option to choose from “slow,” “average,” or “fast” if you're using the MetaMask wallet. Your gas fee will be higher if you select the "fast" option, but the transaction will be completed more quickly.

You can reduce your gas fees by avoiding peak transfer times. EtherScan lets you track historical and real-time costs, so you can choose a time when fees are low. Generally, you'll spend less on Ethereum NFT transfers when sending them late at night on the weekend.

Verification

When using MetaMask, you can confirm your NFT was sent to the correct place with EtherScan. You can type the recipient's wallet address into the search bar to see their recent transactions or type in the NFT's contract address to verify that it's located in the recipient's wallet.

Transferring NFTs to a hardware wallet

Transferring NFTs to a Ledger hardware wallet is relatively straightforward, but first, you'll need to generate an Ethereum deposit address. To do this, connect your Ledger to your computer and unlock it. Open Ledger Live, and click "add account." Select "Ethereum" and follow the on-screen instructions to add an account. Open the account, click "receive," and then follow the instructions to generate a deposit address. Before continuing, double-check the address on your Ledger device to ensure it matches the address on your screen.

Once you've generated a deposit address, you'll need to open OpenSea, connect your MetaMask account, and open your profile. Next, select your NFT, paste your deposit address, and click "transfer." You can confirm that the transfer was successful using MetaMask or EtherScan.

Safety tips

• Look twice. Always double-check the deposit address. If you send an NFT to the wrong address, there is no getting it back.

• Wait. Assuming you're selling the NFT, you'll want to wait for payment confirmation before transferring it to another wallet.

• Don't share. Never share your password and seed phrase with others. There is no reason another individual would ever need your seed phrase or password. Scammers may pretend to work with a particular wallet provider to convince you they need your phrase; this is never the case

Hedera can show you how to transfer an NFT

Hedera is committed to providing the foundational elements required for a robust NFT ecosystem. There are over 500 NFT collections available on Hedera, and that number continues to grow. It offers fast, secure transactions and a predictable fee schedule that can be viewed anytime. Hedera NFTs are also easy to identify, as they have a token ID representing the NFT collection and a serial number identifying each unique NFT within a collection.