MetaMask is a popular decentralized wallet, but it offers much more than simply storing crypto tokens.

It also provides many features for NFT and Web3 applications on the Ethereum blockchain. Since the MetaMask development team began designing the wallet’s various functions and features in 2016, its main goal has been to make it easier, more reliable, and more secure for users to access the Ethereum blockchain.

As the most popular Web3 portal, will MetaMask become a Google-like information hub?

This article sorts out the product status and development of MetaMask, and discusses future development possibilities.

A wallet is your personal key into the crypto world. It enables you to buy, sell or transfer assets on the blockchain.

Blockchain wallets can be used as digital or online wallets, allowing users to store and manage their Bitcoin, Ethereum, and other cryptocurrencies. Blockchain wallets allow cryptocurrency transfers, protecting crypto assets from theft and allowing users to convert them back to local currency if necessary.

MetaMask is the most popular blockchain wallet today, with over 21 million monthly active users, making it the most widely used non-custodial cryptocurrency wallet in the world. It is the entry point into the DeFi ecosystem, NFTs, ERC-20 tokens, and almost all Ethereum features.

  • The MetaMask browser extension is a must-have for crypto gamers, developers, and newbies entering the blockchain space, making Web3 accessible to the masses.

  • It has a large community with over 1 million downloads and many resources contributing to the project.

  • Unlike traditional wallets, MetaMask requires no additional plugins and allows you to use it in any browser.

Once installed, you can view your Ethereum address and send and receive tokens to any other Ethereum address.

  • MetaMask allows you to stake your tokens on Bota sites, trade on DEXs, and participate in projects like PoolTogether and Compound.

  • The MetaMask app is available for desktop and mobile devices.

  • The download process is basically the same on all supported browsers.

  • What sets MetaMask apart from other hardware wallets is its cryptographic capabilities. The user's private key and mnemonic phrase are stored in a secure location, and users only need to manage their own independent mnemonic phrase.

    MetaMask has introduced a new feature that allows users to purchase cryptocurrencies using fiat currencies directly from their wallets. Currently, fiat currency payment methods include debit card, credit card, bank transfer, PayPal, and instant ACH, with more options coming soon.

    The “Buy Cryptocurrency” feature is part of the Portfolio Dapp and users can now purchase around 90 cryptocurrencies using native payment methods by connecting their MetaMask wallet.

    According to MetaMask, the service is already live and supported in 189 countries. However, the amount that users can purchase through the Service is limited by applicable laws in their region. This feature is also available in the browser application.

    The feature currently supports Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo.

Most people associate MetaMask with cryptocurrency wallets, but it has much more to offer. Think of it as a cryptographic account manager that uses cryptography to protect your account 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 owner is conducting transactions legally, and users can manage them in a variety of ways. For example, hardware wallets protect wallet security by isolating the wallet from the Web3 environment.

Previously, the ability to purchase cryptocurrencies was only available in the MetaMask mobile app. Now, computer users can access the service through wallet extensions and web browsers.

Many people may have multiple cryptocurrency wallets/accounts. However, until now, you could not see the total value of all accounts in the MetaMask wallet. For this, you have to rely on other platforms.

MetaMask Portfolio is a Dapp that allows you to view all MetaMask accounts and assets in one place. It aggregates value from up to ten accounts and displays your total holdings, making it easier for you to instantly take a snapshot of their value in your preferred currency.

multiple networks

If the future is multi-chain, Portfolio Dapp supports this vision by providing a variety of alternative networks:

  • Ethereum;

  • Optimism (Optimism Network);

  • BNB smart chain;

  • Polygon;

  • Phantom;

  • Decision;

  • Avalanche.

Once you link your accounts, you'll be able to see all the assets in these chains in one place, with more networks being supported in the future.

A richer NFT experience

You can see your digital art collection and other NFTs on the Ethereum mainnet and Polygon by switching to the Dapp’s “NFT” page.

Portfolio view

Simply select Portfolio from the extension's home screen to easily access your user's portfolio:

  • Connect multiple accounts: You can connect all MetaMask accounts to the Dapp.

  • Aggregate your holdings: By connecting multiple accounts, you can easily track your important token balances and thus aggregate your entire portfolio.

  • View your NFTs: View your collection on Mainnet and Polygon across all accounts you’re connected to.

  • View your multi-chain assets: This Dapp allows you to view your holdings on 7 networks.

  • Search and watch coins: View your favorite coins on any supported chain and add them to your watchlist to track.

    MetaMask co-founder Dan Finlay explains how MetaMask will become the Google of Web3.

    MetaMask may evolve into a Dapp that provides users with exactly what they are looking for through various recommendations and services that meet their needs.

    According to Finlay, Google is trying to solve the problem in a broader global way, explaining: "If you search for car mechanics, it might ask you for your location and incorporate it into your past search history, but it doesn't incorporate full privacy , personalization and social network type information. In MetaMask, we are committed to building a user-centered, cryptography-first user agent."

    This means that using MetaMask as your wallet in the future may help you find good mechanics or whatever else you're looking for.

MetaMask supports Ethereum transactions, with advanced features that allow users to send and receive funds in minutes. The following are the main features of MetaMask wallet:

Exchange tokens anytime, anywhere

Users with a MetaMask account can exchange any token from their mobile device or desktop wallet. The exchange feature combines data from DEX aggregators, DEXs, and market makers to ensure every user gets the best price with the lowest network fees or gas fees.

Compared with other digital wallets, MetaMask wallet has privacy protection as its top priority. The platform allows users to store, exchange and access tokens without having to worry about exchanges and DApps gaining access to more private information than users have agreed to.

Adjustable Gas Cost

Unlike other hardware wallets, MetaMask wallet users can set transaction fees based on their level of need. The wallet also allows fine-grained control over gas fees.

Supported networks

Although users are limited to using Ethereum, it is possible to communicate with other networks such as:

  • Ethereum mainnet;

  • Kovan test network;

  • Goerli test network;

  • Ropsten test network;

  • Rinkeby test network.

EIP-1559

The implementation of EIP-1559 changes the market mechanism of Ethereum, replacing first-price auctions with fixed-price sales. What's more, users who submit transactions no longer need to calculate the required gas because the base fee is already included in subsequent blocks. Applications or users who want to prioritize transactions can pay miners a priority fee or tip.

MetaMask has grown 1800% in one year, from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.

Founded in September 2016, MetaMask has played a crucial role in the adoption of decentralized applications on Ethereum.

The launch of the mobile version in September 2020 is key to attracting new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand and Brazil.

In March 2021, the mobile version of MetaMask launched the token exchange function, which also accelerated user growth.

"MetaMask defines a new type of cryptocurrency wallet where users can interact not only with currency, but also with decentralized applications, and we continue to make these new types of applications more secure and accessible to expand the audience," MetaMask Co-Founder Dan Finlay said. “We enable users to explore new ways to build trust online,” he added.

in conclusion

MetaMask is a decentralized wallet with many features and Web3 applications, serving as a central hub for NFT and Web3 enthusiasts to build decentralized applications on the Ethereum blockchain. When the MetaMask development team began designing the wallet’s features and functionality in 2016, the main goal was to make access to the Ethereum blockchain easier, more reliable, and more secure. Today, it has achieved great success.

Although the wallet has many features, it cannot be used as a primary wallet as it does not support Bitcoin, the most widely held digital asset in the cryptocurrency industry. This wallet is suitable for intermediate and advanced cryptocurrency investors as it emphasizes technical features. But considering MetaMask co-founder Dan Finlay’s plans, the wallet’s future looks very bright.