In the wake of the COVID-19 pandemic and the ensuing global lockdown, a phenomenon named Non-Fungible Tokens (NFTs) came into existence. As a result, MetaMask, a prominent brand in the NFT space, emerged.
MetaMask is a type of crypto wallet that allows users the facility to store or access crypto, NFTs, various other Web3 and DeFi products, and decentralized applications (DApps). Created by Dan Finlay and Aaron Davis in September 2016, it is now owned by ConsenSys Software Inc. As a non-custodial wallet, the responsibility of managing it falls solely on the user. It supports various blockchain networks including Ethereum, Polygon, Arbitrum, and Optimism.
The number of daily active users hit 10 million in August 2021, and by the following month – the peak of the Web3 boom – it had doubled to 20 million. As of August 1, 2023, according to the crypto price tracker CoinGecko, MetaMask had a total of 22.66 million installs, beating Coinbase’s crypto wallet which had 11 million downloads.
MetaMask can be accessed either via a mobile app or a browser extension. As a digital version of a physical wallet, it enables users to load their MetaMask wallet with different cryptocurrencies, convert between different crypto types, and store and view NFTs at their discretion. It can be downloaded through the iOS and Android App Store for free, set up easily following in-app instructions.
As alternatives to MetaMask, other self-custody crypto wallets can be used, including the Coinbase Wallet, Trust Wallet, and Phantom Wallet. The Coinbase Wallet was developed by the crypto exchange Coinbase, and its private keys are stored directly on the user’s mobile device.
The Trust Wallet specializes in storing tokens powered by the Ethereum blockchain, including tokens built on ERC-20 and ERC-721 protocols, and is compatible with other crypto types such as Solana, Cardano, and Polygon. It reportedly has over 60 million users worldwide as of 2023.
The Phantom Wallet, developed by software engineers in 2021, primarily focuses on the Solana blockchain network. Like its counterparts, the Phantom Wallet is also self-custody.
