Since the digital asset economy is growing daily, it is hard to keep track of everything. This is why having a guide would help you understand the necessary procedures. With the following steps, you should understand how Metamask works and how to receive or send non-fungible tokens.
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What is an NFT?
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Following the recent trends in the non-fungible token (NFT) industry, it is crucial to understand what an NFT is. The NFT industry has attracted some of the biggest names in the digital asset community, accelerating its growth and acceptance. An NFT is data stored in a blockchain, marking it as unique and unchangeable. The word non-fungible means that you cannot replace it.
Many widely known digital assets, like Ethereum, are fungible. Fungible means that you can easily replace the coin with another Ethereum. However, this is quite different from non-fungible tokens because they are unique pieces. NFTs’ uniqueness drives their value as artwork bidders pay millions to be owners of some creations. Users can have multiple digital files as NFTs, such as photos, painting, music, and many others.
Recently, there has been a lot of buzz on digital artworks, especially with the number of successfully conducted auctions. The rationale behind the industry’s rapid growth could be due to the growing interest in collecting artworks, especially by deep-pocket bidders. Most NFTs utilize the Ethereum blockchain, making it essential to know how to transfer and receive with Metamask.
Metamask is a cryptocurrency wallet that allows users to store and interact with Ethereum-based assets. Funded by ConsenSys, users can store ETH-20 and Ether in the wallet. You can install the wallet as an extension on your browser. Similarly, you can also decide to have the wallet as an application on your smartphone. With this wallet, users can transfer to Ethereum addresses. Before sharing or receiving an NFT, you need a Metamask wallet.
The first step in creating an account is installing its extension or application through the official website. After the installation, users can create a wallet and add a password to complete the process. The account creation process is relatively simple once you get your seed phrase. Also, ensure to write your seed phrase somewhere, preventing loss of access to your account.
Presently, sending and receiving NFTs is only available for the Metamask application on mobile devices. According to MetaMask, the feature will soon be available for extensions. Before sending NFTs, users need to follow a quick procedure. Most NFTs are ERC-721, the standard for the tokens. The standard implements an Application Programming Interface for the assets. This helps users access their tokens anytime they want and also transfer them to other ERC accounts.
It is safe to ensure that you send the NFTs from your mobile application to prevent your assets from getting lost. The first step is getting adequate gas for the transfer. If you don’t have enough gas for the transfer, your transaction rolls back, and you lose the gas used for the transaction. The next step is clicking on the NFT tab on your device. This tab is conspicuous, and you should easily find it.
After clicking on the NFT tab, the application will take you to a page of numerous NFTs you have. From there, you can pick the one you plan to transfer. While on the new page, you should click send, indicating that you wish to send the NFT to another account. The ‘send‘ tab is below the screen, and this takes you to the next step, requiring you to input the address you want to transfer the NFTs to. After typing in the address, the application requires you to follow a usual procedure before sending out the token.
1- Receiving NFTs through MetaMask follows a simple procedure. Also, it’s noteworthy that receiving NFTs is available for only mobile applications for the time being. Usually, having purchased an NFT from the marketplace, it’s often sent directly to your wallet. In instances where you can’t find your token, you should go through the following procedure.
The first step is giving the sender your correct address. This is a crucial step to avoid your token from getting lost. You can get your address by going to the wallet extension and clicking your account name. This would provide your relevant address. You can then send the address to the sender to initiate the transaction.
2- For the next step, ensure you have adequate funds to pay for your gas. Sufficient gas would guarantee the smooth sailing of your transaction. After this step, you can now provide your public address to the sender. Once the sender has completed the transaction, the next step is adding the token to your wallet. You have to go through the process with your application on your smartphone because browser extensions cannot show available NFTs in your wallet.
3- You can check your newly received NFTs through the mobile application’s collectible tab. The most important thing is ensuring you give the right public address. After providing the correct details, everything becomes more accessible.
With the growing interest in the non-fungible token industry, knowing the proper steps to take is crucial. The sector, which has grown massively since the beginning of 2021, has shown some dominance. With the steps above, you can send and receive your NFTs through Metamask without much difficulty.
We at CryptoTicker have BIG NEWS! We are officially launching our very own NFT collection which is highly valuable. Check our official announcement to learn more by clicking here.
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Source: https://cryptoticker.io/en/easy-guide-how-to-send-and-receive-nfts-on-metamask/