The process of ligand exchange typically involves mixing the nanoparticle solution with a new ligand in a suitable solvent. The new ligand competes with the old ones to bind to the nanoparticle surface. Various factors such as the concentration of the new ligand, temperature, and time can influence the efficiency of the exchange. Techniques like NMR spectroscopy, FTIR, and UV-Vis spectroscopy are often used to characterize the success of ligand exchange.