The NFT industry has quickly grown into a space worth millions in the past year. It is a great way to buy some rare digital pieces and sell them later to make a decent profit. To do so, you must first know where you’re going to store your NFTs. Today we’ll be looking at whether MetaMask is a good fit to store NFTs.
What is MetaMask?
MetaMask is an Ethereum wallet that was designed to hold 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 MetaMask, you can finally enjoy the perks of having a decentralized wallet.
Benefits of MetaMask
Now that we’ve got a pretty basic understanding of the history and functioning behind MetaMask, we need to dive in to understand what makes this wallet a popular choice for storing NFTs and coins.
Here are the top benefits of choosing MetaMask as your wallet:
Oftentimes, certain crypto and NFT wallets can be very hard to navigate.
You may have difficulty understanding the user interface if you’re not tech-savvy.
MetaMask ensures that their users face no difficulty using their platform as they provide a simple user interface that is easy to understand even by the average Joe.
Reliable Customer Support
One of the biggest concerns when storing their NFTs in a wallet is whether it has a reliable customer support team.
This is an important question to answer as you never know when you may face problems with your wallet that could be a security concern.
MetaMask provides you with a reliable customer support team that is always ready to resolve your issues.
No Exchange Fees
So you’ve just bought an NFT. Now what? Where do you store it?
MetaMask is a great place to store coins and NFTs as they don’t charge any fees whatsoever.
The entire platform is completely free to use, and you can cash out your earnings with no additional charges. This is why MetaMask is one of the most popular NFT wallets.
Drawbacks of MetaMask
Despite MetaMask having some promising benefits, there are still a few reasons why this wallet hasn’t made it that far in the industry.
Here are the top drawbacks of MetaMask:
Risk of Hacking
One thing you should know about MetaMask is that it is a hot wallet, also often called a browser wallet. What this means is that your data isn’t completely safe as your choice of browser has access to it as well.
A much better alternative would be a hardware wallet, as you’d be able to store your data outside the online realm where cybersecurity is always a concern.
Although MetaMask is quickly gaining popularity and is one of the biggest wallets in the market, it has yet to provide a decent variety of tokens to choose from.
Unlike other wallets where you could add any token under the sun, MetaMask is limited to just ETH and ERC-20 tokens. This makes it out to be an inferior wallet when compared to many others.
MetaMask has been facing reports that their transactions are super slow.
People have come out and said that it would take quite a while for their NFTs to show up in their MetaMask wallet, which can be super stressful and frustrating.
If you’re planning on buying an NFT on OpenSea, you must also research the best wallets to store this NFT.
While MetaMask is a great wallet to store NFTs, it is up to you if you want to make that decision based on the benefits and drawbacks we’ve presented.
Coinbase Wallet and Trust Wallet are among the most popular alternatives to MetaMask as an NFT wallet. You may also want to try MyEtherWallet and ZenGo.
This brings us to the end of this guide on whether or not NFTs should be stored on MetaMask.
NFTs are a pretty valuable investment to hold as they can make you a lot of money. We’d suggest only using MetaMask to make short-term investments. Any valuable assets should be stored in something more secure, like a cold wallet.
There are many ways to make money with NFTs, and whether you hold them for a short term or hold them for a long one, it is important to have a strategy in mind so you don’t end up losing money.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.