diff --git a/packages/assets-controllers/src/NftController.test.ts b/packages/assets-controllers/src/NftController.test.ts
index dc9c9a4a8f..49e48178c7 100644
--- a/packages/assets-controllers/src/NftController.test.ts
+++ b/packages/assets-controllers/src/NftController.test.ts
@@ -4471,6 +4471,49 @@ describe('NftController', () => {
   });
 
   describe('updateNftMetadata', () => {
+    it('should not update Nft metadata when preferences change and current and incoming state are the same', async () => {
+      const {
+        nftController,
+        triggerPreferencesStateChange,
+        triggerSelectedAccountChange,
+      } = setupController();
+      const spy = jest.spyOn(nftController, 'updateNftMetadata');
+      triggerSelectedAccountChange(OWNER_ACCOUNT);
+      // trigger preference change
+      triggerPreferencesStateChange({
+        ...getDefaultPreferencesState(),
+      });
+
+      expect(spy).toHaveBeenCalledTimes(0);
+    });
+
+    it('should call update Nft metadata when preferences change is triggered and at least ipfsGateway, openSeaEnabled or isIpfsGatewayEnabled change', async () => {
+      const {
+        nftController,
+        mockGetAccount,
+        triggerPreferencesStateChange,
+        triggerSelectedAccountChange,
+      } = setupController({
+        defaultSelectedAccount: OWNER_ACCOUNT,
+      });
+      const spy = jest.spyOn(nftController, 'updateNftMetadata');
+      const testNetworkClientId = 'mainnet';
+      mockGetAccount.mockReturnValue(OWNER_ACCOUNT);
+      await nftController.addNft('0xtest', '3', {
+        nftMetadata: { name: '', description: '', image: '', standard: '' },
+        networkClientId: testNetworkClientId,
+      });
+
+      triggerSelectedAccountChange(OWNER_ACCOUNT);
+      // trigger preference change
+      triggerPreferencesStateChange({
+        ...getDefaultPreferencesState(),
+        ipfsGateway: 'https://toto/ipfs/',
+      });
+
+      expect(spy).toHaveBeenCalledTimes(1);
+    });
+
     it('should update Nft metadata successfully', async () => {
       const tokenURI = 'https://api.pudgypenguins.io/lil/4';
       const mockGetERC721TokenURI = jest.fn().mockResolvedValue(tokenURI);
diff --git a/packages/assets-controllers/src/NftController.ts b/packages/assets-controllers/src/NftController.ts
index df159b91a9..292611dc0d 100644
--- a/packages/assets-controllers/src/NftController.ts
+++ b/packages/assets-controllers/src/NftController.ts
@@ -100,12 +100,11 @@ type SuggestedNftMeta = {
  * @property isCurrentlyOwned - Boolean indicating whether the address/chainId combination where it's currently stored currently owns this NFT
  * @property transactionId - Transaction Id associated with the NFT
  */
-export type Nft =
-  | {
-      tokenId: string;
-      address: string;
-      isCurrentlyOwned?: boolean;
-    } & NftMetadata;
+export type Nft = {
+  tokenId: string;
+  address: string;
+  isCurrentlyOwned?: boolean;
+} & NftMetadata;
 
 type NftUpdate = {
   nft: Nft;
@@ -274,6 +273,8 @@ export const getDefaultNftControllerState = (): NftControllerState => ({
   ignoredNfts: [],
 });
 
+const NFT_UPDATE_THRESHOLD = 500;
+
 /**
  * Controller that stores assets and exposes convenience methods
  */
@@ -421,15 +422,21 @@ export class NftController extends BaseController<
       'AccountsController:getSelectedAccount',
     );
     this.#selectedAccountId = selectedAccount.id;
-    this.#ipfsGateway = ipfsGateway;
-    this.#openSeaEnabled = openSeaEnabled;
-    this.#isIpfsGatewayEnabled = isIpfsGatewayEnabled;
-
-    const needsUpdateNftMetadata =
-      (isIpfsGatewayEnabled && ipfsGateway !== '') || openSeaEnabled;
-
-    if (needsUpdateNftMetadata && selectedAccount) {
-      await this.#updateNftUpdateForAccount(selectedAccount);
+    // Get current state values
+    if (
+      this.#ipfsGateway !== ipfsGateway ||
+      this.#openSeaEnabled !== openSeaEnabled ||
+      this.#isIpfsGatewayEnabled !== isIpfsGatewayEnabled
+    ) {
+      this.#ipfsGateway = ipfsGateway;
+      this.#openSeaEnabled = openSeaEnabled;
+      this.#isIpfsGatewayEnabled = isIpfsGatewayEnabled;
+      const needsUpdateNftMetadata =
+        (isIpfsGatewayEnabled && ipfsGateway !== '') || openSeaEnabled;
+
+      if (needsUpdateNftMetadata && selectedAccount) {
+        await this.#updateNftUpdateForAccount(selectedAccount);
+      }
     }
   }
 
@@ -2053,7 +2060,10 @@ export class NftController extends BaseController<
       (singleNft) =>
         !singleNft.name && !singleNft.description && !singleNft.image,
     );
-    if (nftsToUpdate.length !== 0) {
+    if (
+      nftsToUpdate.length !== 0 &&
+      nftsToUpdate.length < NFT_UPDATE_THRESHOLD
+    ) {
       await this.updateNftMetadata({
         nfts: nftsToUpdate,
         userAddress: account.address,