Transferring a Non-Fungible Token (NFT) involves a process that usually takes place in the marketplace where the NFT was purchased, but can also be done directly on a blockchain where the NFT was minted. Here’s how:
First, identify the marketplace where your NFT is held. Notable examples include OpenSea, Rarible, and NBA Top Shots. After identifying the marketplace, log into your account from where you will be able to see your NFTs.
Next, open the specific NFT you wish to transfer. Look for a ‘Transfer’ option, this could be under a ‘Settings’, ‘More Options’, or similar dropdown menu. Click on it.
A form will likely appear requesting information about the transfer, usually the recipient’s wallet address. Input the recipient’s details correctly. It’s very important to ensure accuracy as this process is irreversible.
Once you’re sure the details are correct, proceed with the transfer which will open a transaction in your linked wallet. Usually, this involves paying a gas fee, which compensates for the computational energy required to process your transfer on the Ethereum Network, where most NFTs reside.
Confirm the transaction and wait for it to be processed. Once complete, your NFT will viewable in the recipient’s wallet on the blockchain.
The above information was sourced from OpenSea’s guide to transferring digital assets (1).
It’s important to note, however, that NFTs can also be transferred directly on their resident blockchain without the need for a marketplace. For example, on the Ethereum Network, this can be done using MetaMask.
With MetaMask open, go to the ‘Assets’ tab and find your NFTs. Select the one you wish to transfer and click on ‘Options’ where you’ll find the ‘Send’ button. Enter the recipient’s wallet address and click next. Confirm the gas fee and complete the transaction (2).
It’s important to note that transactions on the blockchain are public, which means the symbols representing your wallet and those of others are publicly recorded. Further, as previously mentioned, be very careful when typing in the recipient’s wallet address as a mistake could result in the loss of your NFT.
Sources:
1. OpenSea Guide. “Transfer Ownership”. https://support.opensea.io/hc/en-us/articles/360042860454-Transfer-ownership
2. MetaMask Customer Support. “Sending Tokens”. https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-View-See-Your-Tokens-in-Metamask
