A wallet serves as your personal key to the cryptographic world. It allows you to buy, sell, or transfer assets on the blockchain.
A blockchain wallet, available as a digital or online wallet, allows users to store and manage their Bitcoin, Ether, and other cryptocurrencies. A blockchain wallet allows cryptocurrency transfers, protects crypto assets from theft, and allows users to convert them back into their local currencies if necessary.
MetaMask is the most popular blockchain wallet today, with over 21 million monthly active users, making it the world's most widely used non-custodial crypto wallet. It's your entry point to the DeFi ecosystem, NFTs, ERC-20 tokens, and almost everything Ethereum.
- The MetaMask browser extension is an essential tool for crypto gamers, developers, and newcomers to the blockchain space, allowing the masses to access Web3.
- It has a large community, with over a million downloads and many resources contributing to the project.
- Unlike traditional wallets, MetaMask does not require additional plug-ins, allowing you to use it in any browser.
Once installed, you can view your Ethereum address and send and receive coins to any other Ethereum address.
- MetaMask lets you stake coins on gambling websites, trade on DEXs, and participate in projects such as PoolTogether and Compound.
- The MetaMask app is available for both desktop and mobile devices.
- On all supported browsers, the downloading process is essentially the same.
- What makes MetaMask different from other hardware wallets is the encryption capabilities of the MetaMask wallet. The users' private keys and seed phrases are stored safely, where the users are only required to manage their independent seed phrases.
↩️ MetaMask Introduces a Direct fiat-to-Crypto Onramp Service
MetaMask has introduced a new feature that allows users to purchase cryptocurrency with fiat directly from their wallets. For now, fiat payment methods include debit and credit cards, bank transfers, PayPal, and Instant ACH, with more options coming soon.
The Buy Crypto feature is part of the Portfolio Dapp, and users can now buy roughly 90 cryptocurrencies using local payment methods by connecting their MetaMask wallet.
According to MetaMask, the service is live and supported in 189 countries. However, the amount users can purchase through the service is limited by the applicable laws in their region. The feature is also available in the browser app.
Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo are currently supported by the feature.
🔐 More than just a wallet
Most people associate MetaMask with cryptocurrency wallets, but it is much more. Consider it a cryptographic account manager that uses cryptography to secure your account's keys. When you create a new account on MetaMask, a new pair of private and public keys is generated.
These keys are required to ensure that the account's owner legitimately carries out the transactions and that the user can manage them in various ways. A hardware wallet, for example, keeps the wallet safe by separating it from the Web3 environment.
💰️ MetaMask Portfolio
Previously, the on-ramp feature was only available in the MetaMask mobile app. Computer users can now access the service via wallet extensions and web browsers.
Many people may have more than one cryptocurrency wallet/account. But, until now, you couldn't see the total value of all your accounts in your MetaMask wallet. For that, you had to rely on other platforms.
MetaMask Portfolio is a dapp that allows you to see all your MetaMask accounts and assets in one place. It aggregates values from up to ten accounts and displays your total holdings, making it easier to get an instant snapshot of their value in your preferred currency.
If the future is multi-chain, Portfolio Dapp supports that vision by offering a variety of networks to choose from:
- BNB Smart Chain
Once your accounts are linked, you'll be able to see all of your assets across these chains in one place, with more networks on the way.
A Richer NFT Experience
To enjoy your NFTs, you must be able to look at them quickly. You can get a comprehensive view of your digital art collection and other utility NFTs on Ethereum Mainnet and Polygon by switching to the "NFT" side of the dapp.
This dapp is simple for those who want to dive into their portfolio in a user-friendly format. Simply select Portfolio from the Extension home screen to:
- Connect multiple accounts: You can connect all your MetaMask accounts to the dapp.
- Aggregate your assets: With numerous accounts connected, you will easily track your total portfolio with token balances
- Look at your NFTs: Admire your collection on Mainnet and Polygon across all your connected accounts.
- View your multi-chain assets: The dapp will let you see your holdings across 7 networks.
- Search and watch tokens: View any favorite tokens across supported chains and add them to your watchlist to track.
📆 Metamask in 20 Years
Dan Finlay, MetaMask's co-founder, explains how MetaMask will become the Google of Web3.
Metamask could evolve into a dapp that provides users precisely what they're looking for through various recommendations and services that meet their needs.
According to Finlay, Google tries to solve problems in a more extensive global way, as he explained: "If you type car mechanic, it may ask where you are, and it may incorporate some of your past search histories, but what it's not doing is incorporating totally private, personal, social network type information. At MetaMask, we are to build a user-centric cryptography first-user agent.
This could imply that using MetaMask as your wallet in the future may assist you in finding a good mechanic or whatever else you're looking for.
🧧 Key Features of MetaMask Wallet
MetaMask supports Ethereum transactions and makes the process much more accessible with advanced functions that allow users to send and receive funds in minutes.
Here are the main features of the MetaMask wallet:
Swap Tokens from Anywhere, Anytime
Users with MetaMask accounts can exchange any token from their mobile or desktop wallet. This swap feature combines data from DEX aggregators, DEXs, and Market Makers to ensure that every user receives the best price at the lowest network or gas fees.
MetaMask is designed with privacy as its top priority compared to other digital wallets. The platform enables users to store, swap, and access tokens without fear of exchanges and dApps accessing more private information than the user has consented to.
Adjustable Gas Fees
Unlike other hardware wallets, MetaMask wallet users can set their transaction fees based on their requirement level. The wallet also allows for fine-grained control over gas fees.
Although the users are limited to the use of Ethereum only, it is possible to communicate with other networks like:
- Main Ethereum Network
- Kovan Test Network
- Goerli Test Network
- Ropsten Test Network
- Rinkeby Test Network
The implementation of EIP-1559 altered Ethereum's market mechanisms by replacing the first-price auction with a fixed-price sale. More importantly, users submitting transactions will no longer have to calculate the gas required, as the base fee is already included in the subsequent block. Applications or users who want to prioritize transactions can pay the miner with a priority fee or a tip.
🥇 The World's Leading Non-Custodial Crypto Wallet
MetaMask has grown over 1,800% in one year, from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.
MetaMask was founded in September 2016 and has played a crucial role in adopting decentralized applications on Ethereum. The release of the mobile version in September 2020 has been critical in attracting new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.
The launch of token swaps on MetaMask mobile in March 2021 also accelerated user growth exponentially.
“MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” said Dan Finlay, MetaMask Co-Founder. “We’re letting users explore new ways of establishing trust online,” he added.
MetaMask is a decentralized wallet with many features and Web3 applications, serving as a central hub for NFT and Web3 enthusiasts looking to build decentralized applications on the Ethereum blockchain.
When the MetaMask development team began designing the wallet's features and functions in 2016, the main goal was to make access to the Ethereum blockchain easier, more reliable, and more secure. It has succeeded by a wide margin.
Despite its many features, this wallet cannot be used as a primary wallet because it does not support Bitcoin, the most widely held digital asset in the crypto industry. The wallet is suitable for intermediate and advanced crypto investors due to its emphasis on technical features.
However, considering the plans of MetaMask co-founder Dan Finlay, the future of this wallet looks bright.