Purchasing and trading non-fungible tokens are becoming the new norm for many people. If you’re curious like me then you may be wondering just how NFTs are tracked and verified. After doing my due diligence, I learned exactly how NFTs are tracked.
NFTs are tracked and verified on the blockchain. Each NFT has its own unique transaction hash making it non-replicable. The blockchain collects all transactional data and stores it in blocks eventually forming a blockchain. This information is stored indefinitely and is available for public view and verification.
Each time a transaction occurs on the blockchain, all that transaction data is collected and put into a block. These blocks are filled to capacity and then linked together to the previously formed block. These records of transactions create an environment which allows anyone to verify an NFT transaction.
Tracking and Verifying Your NFT.
If you enjoy buying and selling NFTs like I do, then it’s a good idea to know how to track and verify your own NFT transactions. I have tracked and verified many NFTs over the last few months and here’s what I’ve learned.
To track and verify a specific NFT transaction such as one that you bought or sold yourself, go to Etherscan.io where you can search by address, transaction hash, block, token, and ens. To check certain NFT sales history, collection rankings, market data and specific projects, go to CryptoSlam.io.
Etherscan.io– Etherscan is better known as the ‘Ethereum Blockchain Explorer’. Etherscan allows you to search for a specific wallet address, transaction, block, token and by Ethereum Name Service (ENS). Etherscan also allows you to view a current transaction, attempted transactions, as well as completed and failed transactions.
To view an NFT’s transaction using Etherscan, follow these 4 simple steps:
- Go to Etherscan.io and enter your wallet address into the search bar.
- Select the desired tokens you want to view.
- Choose the specific transaction hash (NFT) you want to view.
- Verify your NFT’s ‘Status’ and ‘Tokens Transferred’.
1. Go to Etherscan.io To Enter Your Wallet Address.
Using you wallet’s app or internet extension, go to Etherscan.io.
Once you arrive on Etherscan’s homepage, simply enter your public wallet address, transaction hash, block, or token. For this example I used my public wallet address. Your current wallet balance and token collection will be presented to you as well.
2. Select The Desired Tokens You Want To View.
In order to check a specific NFT’s transaction data, choose the dropdown arrow and select the token transactions you would like to view. This will take you to a historical list of transactions for the specific token type you chose to view in your wallet.
3. Choose Your Specific Transaction Hash.
Depending on how many tokens you have available in your wallet, there may be multiple transactions to choose from. Pick whichever transaction you would like to view and verify. Simply click on the Txn Hash to view the exact details of a specific transaction.
4. Verify NFT’s ‘Status’ and ‘Tokens Transferred’.
After you have selected the NFT transaction you want to verify, you will be brought to this page which displays all the details of your NFT transaction. These details include but are not limited to:
- Transaction Hash (A unique 66 character identifier given to each token)
- Status (Success or failed)
- Block (Block confirmation)
- Timestamp (Date and time)
- From (Sending address)
- Interacted With (To/receiving address)
- Transaction Action (Mint quantity and receiver)
- Tokens Transferred (From and to)
- Value (Current value and at the time of purchase if you click)
- Transaction Fee (Gas fee)
- Gas Price (Cost per unit of gas spent on the transaction)
- Ether Price (On date of transaction)
- Gas Limit (Maximum amount of gas provided for the transaction)
- Gas Used by Transaction (The exact amount of gas used for the transaction)
- Nonce (Sequential running number for an address, beginning with 0 for the first transaction)
- Input Data (Additional info required for the transaction)
As you can see, there is a lot of information to review. However, if you don’t want to look over all the data make sure you verify the Status is successful and also verify the Tokens Transferred. This ensures the transaction is complete and is dispersed to the proper wallet.
CryptoSlam.io– CryptoSlam is your one-stop shop to gain access to recent NFT sales transactions, how they rank against other NFT projects, and even other useful market data. Moreover, CryptoSlam can direct you to the most recently listed NFTs from all your favorite NFT projects.
Crytposlam is extremely user-friendly and very easy to navigate. As far as searching goes, you can use the search bar to look for your favorite NFT projects and view market data of various NFT projects.
I found that Etherscan is best for searching for specific NFT transactions, whereas CryptoSlam is better if you want to know more about a certain NFT project, recent sales trends, and other market data.
Why You Should Verify Your NFT Transactions.
Okay, so maybe you’re unsure why you would actually want to track or verify an NFT. That being said, it’s important to understand exactly why you may want to keep tabs on your most recent NFT transactions.
Tracking and verifying an NFT transaction ensures the token you bought, sold, or traded is authentic. Additionally, it allows you to verify the transaction has been completed successfully, sent to the correct address, and for the agreed-upon fee. Here are some additional reasons you may want to look over your token’s transaction:
- Authentication- Authenticating an NFT before you purchase it will let you know who originally minted the token, when it was minted, and how many tokens were minted. This is the best way to double-check that you are purchasing the real deal and not a fake replica of your desired non-fungible token.
- Tracking- Thanks to blockchain technology, tracking NFTs is super simple. Every NFT has data available to the public which allows anyone to view who previously held a token, who it has been sent to, and who currently holds the token. (Tracking NFTs can be useful if you want to study sale’s trends or contact a token holder personally to setup your own NFT transaction instead of using a marketplace.)
- Verification- Verifying that your non-fungible token’s transaction has been completed successfully is important. If you don’t verify, you may end up making the mistake of buying multiple tokens before your original transaction has been completed or, you could end up missing out on a huge sale because you thought your transaction had gone through when it really hasn’t. Please verify all your transactions are completed successfully.
- Ease of Mind- When you know the token you’re buying is legit and authentic, it’s a good feeling. Same goes for if you are selling and trading your tokens with others. Once you know the transaction has been completed and the person on the receiving end got their NFT, its a good reason to celebrate. Ease of mind and trust is one of the main benefits of transacting NFTs on the blockchain.
Ultimately, understanding how to track and verify your non-fungible tokens is just as important as knowing how to buy an NFT. Verifying an NFT allows you to know exactly what you’re buying, who you’re transacting with, and when the transaction has been successfully completed. Even more so, you are able to collect useful market data about all the NFT projects from all around the world.