May I know why there is no drop-down option in Assets Metadata Profile form, but it is there in Assets Metaschema form.
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Yes, it is available
Agree with Arun, Its available. Make sure you have installed the latest CFP/SP.
@Kishore_Kumar_ I'm a little late but wanted to give an accurate answer since my customer asked about the same. There's no dropdown option for Metadata Profiles (the request in this thread) as confirmed today in SP21. Arun's screenshots are showing the Metadata Schema.