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The card Master Transmuter reads:
{U}, {T}, Return an artifact you control to its owner’s hand: You may put an artifact card from your hand onto the battlefield.
Can Master Transmuter return a token artifact to your hand (which causes it to cease to exist) and then put an artifact card from hand to the battlefield (like Metalwork Colossus)
Yes, the artifact was returned to your hand. The fact it then ceased to exist doesn't matter, you still returned it to your hand.
