Picture this: It’s the summer of 2021. Coronavirus (COVID-19) has forced the world to shut down. So, what came out of the collective boredom was a weird little thing called NFTs.
For those who have dabbled in NFTs, the name MetaMask has certainly come up at some point. MetaMask remains one of the most popular brands in the NFT space. So what exactly is MetaMask? What is all this noise?
In this explainer, we’ll dive into what MetaMask is, how it works, and why users love the wallet.
MetaMask is a cryptocurrency wallet that allows users to store or access cryptocurrencies, NFTs, and a variety of other Web3 and DeFi products and decentralized applications (“DApps”). It was creature It was founded in September 2016 by Dan Finley and Aaron Davis and is currently owned by a blockchain technology company ConsenSys Software company
MetaMask is a non-custodial wallet. This means that there is no central organization looking after the user’s wallet, and the user himself is entirely responsible for managing his wallet. As a cryptocurrency wallet, MetaMask supports a variety of blockchain networks including Ethereum, Polygon, Arbitrum, and Optimism.
In August 2021 MetaMask has surpassed 10 million daily active users (DAUs). In September 2021At the height of the Web3 boom, MetaMask exceeded 20 million DAU.
Fast forward two years. MetaMask was recently named the most popular cryptocurrency wallet by cryptocurrency price tracker Queen Gekko. According to a CoinGecko report, MetaMask has reached a total of 22.66 million installations as of August 1, 2023.
Coinbase’s cryptocurrency wallet ranks next on MetaMask with 11 million downloads.
MetaMask is available as a mobile app and browser extension. To use it on either platform, users have to install it via iOS, Google Play, or the Google Chrome web store.
Think of MetaMask as a digital version of your physical wallet: you can load your MetaMask wallet with different cryptocurrencies. To do this, you can either transfer fiat currency from your bank account, or transfer cryptocurrencies from your existing cryptocurrency exchange account.
You can also convert between different cryptocurrencies – think of it as converting from US dollars to Australian dollars in real life. Users can also store NFTs on MetaMask and can view them at any time.
MetaMask is available on both iOS and Android app store Free. Of course, if you load your wallet with cryptocurrencies, this money will have to come from your own pocket.
As with any smartphone app, go to the iOS or Android App Store, search for the name of the app — in this case, MetaMask — and tap Download.
The digital crypto wallet is also available on your desktop as a browser extension. The browser extension works with Chrome, Firefox, Brave, Edge, and Opera. Just head to the wallet Official websitescroll down until you see the message “Install MetaMask for.” In blue [browser name]” button. Click on it to start downloading the extension.
Once you’ve downloaded a cryptocurrency wallet to your phone or browser, you can start creating an account. Here we will teach you how to set up an account using the app. First, tap on the app on your phone. Click “Create Account” and continue following the instructions.
An alternative to a self-custodial crypto walletaccord
If you don’t like crypto wallet, here are some other crypto wallet alternatives.
1. Coinbase wallet
Developed by cryptocurrency exchange Coinbase, Coinbase Wallet is a self-custodial crypto wallet that launched in March 2023.
Coinbase He says As a self-custodial wallet, the exchange does not store the user’s password. Instead, private keys are “stored directly on your mobile device.”
2. Trust portfolio
Trust Wallet is a self-custodial crypto wallet that specializes in storing tokens powered by the Ethereum blockchain, including tokens built on the ERC-20 and ERC-721 protocols.
Trust Wallet is also compatible with other cryptocurrencies including Solana, Cardano, and Polygon. As of 2023, Trust Wallet says it has more than 60 million users worldwide.
3. Fake wallet
Phantom Wallet was developed in 2021 by software engineers Brandon Millman, Francesco Agosti, and Chris Calani. Like the other cryptocurrency wallets on the list, Phantom is a self-custodial wallet, but it focuses on the Solana blockchain network.