[quote name='discreet' timestamp='1439391605' post='2842422']
The Gruvgear Fretwrap is to stop open strings ringing too much and it damps overtones, etc. I had one for a while but find it pretty useless as a mute because it only works on open strings. Once you've fretted a note it's out of the picture, obviously.
You might suppose it would be useful for ERBs (as said above) as string muting is more difficult with these basses, but I'd say that development of the floating thumb method would be far preferable as it's effective on [i]all [/i]notes, fretted and otherwise.
Pretty much a chocolate teapot as far as four-string basses are concerned. You could always use the tried and tested 'stick a bit of foam under the strings at the bridge', but you're committed to having the strings muted all the time unless you want to faff about in and out with the foam while you're playing. I'd say floating thumb if you're serious about your string damping and muting. But I prefer palm muting myself.
Gruvgear also do a thing like a rubber flap which goes over the strings at the bridge [i]Γ la[/i] foam rubber, but I've not heard anything good about it. As always, your mileage may vary.
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As you've said, I tried one briefly but found it a bit of a waste of time.
I had to play a Stuart Hamm tapping piece for an exam at uni, that was the only time I found it useful.
I use muting quite a lot, but find it betterer to use my left hand or right hand palm or forearm.