Tuesday, May 24, 2022
HomeGuidesHow to Track and Verify NFT Transactions in 2022

How to Track and Verify NFT Transactions in 2022

If you are into NFTs or non-fungible tokens, you must go through plenty of NFT transactions from time to time. You must have felt the necessity to track the NFT transaction and verify the token during the transaction time, as purchasing NFTs demands a good amount of money.

Besides, it’s a matter of pride collecting these fancy digital items. So, it’s not unexpected that buyers can get anxious about the transactions.

Sellers also want their creations to be indexed on some platforms. Keeping these needs of sellers and buyers in mind, cryptocurrency and blockchain-related forums have been creating blockchain explorers that assist users in tracking and verifying NFT transactions and increasing the transparency of the marketplaces.

If you know enough about blockchain explorers and how to utilize them to fetch your required data, this article doesn’t have much to offer. But if you are a novice regarding explorer use, then stay stick to the write-up. You will find out some valuable information.

What is an NFT Transaction?

The transaction of an NFT or a non-fungible token from the seller’s wallet to the buyer’s wallet on the blockchain through a marketplace is called an NFT transaction.

We all know NFT refers to the unique digital items like artworks, music, or videos that get traded, usually by cryptocurrency. But unlike cryptocurrency, NFTs are unexchangeable and can be owned by only one person at a time. So, NFT is a token to confirm unique ownership. And when someone hands over this special ownership to another person, an NFT transaction occurs.

Blockchain Explorer

A blockchain explorer is a search engine of a blockchain platform. We can compare it with Google. Like, we put a term in the Google search bar and get massive data on it; the same happens with the explorer. After going to the blockchain explorer website, we can see detailed clues including history, value, gas limit, the status of the transaction, and many information by entering terms such as wallet address, transaction ID, transaction hash, token, etc.

How to Track and Verify NFTs

Blockchain explorers are the solution by which we can track and verify our cryptocurrency transactions, including NFTs. Following a procedure, we can gain our required details through explorers. There are plenty of blockchain explorers available online. Some support more than one blockchain, and some support only one. Many renowned explorers are available, such as Etherscan, Blockchain Explorer, CryptoSlam, BscScan, Unmarshal Xscan, Blockchain, OKLink, etc.

We will now discuss in brief some blockchain explorers that will make your explorer use easy.

Top 5 BlockChain Explorers

Etherscan.io

Etherscan is one of the best tools to query NFT transactions and verify your NFTs. The complete form of this Etherscan is Ethereum Blockchain Explorer. You can search for details of an NFT transaction by entering wallet address, transaction hash, block, token, and ENS, which means Ethereum Name Service, in the website’s search bar. Etherscan decodes it and shows us transaction details, including every transaction hash showing methods like swap, register proxy, Wrap, etc. This explorer also shows block, age, value, transaction fee, etc.

Follow five steps to track an NFT transaction through Etherscan

  1. Going to Etherscan Website:

At first, go to the Etherscan website from your wallet’s app or by writing Etherscan.io in the address bar of your desktop or laptop’s web browser.

  1. Put Wallet Address:

Write your or others’ wallet address you want to get information about into the website’s search bar. After navigating to Etherscan’s homepage, put your public wallet address, transaction hash, block, or token. The explorer will show you the current wallet balance and token collection.

  1. Choose the Tokens You Want to Watch:

To see specific NFT transaction data, you have to choose the token transactions you want to explore. Now Etherscan will show you the transaction history of a particular token.

  1. Enter the Transaction Hash of the NFT You want to See:

You can have several tokens in your wallet, so there can be multiple transactions. To watch and verify any transaction, click on the Transaction Hash (Txn Hash) to know detailed information about that NFT transaction.

  1. Status Verification and Confirming the Token Transfer:

Now it’s time for you to verify your NFT transaction. You will be sent to a page where you will find lots of information, but you have to confirm that the Status is successful and the Tokens are Transferred. This is the way to verify the transaction and ensure the NFT is successfully sent to the wallet of the legal buyer.

Except for the Status that shows the transaction is successful or failed and the token transfer option that allows us to know the NFT goes from which wallet to which wallet, there are some other data available on the detail information holder page. They are Transaction Hash which is a unique 66 character identifier every token gets, Block, Timestamp showing date and time of the transaction, From which stands for sending address, Interacted With which means receiving address, Transaction Action, Current value, Transaction Fee or gas fee, Gas Price that indicates Cost per unit of gas used for NFT transaction, Ether Price, and many more data.

Etherscan Features

Etherscan announced that the platform now supports all transfers of NFTs, and it has been indexing two primary standards, ERC1155 and ERC721, on the platform. The explorer is already favored among the NFT enthusiasts due to its transparency to users. With the widening number of supported platforms, Etherscan will get more users for sure. Besides, the team of Etherscan said they are trying to improve the quality of the user interface that will be new users and non-tech people friendly. If this happens, Etheescan’s popularity will touch the sky.

This blockchain explorer shows the wallet addresses of every participant, including sellers and buyers of the transaction, revealing the name of the marketplace and the information about it where the transaction has happened. Needless to say, it records all data and events of a trade which people can access by providing things like transaction ID or transaction hash.

Etherscan is an incomparable toolkit to track NFT transfer in detail, but there is a loophole in its service, and it is it doesn’t support all kinds of transactions. More specifically, Etherscan supports tracking transactions when they take place in some specific marketplaces. Except for these marketplaces, transaction of NFTs minted in other marketplaces is not supported by the toolkit.

The supported marketplaces by Etherscan to track and verify transactions are OpenSea, Rarible, Nifty Gateway, and many more. This tracking feature adds more transparency and provides clear information of every event of an NFT transaction that inspires more people to participate in these marketplaces, which are already popular.

But the users of all marketplaces are not receiving the amenities of tracking and verifying their NFT transactions.

The collectors of another popular NFT marketplace NBA Top Shot complain that they cannot track the transaction data and events by this data tracker. As this marketplace uses Flow Blockchain, the experts say Etherscan doesn’t support it.

The Etherscan mainly supports Ethereum blockchain, but NBA Top Shot has built Flow as their own blockchain technology. Ignoring the Ethereum blockchain technology on which most NFT marketplaces function leads to hassle regarding NFT transaction tracking.

So, the statement Etherscan made that now they can track all NFT activities is actually a language of an advertisement more than truth.

For making their statement true, they need to increase their supported platforms. Ethereum blockchain is the central platform backing the NFT industry. But platforms like Tezos (XTZ/USD) or Tron (TRX/USD) are efficiently supporting the industry. Moreover, NFT is the trend now that is widening the path for new technologies for adventuring in the NFT realm. Thinking about this, Etherscan needs to expand its opportunities for every NFT platform.

CryptoSlam.io

CryptoSlam is another efficient blockchain explorer to get clues about the NFT sales transactions lately. CryptoSlam can be the best option if you want to know about specific NFT projects, ranking position and method of ranking the projects, the current trend of sales, and various kinds of other data of the NFT market.

Go to the search function and scroll through to track all the NFT projects of the site, or you can put the specific project’s name in the search bar. Using the name of the Player, Team, Owner, or wallet names and addresses is a great way to find out details of any project. By wallet namer or addresses, wallet holder’s activities can be traced, including all sales and purchases.

Again, you can track NFTs by sales volume in CryptoSlam. Using sales volume allows you to investigate all the listed NFT collections on CryptoSlam according to a day, a week, a month, and even the tool’s lifetime.

Besides, you can track NFT transactions through the explorer by searching with today’s sales volume, today’s market sellers, 

today’s mints, top market buyers and sellers which fetch info of last three days, current transaction fee, Live marketplace, etc.

CryptoSlam data tracker contains a user-friendly interface and makes the experience better for the users due to its simplicity.

BscScan.com

BscScan is another prominent blockchain explorer that is used for Binance Smart Chain. One interesting fact is the creators of Etherscan made this tool. Keep reading to know how to utilize BscScan to explore NFT transactions and the system’s advantages.

BscScan offers the opportunity to track any cryptocurrency transactions and all information related to them, including non-fungible tokens or NFTs on the Binance Smart Chain. You can find out transaction history, transaction value, gas price, etc., by entering wallet address, Hash, or transaction ID in the search bar of this blockchain explorer’s website.

Tracking any cryptocurrency transaction through the explorer is easy. You have to put transaction ID, wallet address, or block associated with the transaction you want to know information about in the search box of the BscScan’s website. Then BscScan will represent the transaction history, block reward, difficulty, gas used, gas limit, size, hash, and so on.

Entering the wallet address in the search bar will allow users to see its balance depending on the BNB, which means Binance Coin and USD. BEP-20 and ERC-721 token balances can be seen along with BNB by going to the “Token” option.

Another path of identifying or tracking transactions through BscScan is putting Transaction Hash that consists of letters and numbers to chase the status of transactions on Binance. By using transaction hash, you will get some additional information. You will get to know the transaction status, which can be pending, successful, or failed.

BscScan will show you block height information, a network identifier that confirms miners recording trade.

You will know the transaction value in BNB and USD and the expense of the transaction on the blockchain. You will also receive a private note being a user of the BscScan sent by the seller while the transaction occurs.

Most blockchain explorer doesn’t have an extra feature: the Validator Leaderboard. In most blockchains, user nodes validate transactions. But the Binance Smart Chain demands additional validators that BscScan can explore and provide information about them to the users. There are 43 validators in the Binance Smart chain having voting power.

The block header gives users the signal of the active validators and the information they verified blocks lately. The leaderboard represents the number of blocks that were validated in the last day, week, or month and tells us the validators are still active or not.

BscScan Supported Tokens

Let’s talk about the supported tokens of the platform now. The Binance Smart Chain supports the BEP-20 token, which is Binance based along with Ethereum based ERC-721 token.

Regarding BEP-20 tokens usages, users can trace the top tokens, volume, market cap, etc., and can assure NFTs’ multiple blockchain compatibility. This feature is vital because interchangeable NFTs through different blockchains is one of the people’s most critical priorities.

Supporting Ethereum’s token ERC-721 by BscScan is also caused by its compatibility with several blockchains. Till the day, around 5,200 ERC-721 token contracts BscScan tracks.

BscScan allows verifying even contract addresses, and users can match the compiled code of the addresses with the running code of blockchain that increases the transparency of the Binance platform.

Users of Binance Smart Chain can easily track NFT or non-fungible tokens as BscScan allows identifying ERC-721 tokens for its users. Binance Smart Chain has a minimum fee with excellent performance. That’s why several NFT projects get to run on Binance Smart Chain, and BscScan allows the users of this platform to track and verify NFTs minted on Binance Smart Chain. Users can search for NFTs by the transaction hash, NFT smart contract, or their wallet address in BscScan.

But this explorer has some limitations. BscScan can identify the NFT only, including token ID, the project of the NFT, NFT transaction history, and the interacting history between NFT and the smart contract. It seems enough for lots of people. But this explorer cannot identify and demonstrate the artwork of the token. Other NFT supported services or marketplace will be needed to explore the specific artwork, which is extra hard work. However, BscScan will depict the token ID, the NFT project, the transaction history, and the interaction with the smart contract.

BscScan is not any wallet service like other blockchain explorers.

Unmarshal Xscan

Unmarshal Xscan is another famous blockchain explorer available on the internet that helps people track the transactions of NFTs and verify the NFTs. Multichain DeFi data network Unmarshal creates this explorer.

Unmarshal Xscan has more facilities concerning supported different platforms. While Etherscan and BscScan support one platform, users can drag information about the NFT transactions from Ethereum based blockchain, Polygon, and Binance Smart Chain through Unmarshal Scan. It is a multichain and decentralized information exploring tool that serves both the creators of NFTs and investors on NFTs.

Users are asked to choose priorities, including Bitcoin, Bitcoin Cash, and Ethereum while searching for NFTs while using this website.

Unmarshal Xscan IO has an interface that looks like Google’s search engine’s interface. By using ENS, TXN Hash, Symbol, or address or transaction on this website, we can get the details of the project or protocol.

Go to the search bar and just put a contract address and decode. Now you will see, this wallet holds how many dollars as balance. Jump to the Ethereum blockchain-based wallet; you will find detailed information about cryptocurrency balance, including MATIC, WITH, MANA, USDT, SAND, etc. If we go to the BSC option, we will see Binance Smart Chain, ETH, MOVE, TKK, EVER, etc., tokens. We can explore the crypto balance in the Polygon option as well. So with one address, we can explore the assets we have on different blockchains in the specific wallet.

There are the options of Token Balance and Token History also. All details of all transactions will be shown to us with date and time, additionally showing us that, from which address to which address the transaction was completed. An advantage of this explorer is the dashboard is cleaner and user friendly than Etherscan.

In the “NFTs” option, we will see all the NFTs entitled to this address with an approximate value. In “NFT History,” we will explore the transaction history of the NFTs. This toolkit contains an option called “Marsh Top Traders,” where we can find Marsh’s Top Traders. You can even subscribe for transaction alerts here. Whenever any transaction happens with this address, you will receive notifications.

The good news for the NFT transaction explorers is that Unmarshal calls this current version a working prototype. They promise to bring an improved version of the Xscan in the future.

Blockchain Explorer

We will talk about a blockchain explorer whose name is the same, blockchain explorer now. It is another famous search engine to track NFT data. You can search for NFT projects by putting transaction ID, wallet address, or block in the search bar. After decoding data, this explorer will give you access to information like NFT price, mined blocks of near past, unconfirmed transactions stuck in the mempool, transaction history, and so on. Blockchain explorer also provides its users to track and verify their NFTs.

Benefits of Tracking and Verifying NFTs

There are many benefits of tracking and verifying NFTs. Ensuring transparency is the major benefit among them. When you can track every event with the time and date of your NFT transaction and verify it, the whole process becomes transparent as the authenticity of the digital asset and the traders are confirmed. We can see from which wallet to which wallet the NFT is going.

So, there is no chance of treachery or fraud. Due to the transparency and clarity, the investors can be tension-free about their sales. Sellers can be assured that they will receive their payment without any issue. Peace of mind is ensured with the usage of tracking NFTs technology.

Moreover, verifying NFTs protects us from the mistake of purchasing several tokens in a situation when you are not sure your transaction is complete. Rebuying can happen without the verification of the NFTs.

You can also not buy your favorite NFTs what you desire, thinking you purchased them when the transaction failed in reality. That means the digital assets didn’t come to your wallet, but as you thought it had entered your wallet, you didn’t try to purchase the NFTs again. So, saving us from such disasters verifying NFT is essential.

Wrapping Up

Knowing how to track and verify NFTs is mandatory for all NFT enthusiasts as this is an essential part of a successful NFT transaction. NFT data tracking tools or blockchain explorers have been helping us to get through the task. Tracking and verifying NFTs offers plenty of benefits that inspire every NFT lover to learn how to track an NFT transaction.

Fortunately, this tracking process doesn’t negatively impact the transaction. However, there are still some limitations with the technology, hopefully, sorted out. Tracking and verifying NFTs through blockchain explorers provides us with essential data about the NFT transactions and the recent market trend of NFTs, making us an expert digital asset investor. 

Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Most Popular