diff --git a/ui/helpers/utils/util.js b/ui/helpers/utils/util.js
index f80d87770274..693a47ee038e 100644
--- a/ui/helpers/utils/util.js
+++ b/ui/helpers/utils/util.js
@@ -16,6 +16,7 @@ import { isObject } from '@metamask/utils';
 // eslint-disable-next-line import/no-duplicates
 import { isStrictHexString } from '@metamask/utils';
 import { CHAIN_IDS, NETWORK_TYPES } from '../../../shared/constants/network';
+import { logErrorWithMessage } from '../../../shared/modules/error';
 import {
   toChecksumHexAddress,
   stripHexPrefix,
@@ -503,7 +504,36 @@ export function getAssetImageURL(image, ipfsGateway) {
   }
 
   if (ipfsGateway && image.startsWith('ipfs://')) {
-    return getFormattedIpfsUrl(ipfsGateway, image, true);
+    // With v11.1.0, we started seeing errors thrown that included this
+    // line in the stack trace. The cause is that the `getIpfsCIDv1AndPath`
+    // method within assets-controllers/src/assetsUtil.ts can throw
+    // if part of the ipfsUrl, i.e. the `image` variable within this function,
+    // contains characters not in the Base58 alphabet. Details on that are
+    // here https://digitalbazaar.github.io/base58-spec/#alphabet. This happens
+    // with some NFTs, when we attempt to parse part of their IPFS image address
+    // with the `CID.parse` function (CID is part of the multiform package)
+    //
+    // Before v11.1.0 `getFormattedIpfsUrl` was not used in the extension codebase.
+    // Its use within assets-controllers always ensures that errors are caught
+    // and ignored. So while we were handling NFTs that can cause this error before,
+    // we were always catching and ignoring the error. As of PR #20172, we started
+    // passing all NFTs image URLs to `getAssetImageURL` from nft-items.js, which is
+    // why we started seeing these errors cause crashes for users in v11.1.0
+    //
+    // For the sake of a quick fix, we are wrapping this call in a try-catch, which
+    // the assets-controllers already do in some form in all cases where this function
+    // is called. This probably does not affect user experience, as we would not have
+    // correctly rendered these NFTs before v11.1.0 either (due to the same error
+    // disuccessed in this code comment).
+    //
+    // In the future, we can look into solving the root cause, which might require
+    // no longer using multiform's CID.parse() method within the assets-controller
+    try {
+      return getFormattedIpfsUrl(ipfsGateway, image, true);
+    } catch (e) {
+      logErrorWithMessage(e);
+      return '';
+    }
   }
   return image;
 }