Should You Be Storing Your NFTs on MetaMask?
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The NFT industry has grown rapidly to be worth millions in the past year. It’s a great way to buy rare digital pieces and sell them later for a decent profit. To do this you first need to know where you are going to store your NFT. Today we will look at whether MetaMask is suitable for storing NFTs.
What is MetaMask?
MetaMask is an Ethereum wallet designed to store crypto tokens and NFTs. It is also used to interact with other applications on the Ethereum blockchain, called dApps. You can also hold and store ETH and other ERC-20 tokens.
It is important to note that MetaMask is a browser wallet or hot wallet and can be added as a chrome extension for easy access to crypto and NFT marketplaces.
Once you understand how to use MetaMaskyou can finally enjoy the benefits of a decentralized wallet.
Advantages of MetaMask
Now that we have a fairly basic understanding of MetaMask’s history and operations, we need to dive into understanding what makes this wallet a popular option for storing NFTs and coins.
Here are the main advantages of choosing MetaMask as your wallet:
Easy user interface
Often, certain crypto and NFT wallets can be very difficult to navigate.
You may have trouble understanding the interface if you are not tech savvy.
MetaMask ensures that their users have no trouble using their platform as they provide a simple interface that is easy for even the average Joe to understand.
Reliable customer support
One of the biggest concerns when storing NFTs in a wallet is whether it has a reliable customer support team.
This is an important question to answer because you never know when your wallet might have security issues.
MetaMask offers you a reliable customer support team that is always ready to solve your problems.
No exchange fees
So you have just bought an NFT. What now? Where do you keep it?
MetaMask is a great place to store your coins and NFTs because they charge nothing.
The entire platform is completely free to use, and you can withdraw your earnings without any additional costs. This is why MetaMask is one of the most popular NFT wallets.
Disadvantages of MetaMask
Although MetaMask has promising benefits, there are still a few reasons why this wallet has not made it that far in the industry.
Here are the biggest disadvantages of MetaMask:
Risk of hacking
One thing you should know about MetaMask is that it is a hot wallet, often called a browser wallet. This means that your data is not completely safe because the browser you choose also has access to it.
A much better option would be a hardware wallet, as you can store your data off-site, where cyber security is always a concern.
Although MetaMask is quickly gaining popularity and is one of the largest wallets on the market, it has yet to offer a decent selection of tokens to choose from.
Unlike other wallets where you can add any token under the sun, MetaMask is limited to only ETH and ERC-20 tokens. This makes it an inferior wallet compared to many others.
MetaMask has been told that their transactions are very slow.
People have come out and said that it takes a while for their NFTs to show up in their MetaMask wallet, which can be very stressful and frustrating.
If you plan buy NFT from OpenSeayou also need to research the best wallets to store this NFT.
While MetaMask is a great wallet for storing NFTs, it’s up to you whether you want to make a decision based on the pros and cons we’ve presented.
Coinbase Wallet and Trust Wallet are the most popular alternatives to MetaMask as an NFT wallet. You can also try MyEtherWallet and ZenGo.
This brings us to the end of this guide on whether or not NFTs should be stored in MetaMask.
NFTs are quite a valuable investment because they can make a lot of money. We only recommend using MetaMask for short-term investments. All valuables should be stored in something more secure, such as a cold wallet.
There are many ways to make money with NFTand regardless of whether you hold them for a short time or a long time, it’s important to have a strategy in mind so you don’t lose money.
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