Custodial vs. Non-Custodial NFTs. A custodial service owns the private key to your wallet whereas a non-custodial service gives users complete control over their wallets and digital assets. Keen to learn more? Read this 👇
, you might already be familiar with a non-custodial system. A decentralized exchange doesn't require you to make an account or sign up. You also usually deal with trades directly between each party's wallets.An NFT marketplace acts as a custodian during the purchasing process. If you want to bid on an auction, you will need to send your funds to the platform to hold them in escrow.
As soon as the sales are completed, your NFTs will be distributed to the buyers. The proceeds of the sales will be transferred from the buyers’ wallets to yours. The process is automated and secured by the rules of smart contracts.To sell your NFT on a custodial marketplace, you’ll need to deposit it into the platform you’re using. Make sure that the platform accepts the type of NFT you would like to sell.
But for many crypto-enthusiasts who value decentralization, not controlling your assets directly is a huge disadvantage.checks are also standard on some custodial NFT services that require your name, address, and ID. Once your data is stored, there is always a risk that it may be stolen or breached. It’s also not unknown for there to be hacks of custodial services.Non-custodial NFT platforms provide much greater control throughout the transaction process.
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