Ive seen quite a few posts or questions around about not being able to transfer a NFT from your Phantom Wallet. I want to explain you why and what can be done.
You see this in your wallet and dont understand why, and no matter how many times you try it never completes sending the NFT:
You think that you have SOL in your wallet so you dont know whats happening right?
Let mw explain:
Even if transferring a NFT has a very little network fee (could be around 0.0001 up but i personally have not seeing higher than 0.0009) and you think you have enough because you have 0.02 SOL…
YOU HAVE TO HAVE MINIMUM 0.05 SOL
Its simply a requirement that does not equal same value network fee. Its just the minimum SOL you need to have in your wallet to Be Allowed to transfer a NFT.
Also dont get confused with how much $ you have. Phantom wallet shows you how much $USD you have and how much SOL those $USD equal to. Like this:
If you notice, the value in the upper part is the $USD
the one below is SOL
You might think, oh i have enough! I have 0.06!!
You have 0.06 $USD
But 0.00285 SOL
The 0.00286 SOl certainly cover the 0.0001 network fee BUT you dont have the minimum SOL 0.05 that is required for you to send that NFT and that is why you see a for ever “sending” on your screen
What can you do?
Since we have come to realize that unless you have a coinbase wallet (you cant open one if you dont hold a national ID) or binance wallet, the minimum you can buy is $50 Usd. Yep that much. I know… @#$$%*&>!
If you can open a coinbase or binance wallet you can buy less but it comes with fee too anyway, however you are able to buy $10 for instance and those $10 could last a goood while. Like around 50 transactions or more.
Another “easier” solution (which i applied the other day) is asking the person you are going to send the NFT to send you the extra SOL you need AND THEN you can send all the SOL left back to the person once the NFT went through, and youll notice that you would be returning almost the same amount of SOl you received. Why? Yeah… because the network fee is little little tah dah
Disclaimer: Only do that with members you trust and that trust you because even tho it wont be much money itd be a headache for the one that sends the SOL to find again if needing to transfer another NFT if the receiver doesnt send back the SOL left.
So lets see the math here:
The picture shows:
0.05 (required) - 0.00286 = 0.04714 SOL needed
Up to yesterday (you know crypto fluctuactes its value)
0.004714 would cost just $1.27 USD thats it !!!
Look it was even less:
See the number at the bottom (Sol 0.05286) = just $1.08 USD
Look how it happened:
I received the 0.05 SOL
I was able to send the NFT
Then i immediately sent the SOL I had left.
How much? 0.04877 SOL
i returned almost the same amount. And everybody happy
Now you know why and what other thing fast and cheaper without headaches you can do.