You must undergo many NFT transactions if you are into non-fungible tokens. Given the amount of money you need to spend on purchasing NFTs, you must have felt the need to keep track of the transaction and authenticate the token during the transaction.
Additionally, collecting these fancy digital items is a matter of pride for many people. Therefore, it’s not surprising that buyers can feel anxious about the transaction.
There are also some platforms where sellers want their creations to be indexed. Blockchain explorers help users to track and verify NFT transactions and increase the transparency of marketplaces by addressing the needs of sellers and buyers.
This article provides many insights into blockchain explorers and how to use them to get the data you need. Here you will discover some useful information.
What is an NFT Transaction?
Transactions involving NFTs or non-fungible tokens on the blockchain, which are sent between seller and buyer through a marketplace, are known as NFT transactions.
A unique digital item, such as a piece of artwork, music, or video can be traded through NFT, usually with cryptocurrencies. Unlike cryptocurrency, NFTs are not exchangeable, and only one person can possess them at any given time. NFT is a token that confirms unique ownership. An NFT transaction occurs when one person transfers ownership to another.
Take a look at the pros and cons of the best NFT marketplaces in 2022.
Blockchain explorers are search engines for blockchain platforms. It can be compared to Google. The explorer works the same way as Google search; we put a term in and get a lot of results. By entering terms such as wallet address, transaction ID, transaction hash, token, etc., we can see detailed information about a transaction, such as its history, value, gas limit, and status.
NFT Tracking and Verification
Cryptocurrency transactions, including NFTs, can be tracked and verified using blockchain explorers. Through explorers, we can obtain our required details after following a procedure. Blockchain explorers can be found online in abundance. In some cases, more than one blockchain can be supported, while in others, only one can be supported. Among the available explorers are OKLink, Etherscan, CryptoSlam, BscScan, Blockchain Explorer, Unmarshal Xscan, Blockchain, and several others.
We will now briefly discuss some blockchain explorers that will make your explorer use easy.
5 Best BlockChain Explorers
The Etherscan tool is a very helpful tool when it comes to querying NFT transactions and verifying your NFTs. Etherscan is also known as Ethereum Blockchain Explorer. In the website’s search bar, you can enter the wallet address, transaction hash, block, token, and ENS, which is the Ethereum Name Service, to find the details of an NFT transaction. The Ethereum scanner decodes it and displays the transaction details, including every transaction hash and each method for a transaction, such as swapping, registering proxy, and wrapping. Additionally, this explorer displays block information, age, value, and transaction fees.
Follow Five Steps To Track An NFT Transaction Through Etherscan
- Visiting Etherscan’s website:
You can access the Etherscan website by using the wallet app or typing Etherscan.io in the web browser on your desktop or laptop.
- Put in the Wallet Address:
Use the search bar on the website to find information about your wallet address or another’s the wallet address. When you arrive on Etherscan’s homepage, enter the address of your public wallet, the transaction hash, the block, or the token you want to check. Your wallet balance and token collection will be displayed in the explorer.
- Select The Tokens You Wish To Watch:
Select the token transactions you wish to explore in order to see specific NFT transaction data. Etherscan now allows you to see a token’s transaction history.
- You Can View The Nft By Entering Its Transaction Hash:
Several tokens can be stored in your wallet, so multiple transactions are possible. You can view and verify an NFT transaction and find out the detailed information by clicking on its Transaction Hash (Txn Hash).
- Verification Of The Status And Confirmation Of Token Transfer:
The NFT transaction is ready for verification. It will direct you to a page with a lot of information. However, you must confirm that the Tokens have been transferred and the Status is successful. The purpose of this step is to verify that the NFT has been sent to the wallet of the legal buyer and make sure it has been successfully received.
In addition to the transaction status, which shows whether or not the transaction has succeeded, and the token transfer option, which shows which wallet the NFT goes to, there are other details on the holder information page.
This includes Transaction Hash, which is 66 characters long and represents a unique identifier for each token, Block and Timestamp indicating the date and time of each transaction, “From” and “To” addresses, “Interacted with” addresses, Transaction Action, Current value, Gas price, and Ether price.
The Features of Etherscan
It has now indexed two primary standards on the platform, ERC1155 and ERC721, and it will now support all NFT transfers. Users are already praising the explorer for its transparency due to its popularity among NFT enthusiasts. More users are sure to use Etherscan as the number of platforms it supports grows. The Etherscan team is also working on improving its user interface in order to make it more user-friendly for new users and non-techies. Etheescan’s popularity will soar if this happens.
Using this blockchain explorer, participants, including buyers and sellers, are able to see their wallet addresses, as well as information about the marketplace where the transaction took place. The system records all events and data associated with a trade, which people can access with transaction IDs and hashes.
Etherscan is the best toolkit for tracking NFT transfers in detail, but it has one flaw: it doesn’t support every type of transaction. Etherscan provides transaction tracking for specific marketplaces. NFTs minted in other marketplaces cannot be transacted with this toolkit, except on these marketplaces.
The marketplaces supported by Etherscan for tracking and verifying transactions include OpenSea, Rareible, and Nifty Gateway. A tracking feature like this adds greater transparency and reveals all the details of an NFT transaction, which enhances the appeal of these marketplaces.
Despite this, all marketplace users do not receive NFT transaction tracking and verification amenities.
NBA Top Shot collectors complain that this data tracker cannot track transaction and event data for another popular NFT marketplace. Experts say Etherscan does not support this marketplace since it uses Flow Blockchain.
Etherscan primarily supports Ethereum blockchains, but NBA Top Shot has built its own blockchain called Flow. In ignoring the Ethereum blockchain technology that runs most NFT marketplaces, tracking of NFT transactions becomes a hassle.
Thus, Etherscan’s claim that they can now monitor all NFT activities is actually more of an advertisement than a statement of fact.
It is necessary to increase their supported platforms in order for their statement to be true. The NFT industry relies on the Ethereum blockchain as its central platform. Although platforms like Tezos (XTZ/USD) and Tron (TRX/USD) are providing efficient support to the industry. As a result, NFT has become the trend that opens up a whole new range of technologies for adventuring in the NFT realm. As a result, Etherscan needs to expand its support for all NFT platforms.
It is also possible to get clues about NFT sales transactions by using CryptoSlam, another blockchain explorer. If you are interested in knowing more about specific NFT projects, ranking positions, ranking methods, current trends of sales, as well as other data about the market, then CryptoSlam may be able to help.
Track all NFT projects on the site by using the search function or by entering the project’s name into the search bar. A great way to find out details about any project is to use the name of the Player, Team, Owner, or wallet address. A wallet holder’s activities, including purchases and sales, can be tracked by the wallet holder’s name or address.
Once again, CryptoSlam allows tracking of NFTs based on sales volume. CryptoSlam’s sales volume allows you to explore all the collections listed on CryptoSlam based on the day, the week, the month, and even the lifetime of the tool itself.
As well as tracking NFT transactions, the explorer lets you search with today’s sales volume, today’s market sellers, today’s mints, top market buyers, and sellers which fetch info of the last three days, current transaction fee, Live marketplace, etc.
With its user-friendly interface, the CryptoSlam data tracker makes the experience of using it more enjoyable for its users.
Binance Smart Chain uses BscScan, another well-known blockchain explorer. This tool was created by the same people who created Etherscan. To find out more about NFT transactions and how BscScan can be used to explore them, continue reading.
On the Binance Smart Chain, BscScan offers the ability to track non-fungible tokens and NFTs as well as all transactions related to those tokens. On the website of this blockchain explorer, you can search by your wallet address, hash, or transaction ID to get information on transaction history, transaction value, gas price, etc.
Through the explorer, you can track any cryptocurrency transaction. The BscScan website lets you enter the transaction IDs, wallet addresses, and blocks that correspond to transactions you want to find out about. Then BscScan will represent the transaction history, block reward, difficulty, gas used, gas limit, size, hash, and so on.
With the search bar, you can search for a wallet address as well as the balance in BNB (Binance Coin) and USD. The “Token” option allows you to view BNB balances along with ERC-721 and BEP-20 tokens.
Transaction Hashes, which consist of letters and numbers, are another way to identify or track transactions through BscScan. Some additional information can be obtained by using transaction hashes. Depending on the status of the transaction, you will know if it is pending, successful, or failed.
You can check block heights with BscScan, a network identifier used to confirm that miners are recording trades.
The transaction value in BNB and USD, as well as the blockchain transaction expenses, will be made available to you. As a BscScan user, a private note will be sent to you from the seller during the transaction.
Most blockchain explorers don’t have a feature called Validator Leaderboard. Transactions are validated by user nodes in most blockchains. Nevertheless, BscScan is capable of exploring and supplying users with information about additional validators required by the Binance Smart Chain. A total of 43 validators have voting power on the Binance Smart chain.
Using the block header, users learn which validators are currently active and which blocks they have verified recently. The leaderboard shows how many blocks have been validated over the last couple of days, weeks, or months, and whether the validators remain active.
A lot of people are discussing the rise of the new NFT Art Finance BscScan token on social media networks and other websites.
BscScan Supported Tokens
We’ll now take a look at the tokens that are supported by the platform. It is possible to exchange your Binance-based BEP-20 tokens with the Ethereum-based ERC-721 tokens using the Binance Smart Chain.
In addition to tracking country, volume, and market cap statistics for BEP-20 tokens, top tokens, volume, and market cap statistics are available, making it easier for NFTs to be compatible with multiple blockchains. The ability to create interchangeable NFTs across multiple blockchains is an absolute necessity for the general public.
Due to its compatibility with a variety of blockchains, BscScan supports Ethereum’s ERC-721 token. There are approximately 5,200 ERC-721 token contracts tracked by BscScan.
Users can verify even contract addresses with BscScan, and the running code of blockchain can be compared with the code of the compiled address, enhancing the transparency of Binance.
Binance Smart Chain users can easily identify ERC-721 tokens using BscScan, which allows users to track non-fungible tokens. In addition to having a minimum fee, Binance Smart Chain provides excellent performance. BscScan allows users of Binance Smart Chain to track and verify NFT tokens minted on this platform. This explains why NFT projects get to run on Binance Smart Chain. With BscScan, you can search for NFTs based on the transaction hash, their NFT smart contract, or their wallet address.
However, there are some limitations to this explorer. BscScan can only identify NFTs, including token IDs, projects, and transaction histories of NFTs, along with the interaction history between NFTs and smart contracts. Many people seem to find it sufficient. It is not possible to identify and display the artwork of the token using this explorer. In order to explore the specific artwork, we will need to use other NFT-supported services or marketplaces, which is an extra effort. As for BscScan, it will display the token ID, the NFT project, interaction with the smart contract and the transaction history.
In contrast to other blockchain explorers, BscScan does not offer a wallet service.
Another blockchain explorer available online is Unmarshal Xscan, which tracks and verifies NFT transactions. This data explorer is created by Unmarshal, a multichain DeFi data network.
In terms of supporting different platforms, Unmarshal Xscan has more capabilities. Although Etherscan and BscScan support only one platform, users are able to retrieve information about NFT transactions from Polygon, Binance Smart Chain, and Ethereum based blockchains by using Unmarshal Scan. Both NFT creators and investors can use this decentralized and multi-chain information exploring tool.
When searching for NFTs on this website, users have the option of choosing a priority, including Bitcoin, Bitcoin Cash, and Ethereum.
The interface of Unmarshal Xscan IO is similar to that of Google’s search engine. We can get the details of the project or protocol using the ENS, TXN Hash, Symbol, or address or transaction on this website.
Just enter a contract address and decode it in the search bar. Now you’ll know how many dollars are in this wallet. Get detailed information about cryptocurrency balances with the Ethereum blockchain-based wallet, including MATIC, WITH, MANA, USDT, SAND, etc. We will see tokens such as Binance Smart Chain, ETH, MOVE, TKK, EVER, etc. if we choose the BSc option. Polygon also allows us to see the crypto balance. Thus, one address can be used to explore multiple blockchains within a specific wallet.
In addition to Token Balance, Token History is also available. In addition, we will be shown the date and time of each transaction, as well as which address a transaction originated from. Compared to Etherscan, this explorer’s dashboard is cleaner and easier to use.
When we select “NFTs,” we will see a list of all NFTs associated with this address and an approximate value for each. The purpose of “NFT History” is to explore the transaction history associated with the NFTs. In this toolkit, we can locate Marsh’s Top Traders by clicking the option “Marsh Top Traders.” This option also offers transaction alerts. In the event that any transaction takes place with this address, you will be notified.
Unmarshal calls this current version a working prototype, which is good news for NFT transaction explorers. It has been promised that an improved version of Xscan will be released in the future.
The blockchain explorer we will discuss now has the same name, blockchain explorer. It is among the most popular search engines to track NFT data is this one. Use the search bar to find NFT projects by entering transaction IDs, wallet addresses, or block addresses.
You can access information such as the NFT price, unconfirmed transactions, mined blocks, transaction history, and so on after decoding the data. Additionally, blockchain explorer offers its users the ability to verify and track their NFTs.
Benefits of Tracking and Verifying NFTs
NFT tracking and verification have many benefits. One of the major benefits is ensuring transparency. By tracking and verifying every NFT transaction with the time and date of its occurrence, the entire process becomes transparent, and the traders and digital assets become authentic. The NFT can be seen going from one wallet to another.
This eliminates the possibility of treachery or fraud. It is possible for investors to be tension-free regarding their sales due to the transparency and clarity. There is no need for sellers to worry about their payment since they will receive it without any problems. Tracking NFTs technology ensures peace of mind.
Furthermore, you are prevented from buying several tokens in a situation where you are unsure your transaction is complete by verifying NFTs. There is no need to verify the NFTs before rebuying them.
Additionally, you cannot buy your favorite NFTs when you think you have purchased them when you have not. Although they hadn’t, but you believed the digital assets had entered your wallet, you didn’t purchase the NFTs again. It is therefore essential that we verify NFT in order to prevent such disasters.
Tracking and verifying NFTs is a crucial part of a successful NFT transaction, and it is mandatory for all NFT enthusiasts. We have been able to get through the task with the help of NFT tracking tools and blockchain explorers. It is beneficial for every NFT lover to learn how to track and verify NFT transactions since they offer many benefits.
There is no negative impact on the transaction due to this tracking process. However, the technology still has some limitations, which hopefully will be resolved soon. Our expertise in digital asset investing comes from tracking and verifying NFTs through blockchain explorers and tracking the recent market trend of NFTs.
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