How can NFT ownership be transferred?

NFT ownership can be transferred through a process known as a token transfer. This involves the transfer of the unique token, which represents ownership of the NFT, from one digital wallet to another. Each NFT is built on a blockchain, typically using smart contracts, which record and validate these transfers. To initiate a transfer, the current owner of the NFT must typically approve and sign the transaction using their digital wallet. Once the transaction is confirmed and recorded on the blockchain, the ownership of the NFT is transferred to the new owner. This transfer process ensures verifiable proof of ownership and provides a secure and transparent way to transfer and track ownership of NFTs.

This mind map was published on 10 September 2023 and has been viewed 59 times.