diff --git a/components/brave_wallet_ui/common/async/handlers.ts b/components/brave_wallet_ui/common/async/handlers.ts
index 997da385ed4a..085bc387cfb3 100644
--- a/components/brave_wallet_ui/common/async/handlers.ts
+++ b/components/brave_wallet_ui/common/async/handlers.ts
@@ -315,6 +315,11 @@ handler.on(WalletActions.addUserAsset.getType(), async (store: Store, payload: B
   }
 
   const result = await braveWalletService.addUserAsset(payload)
+
+  // Refresh balances here for adding ERC721 tokens if result is successful
+  if (payload.isErc721 && result.success) {
+    refreshBalancesPricesAndHistory(store)
+  }
   store.dispatch(WalletActions.addUserAssetError(!result.success))
 })
 
diff --git a/components/brave_wallet_ui/common/hooks/assets-management.ts b/components/brave_wallet_ui/common/hooks/assets-management.ts
index 36756c2040ed..01c0c46508e5 100644
--- a/components/brave_wallet_ui/common/hooks/assets-management.ts
+++ b/components/brave_wallet_ui/common/hooks/assets-management.ts
@@ -36,7 +36,11 @@ export default function useAssetManagement () {
 
   const onAddCustomAsset = (token: BraveWallet.BlockchainToken) => {
     onAddUserAsset(token)
-    dispatch(WalletActions.refreshBalancesAndPriceHistory())
+
+    // We handle refreshing balances for ERC721 tokens in the addUserAsset handler.
+    if (!token.isErc721) {
+      dispatch(WalletActions.refreshBalancesAndPriceHistory())
+    }
   }
 
   const findVisibleTokenInfo = React.useCallback((token: BraveWallet.BlockchainToken) =>