MetaMask is a Blockchain software wallet for storing Ethereum-based tokens. It is attractive not only for storing Cryptocurrency, but also for its versatility to work with DApps (Decentralized Applications), NFT games, etc.
In this article, we will discuss the following topics for those who are considering using MetaMask or those who are already using it but are not quite sure how to use it.
What is Metamask Wallet and How Does it Work?
MetaMask is a software wallet dedicated to Cryptocurrency that can be used as a web browser extension or smartphone app. It can store Ethereum (ETH) and ERC-20 tokens issued based on Ethereum.
There are five different types of wallets for Cryptocurrency assets with different storage formats, including online and desktop wallets. Of these, MetaMask offers two types: a desktop wallet, which is used by installing the wallet on a computer, and a mobile wallet, which is used by installing an app on a smartphone or other device.
MetaMask can also be used in conjunction with DApps (decentralized applications) and blockchain games developed based on the Ethereum blockchain. DApps fees and blockchain game item purchases can be settled through MetaMask.
MetaMask is available as a smartphone app and on a PC; when used on a PC, it is used as a web browser extension.
The following five browsers are supported by MetaMask (as of October 2022).
- Google Chrome
- Firefox
- Brave
- Edge
- Opera
Refrence: https://metamask.io/download/
Safety/Security of MetaMask
MetaMask allows you to store your private keys to access your assets offline by writing them down on paper. This has the advantage of reducing the risk of hacking, etc., compared to some web wallets that manage IDs and passwords on servers.
In addition, since users manage their own private keys and account information, it is possible to prevent loss of assets due to fraud, information leaks, or other misconduct on the part of the management.
Collectively manage Ethereum, ERC tokens, BSC, Avalanche, and Polygon.
MetaMask supports Ethereum (ETH) and all Ethereum-based ERC tokens, including ERC-20, ERC-721, and others.
Multiple wallet addresses can be managed at the same time, saving you time and effort in management.
Connectivity to many DApps including NFT Marketplace and Defi
MetaMask can connect to and use a wide range of DApps such as the NFT platform and Defi.
With over 17,000 DeFi (decentralized finance) protocols and applications available to MetaMask, it is an essential wallet for comfortable use of DApps.
It can also connect to non-Ethernet networks such as BNB Smart Chain (BSC), Avalanche, Polygon, etc., so you can use DApps and DeFi on BSC.
Gas prices can be set arbitrarily.
When transferring Ethereum or ERC tokens or using smart contracts, a fee called the gas fee is required.
The price of the gas fee fluctuates depending on the congestion of the Ethereum Network. The Ethereum network has a fixed number of transactions that can be processed per hour, and users who pay the highest gas fee are processed first, so if you try to get a transaction approved quickly during congestion, the fee will be higher.
However, not all transactions require fast approval. For example, a transaction between wallets that is not intended to be exchanged for cash does not need to be approved immediately because there is no exchange risk and there is no need to compete with other users for approval.
The advantage of this is that you can set your own gas prices, for example, if you want to save on commissions.
On the other hand, if you want to move or swap tokens immediately during a rise or fall, or in the event of an incident, or if you want to buy NFTs quickly anyway, you have the advantage of paying more for gas and having your transaction approved immediately.
You can swap tokens.
MetaMask allows you to swap tokens. This can be useful when you want native tokens for services such as DApps that you want to use.
Manage NFTs
Since NFTs are often issued in Ethereum base, MetaMask can also be used to manage NFTs. Instead of treating them as simple tokens, NFT art and NFT items can also display their appearance.
Various NFT platforms allow NFTs to be entered and exited for trading there. Since MetaMask is available for incoming and outgoing shipments, you can store your own NFTs.
Ethereum Purchase and Transfer via PayPal
On December 14, 2022, ConsenSys, developer and operator of MetaMask, announced a partnership with digital payments giant PayPal. This will allow MetaMask users to purchase Ethereum through their PayPal account from the app in the future, as well as transfer Ethereum in PayPal’s digital wallet to MetaMask.
This new functionality will initially be available only to a select number of PayPal users in the U.S., and will be rolled out to all eligible U.S. customers over the next few weeks.
Refrence: ConsenSys, “ConsenSys Teams With PayPal For A New Way To Buy Crypto in MetaMask”.
Summary
Metamask is a very convenient wallet for storing Ethereum-based tokens. Its versatility in linking with DApps (decentralized applications) and blockchain games is also an attractive feature.
However, please note that if you lose the recovery phrase for your account or the private key for your wallet, you will not be able to retrieve the Cryptocurrency stored in MetaMask. Keep your recovery phrase and private key in a safe place and be careful not to lose or divulge them.