Can you lose majora's mask

No, you can't wear Majora's Mask. Anyway, if you could wear it, Link would become possessed and would try to destroy the world, just like the Skull Kid. Thus, most likely ending the series on that side of the timeline (Look up a split timeline theory on the series to find out what I mean by that, since there is no offical timeline for the Zelda games, and the most common, resonable, and likely timelines split into two parts).