Sometimes users interact with a dApp that may have some vulnerabilities, and because of this, a user may want to wait to trade again. Instead of deleting their account completely, they may revoke permissions on the blockchain.
So what is a token approval? It is the authorization granted to a decentralized app to access a user's wallet and perform actions like buying or selling NFTs. Token approvals are required for dApps like Jungle to interact with a user's wallet, such as Metamask. Without this permission, any tokens on a wallet cannot be traded on Jungle. NOTE: approving and revoking token approvals on the blockchain will incur gas fees.
Users can manage these permissions through various 3rd party tools, such as Etherscan's token approval tool. We would like to remind you that Jungle does not vouch for any third-party services -
If you were to use Etherscan, the process would look like this:
Click 'Connect to Web3' to connect your wallet.
Go through the ERC-20 and ERC-721 tabs until you see the token approval you want to revoke.
Click on 'Revoke' to revoke the token approval. A popup will appear with a signature request prompt.
Once completed, token approval will be revoked. So that you know, this action will incur gas fees.