NFTs are a hot property in the current crypto market, with everyone wanting the lion’s share of their innate business potential. But what about the risk-reward ratio associated with NFTs? It’s information that’ll help when you’re in a pinch on your NFT journey, so read on for a stepwise breakdown! The chances are you’d want to know how to remove tokens from your wallet.
This involves sending off the NFT to an inaccessible address. While it will still exist on the blockchain, you can effectively remove it from circulation.
Fortunately, your wallet makes it straightforward to burn NFTs stored in them. For instance, NFTs stored in the MetaMask Wallet, a crypto wallet linked to the Ethereum chain, can be burned.
MetaMask is a crypto exchange wallet allowing users to trade, swap, and store ETH-based cryptocurrency and NFTs. It holds a dashboard where you’ll find your collection of these assets. The platform is growing exponentially and is home to 21 million active users as of 2022.
NFTs- Everything you need to know
Non-Fungible Tokens are records on a blockchain that are associated with specific digital or physical assets and cannot be replicated. They provide the owner with Proof of Ownership once stored in the blockchain. In this decentralized data store network, all participants can verify the owner. The data stored in the blockchain is, therefore, extensively immutable and cannot be manipulated. They are gaining acceptance significantly. In Q3 2021, the NFT trading volume reached $11 billion. That’s a 700% quarterly gain.
Why are NFTs used?
The tokens are represented as digital art forms and assets. Interestingly, the NFT marketplace stood at $41 billion in 2021, compared to the $50 billion of the conventional art market.
Supporters promote trading, investing, or even just collecting of NFTs. The exclusivity of NFTs makes them valuable. Worth $91.8 million, to be precise, which is the selling price of the most expensive NFT—The Merge.
Artists and miners create and store NFTs on the blockchain to add to the circulation and database. It’s consequently used for trading and investing by other participants in the blockchain.
Once the NFTs are recorded in the blockchain, it becomes impossible to delete them from the database. The information is stored in it indefinitely. However, you can remove the token from circulation by sending it to an inaccessible address.
Are NFTs stored on MetaMask?
NFTs are an Ethereum-based network and are compatible with anything built using ethereum, which makes MetaMask a perfect store for NFT collections. MetaMask facilitates Ethereum-based transactions at its core.
MetaMask offers both storage and purchase facilities for NFTs. Users can access their stored tokens under ‘Collectibles.’ The MetaMask mobile might inaccurately showcase the collection. It is recommended to use the web browser to access your NFTs.
Features of the MetaMask Wallet
The open-source MetaMask software offers users a range of possibilities.
- Secure connection and interaction with 3700 dApps (Decentralized applications)
- Execute P2P crypto and token swaps with a minimal 0.875% service fee.
- The wallet also acts as an ETH-based crypto and NFT storehouse.
MetaMask provides a user-friendly interface to trade, store and purchase NFTs.
Is MetaMask safe?
The platform is backed by a hierarchical deterministic setting to keep it secure and reliable, putting to rest the pressing questions, such as “Is MetaMask safer than Coinbase?” Being open-source software, the wallet is consistently under revision. To avoid breaches, the wallet also offers you to customize permissions to your tokens.
Can MetaMask get Hacked?
Yes, although there have not been any major incidents yet. However, MetaMask is a ‘hot wallet.’ That is, it is connected to the internet. This factor makes it vulnerable and exposed to theft, interference, and attacks from hackers. Therefore, most users seek out valuable info on how to remove NFT from MetaMask.
Which wallet is better: CoinBase or MetaMask?
Is MetaMask safer? It depends. Both wallets offer a secure network and store for cryptocurrencies and tokens. And they are both hot wallets exposed to hackers.
CoinBase is a self-custodial wallet backed by the CoinBase support team. MetaMask is an open-source wallet with no backing. Even though it’s a relatively newer platform, CoinBase has already reached an MAU of 9 million.
CoinBase hosts a much more comprehensive range of blockchain assets, unlike MetaMask, which is limited to the Ethereum network. The former offers access to around 150 cryptocurrencies.
But this does make MetaMask a more substantial bet for configurations with dApps. The wallet is capable of linking with every dApp in the Ethereum chain, a feature that cannot be matched by CoinBase.
What causes someone to burn NFTs or cryptocurrency?
The value of an NFT is driven by demand and supply factors. Burning NFTs restricts the supply and availability of the token and increases its value. Big-ticket corporations usually burn or remove NFTs for value management purposes.
Creators or owners also seem to remove NFTs from MetaMask wallets as they find some flaw or error in the token. The primary driving force behind burning NFTs is value creation. More than 50% of NFT sales are below $200. This creates the need to pull up the value.
It also ensures owners that there will be no oversupply of tokens. Creators burn NFTs in the early establishment stages to induce trust and reliability brought up by a limited supply.
Learn: How to Buy Bitcoin?
Binance Burning NFTs
Large corporations like Binance burned 100 million BNB tokens when it introduced the token. The idea was to limit the supply and let the increased demand drive up the token’s worth. Established NFT lines burning tokens influence the value of the unburnt tokens and can lead to controversies.
How to delete NFT from MetaMask?
For value creation, trust building, or simply for errors, the question of “How do I delete NFTs from my wallet?” ponders. MetaMask offers a simplistic interface to navigate through the app and learn how to remove NFTs from your collection.
To delete NFTs from your MetaMask Wallet, you need to follow a few steps.
- Sign in to your MetaMask account.
- Click on the token under the ‘Assets’ tab.
- Tap on the vertical three-dot icon in the top right.
- From the dropdown, select ‘Hide.’
What to know before deleting NFTs
Deleting NFTs will remove the tokens from your MetaMask mobile. The balance of tokens held in your account will not be affected. You will have removed the token from circulation in the marketplace. But it still exists on the blockchain. This is a crucial aspect to understand when you look up how to remove tokens from MetaMask mobile.
The permission granted to dApps will also remain unaffected when you hide a token. They will have access to move tokens from/to your MetaMask wallet as per the permissions you’ve granted.
Keep in mind that to remove tokens from MetaMask, you need to incur a ‘gas’ fee. The fee varies depending on the demand and supply conditions on the blockchain. The act is considered a transaction, and the cost ranges from $5 to $100.
The number of NFT transactions made every day ranges around tens of thousands. And one transaction expends about 50-60 KWh energy. Since even burning an NFT is considered a transaction, it occurs with this energy expense on top of the money.
However, removing NFTs for value creation and trust building is considered normal as we see the big players burning tokens regularly. If you have a solid reason to remove tokens from your wallet, you can go about it using the guide above. It gives you comprehensive coverage to learn how to remove tokens from the MetaMask mobile app.