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Transferring Your NFT: A Step-By-Step Guide.

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Transferring Your NFT: A Step-By-Step Guide.

Whether you’re a NFT collector, creator or enthusiast—it’s important to know how to transfer an NFT to another crypto wallet. After successfully completing a few of my own NFT transfers, I realized how easily anyone could transfer a non-fungible token to another wallet of their choice using these 4 simple steps.

How To Transfer Your NFT.

To transfer your NFT to another wallet or ENS, follow these simple steps:

  1. Go to your account (Metamask or OpenSea) and select your desired NFT, click Send.
  2. Enter the recipient’s public wallet address (or ENS, where applicable).
  3. Pay the transaction fee.
  4. You can then verify your transfer on Etherscan.io

These instructions are the general steps taken in order to transfer a non-fungible token from one crypto wallet to another. Depending on where you are transferring your NFT from (Metamask, OpenSea, etc.) the instructions I’m providing are bound to contain similar steps to reach the same end goal of safely transferring your NFT.

AdvertisementsTo show you, I will be using Metamask and OpenSea to transfer an NFT to a recipient’s wallet address.

Step 1: Go To Your Account and Choose Which NFT You Want To Send.

If you are using Metamask, simply open up your app (mobile) or extension (desktop) and choose the account that contains the NFT you would like to send. Simply select the desired NFT and click Send. If you are sending your NFT from OpenSea, go to the specific NFT you want to send and click Transfer.

Transferring Your NFT: A Step-By-Step Guide.

Step 2: Enter The Recipient’s Wallet Address or ENS.

After you select the NFT you want to send, you will be prompted to enter the recipient’s public wallet address or their Ethereum Name Service (ENS)—which is the crypto version of the Domain Name System (DNS) used on Web 2.0.

NOTE: Please verify you have entered the correct recipient address. Once you click Send and after you pay the transaction fee, you may not be able to cancel or retrieve your NFT transfer.

Transferring Your NFT: A Step-By-Step Guide.

Step 3: Pay The Transaction Fee.

Once you have verified the recipient’s address is correct, you will need to pay for the transaction fee. The fee to transfer an NFT can cost anywhere from 50¢ to $15.00. Although choosing the Slow transaction option is the least expensive, I don’t recommend it. The Fast option only costs a bit more and speeds up your transaction time significantly.

Depending on the transaction speed you choose, the transaction may not finish immediately. It can take several minutes for a transfer to complete so don’t panic if you don’t receive a notification of completion instantly.

Transferring Your NFT: A Step-By-Step Guide.

Step 4: Verify Your Transfer Using Etherscan.

If you would like to view your transaction and verify your NFT has been transferred, visit Etherscan.io (The Ethereum Blockchain Explorer.) I found that the easiest way to view your most recent transfer is by going to your wallet and viewing your Activity tab. Here, you will find a list of your most recent activity. Pick which transaction you would like to verify and then select View on Etherscan. This will take you directly to The Ethereum Blockchain Explorer where you are able to view all of your Transaction Details such as the current status of your transaction.

If you see a green Success for the status, then you know the transaction has been successfully completed.

Transferring Your NFT: A Step-By-Step Guide.

In my experience, it’s 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, Etherscan conveniently provides all those details for you.

Cost To Transfer An NFT.

Transferring a non-fungible token to another address is super simple however, it does come with a cost. Every transaction processed on the Ethereum blockchain requires that you pay a transaction fee and transferring an NFT is no exception.

The cost to transfer a single NFT is between 50¢-$15.00 depending on the current gas price and demand on the blockchain. Choosing the Slow transaction will be the most inexpensive option and may take upwards of 15 minutes to complete, whereas the Fast transaction will be the most expensive but the quickest to transact. The sender always pays the gas fee.

Ultimately, the speed and fee you pay is up to you. Just remember, when you use the Slow transaction option there’s a higher risk of the transaction being unsuccessful as opposed to paying more and using Fast transaction option.

Transferring Your NFT Safely.

When I transferred my first NFT, I couldn’t help but wonder how safe transferring an NFT to someone else actually was. Luckily, I discovered that transferring an NFT is extremely safe—with that being said, there are a few things you need to be aware of to ensure you’re sending your NFT as safe and securely as possible.

To ensure you’re transferring your non-fungible tokens safely, please review the following:

  • NEVER give out your wallet seed phrase – Anyone who has access to your wallet’s seed phrase has access to your wallet. Do not give your seed phrase or any information regarding your wallet’s account to anyone. If you have NFTs you want to store securely, make sure you read Securely Storing Your NFTs: A Complete Guide.
  • Ensure you are sending your NFT to the proper recipient address – Always verify that you are entering the correct receiving address when transferring any NFT to another wallet. If you transfer an NFT to the wrong wallet, there is no way to retrieve it unless the recipient were to send it back to you.
  • Choose the Fast transaction option when sending an NFT – Choosing the Fast transaction option means you are willing to pay a little extra in order to complete the transaction quicker and is more likely to be successful. It’s rare that a non-fungible token wouldn’t transfer eventually even if you are using the Slow option, but for the best results choose the Fast transaction option.
  • Don’t send someone an NFT if you are awaiting payment – If you’re sending an NFT to someone and you’re expecting a payment in return, it’s a good idea to have the recipient send the fee to you wallet prior to you shipping away your precious NFT. Always confirm the proper currency and payment amount has been successfully received in your wallet before transferring any non-fungible token.

    If you don’t feel comfortable transacting on your own without a middleman, use a marketplace to safely offer up your NFT for sale.

Bitcoin

When will Bitcoin Rally Start? Technical Analysis:

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When will Bitcoin Rally Start? Technical Analysis:

Bitcoin dropped today after briefly kissing the $59900 and as the selling pressure rose it dropped swiftly and the slump continues. The question is when will the Bitcoin rally start?

When will Bitcoin Rally Start? Technical Analysis:

TradingView Bitcoin Chart

Bitcoin Rally: Technical Analysis

The Bitcoin price today is $54,346.67 USD with a 24-hour trading volume of $42,612,427,726 USD. Bitcoin is down 7.79% in the last 24 hours. The current CoinMarketCap ranking is #1, with market cap of $1,026,280,520,107 USD. It has a circulating supply of 18,883,962 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin has found its support at fib -0.65 and has an increased volatility today. Bitcoin is currently trading below EMA 20 on an hourly chart which indicates that the Bearish trend is volatile. The relative strength indicator shows that Bitcoin has entered an oversold situation. This means that now it should start getting the buyers in and the price should rise to the previous highs of yesterday.

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26 % of the Crypto investors are in NFTs

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26 % of the Crypto investors are in NFTs

The decentralized era of Blockchain assets – Cryptocurrencies and NFTs are revolutionizing the traditional centralized financial systems by rooting out almost all their problems straight away in a single solution. In this digital era, we face the problems of authenticity, origin, and verification of digital files which is not possible without being on blockchain.

Non-fungible tokens (NFTs) address such problems solely and transparently so that the idea could only belong to its origin through proof of ownership.

investors tired NFTs

26 % of the Crypto investors are in NFTs

In Japan there held a survey to check what percentage of people already in cryptocurrency holds NFTs. We will put here stress on the fact that the cryptocurrency traders and investors are the first in the line those who understand the NFTs and their potential profits. The report shows that one out of four people holds NFTs, 26% to be exact.

The survey was conducted by Major Japanese crypto exchange BitBank to estimate the mass adoption of NFTs by the people who completely understand the idea. Out of this 26% of people holding NFTs, 39% revealed that they never sold their NFTs and they are holding these digital assets and they are not aware of the actual value of their NFTs. 22% of these people holding the digital assets were aware of the actual price of what they own.

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Hackers using Google cloud accounts to Mine Cryptocurrency

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Hackers using Google cloud accounts to Mine Cryptocurrency

Google provides 2 giga bytes of free cloud storage to each Google account holder. Users can buy the premium access to more storage up to 100 giga bytes. Google provides two factor authentication to it user for added security. Hackers have found the vulnerabilities and used the Google Cloud accounts to install the third-party software for mining.

Hackers using Google cloud:

Hackers using Google cloud accounts to Mine Cryptocurrency

Due to poor customer security practices the hackers take up the control of their accounts to install the mining software under 30 seconds. This pirated software then uses the resources of computer including CPU, GPU and Storage to server for their mining on Chia Network. According to a report, the percentage of hacking for mining purposes in Google Cloud storage is 86% related to crypto mining and only 14% for other cases. According to cybersecurity the error is not at the end of Google side. The hacks are due to poor customer security practices.

Remember to always use Two factor authentication and not download any pirated software as anything that seems free comes at a greater cost.

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