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Everything You Need To Know About MetaMask

metamask nft marketplace

Thirty million people actively use the MetaMask wallet. As per statements by ConsenSys, the crypto giant running MetaMask has grown 42% in the past four months in the NFT marketplace. MetaMask runs on an Ethereum-based blockchain, the most optimal base for trading NFTs.

The MetaMask NFT wallet has established itself as a critical player in the industry. Joe Lubin, CEO of ConsenSys, plans to make further developments with an improved interface and more robust security accompanied by a ‘progressive decentralization’.

With this, NFT MetaMask is eyeing ruling the entire NFT marketplace. Even if you need help determining which marketplace is best for NFT, MetaMask fits your needs. The biggest NFT marketplaces, like Binance and OpenSea, support the MetaMask wallet.

What is Metamask?

Moving from a browser plug-in to the MetaMask mobile app, it’s a widely used wallet for cryptocurrencies, NFTs, and available digital assets. The MetaMask NFT marketplace offers three significant features to its users:

  • Storage of NFTs and cryptocurrencies.
  • Access to all decentralized applications on the Ethereum network.
  • Swap, exchange, and trade NFTs and cryptocurrencies.

The free NFT MetaMask wallet connects you to the $41 billion NFT marketplace, where you can reap the benefits of investing or trading in these tokens. These NFTs range from a few dollars to even $532 million, considering the most expensive NFT sold by CryptoPunk.

How does MetaMask work?

What started as a platform to simplify ETH transactions now hosts Web3 platforms and NFTs trades. But how does MetaMask work?

The wallet connects its users to Ethereum-backed dApps and provides them free access to decentralized finance. It includes a built-in MetaMask wallet to store digital assets like NFTs and cryptocurrencies built concerning the ERC-20 and ERC-721 standards.

With an adaptive P2P-lending network, MetaMask allows users to make swaps and trades through their mobile app quickly. The wide range of features and the simplified user interface has made it the fastest-growing crypto wallet, with over 30 million AU.

Is MetaMask secure?

Since its inception in 2016, there have been no reports of hacking or security breaches in the MetaMask wallet. However, it is still a hot wallet. The platform operates online and is not entirely safe from hackers and phishing attacks.

Being an open-source wallet, MetaMask is consistently under supervision by software developers and is updated frequently. As per CryptoNewz, the wallet also uses a Hierarchical Deterministic setting for backups, adding to the safety precautions.

Facts about NFTs

40% of American millennials claim to have bought NFTs, as per Ledger Insides. With further advancements, the tokens are expected to be of general use in the commercial world. Celebrities like Madonna, Rihanna, and even Tom Brady have minted and sold their NFTs for profit.

But NFTs are not just a trend for the rich and famous. OpenSea reported that NFT artists become millionaires in months with their NFT trades and sales.

Does MetaMask Support NFTs?

The numbers cement the fact that NFTs are here to stay. But the question arises, “How do I enter the NFT world? Can I buy NFT on MetaMask?”

NFTs run on the Ethereum blockchain. And the MetaMask wallet is linked to the identical blockchain. Conveniently, MetaMask supports NFT marketplaces to buy, sell, store and trade NFTs securely.

Advantages of MetaMask

MetaMask serves as the largest crypto and NFT wallet and has sturdy reasons for this:

  • The wallet comes with a UI/UX that can be operated by a beginner learning how to create NFTs on MetaMask.
  • Customer support and assistance are always active and present since it is open-source software.
  • MetaMask is a one-stop solution for all NFT enthusiasts with features like trading, storage, and swapping.

Disadvantages of MetaMask

As NFT and blockchain are still developing and nascent technology, the MetaMask wallet does have its weaknesses.

  • MetaMask is a hot wallet and is susceptible to hacks and phishing. 
  • Viewing purchased NFTs is problematic being a third-party software.

Lubin insists in every statement that the developer team is actively working to make leaps with the technology and achieve an unplagued experience.

How To Purchase NFTs via MetaMask?

Purchase NFTs via MetaMask

Now that you know that MetaMask does support NFTs, you’ll need to understand how to buy NFTs on MetaMask. The non-custodial wallet connects you to popular NFT marketplaces like OpenSea and Binance. OpenSea hosts more than 80 million NFTs on its platform for you to view and purchase. 

To buy NFTs on MetaMask

  • Fund your MetaMask wallet with the ETH coins that you own.
  • If you do not, you must buy ETH from crypto exchanges first.
  • Connect the MetaMask wallet to the OpenSea marketplace.
  • Browse through the NFT collection and purchase the NFT of your choice.
  • The NFT you bought will appear in your collections in the MetaMask wallet.

How you purchase the NFT depends on the type of listing. It can be an auction for which you bid, a quoted purchase price at which you buy, or a hybrid listing that allows you to choose. 

Can MetaMask Hold NFTs?

Apart from connecting you to dApps and allowing trading and sale of NFTs, MetaMask can store and hold NFTs in the wallet.

NFTs bought can be accessed and viewed by the user under the ‘collectibles’ list in the mobile application. However, there are instances when the mobile app needs to represent your NFT collection accurately. The better option is to check your storage on the MetaMask website.

How to Fix MetaMask NFT Not Showing?

Reports from the MetaMask team say they are currently working to improve people’s access to their purchased NFTs. The company owns up to the issue that users cannot see their NFTs accurately in the MetaMask mobile app. 

The browser extension does not natively show the NFTs you own, but you can add them manually as custom tokens to view them later:

  • Import Tokens from the Asset tab in the MetaMask browser extension.
  • Add the NFT contract address and ID when prompted as required information.
  • Click on ‘Add Custom Token’ to see your NFTs in the MetaMask wallet.

How to See Purchased NFTs In MetaMask Wallet

Once a user has purchased or learned how to receive NFT on MetaMask, the owned tokens are stored in the wallet for them to access. The platform acts as a holder and storehouse of the NFTs users’ purchases and serves as proof of ownership.

You can sell, exchange, or even burn your NFT from your collection. To see the NFTs you purchase, head to the Collectibles tab. But if it doesn’t show up:

  • Identify your NFT’s Contract address from the marketplace.
  • Click on add NFT in the MetaMask app and import the NFT address there.
  • Find your NFTs ID from the respected marketplace and insert it onto MetaMask.
  • Refresh your list of tokens for your purchased NFT to show up in your wallet.

Conclusion

The MetaMask NFT wallet has grown 2400% in 1-2 years, as per a report released by ConsenSys. Currently, it is the most trusted non-custodial, open-source wallet in the NFT marketplace.

MetaMask is driven by Ethereum’s success and the assets under its management. The platform is not just focused on cryptocurrencies; it connects people with NFT marketplaces and over 3700 dApps on the ETH network.

With advancing technology, MetaMask serves as a gateway into 17,000 Web3 domains. The wide range of connectivity with marketplaces and dApps offered in the wallet also allows users to learn how to create an NFT on MetaMask.

The possibilities with MetaMask are boundless. The future of the wallet is expected to run parallel to the NFT industry as it progresses exponentially.