In Figma, the master component is the top-most level in the component hierarchy. To move a component to a different level in the hierarchy, you first need to select it. Then, you can use one of the following methods:
PRO TIP: If you are not careful, you could accidentally move the master component in Figma. This could cause problems with your design.
To move a component up one level in the hierarchy, select it and press ⌃⌥↑ (Windows: Ctrl+Alt+↑). To move a component down one level in the hierarchy, select it and press ⌃⌥↓ (Windows: Ctrl+Alt+↓).
To move a component to the top level of the hierarchy, select it and press ⌃⌥⇧↑ (Windows: Ctrl+Alt+Shift+↑). To move a component to the bottom level of the hierarchy, select it and press ⌃⌥⇧↓ (Windows: Ctrl+Alt+Shift+↓).