Decisive crypto news regarding MetaMask, the world’s leading self-custodial wallet.
MetaMask is by far the largest self-custodial cryptocurrency wallet with over 30 million users and has played a key role in shaping the face of decentralized finance as we know it today.
However, the team has yet to release a token and is long overdue to do so. For some time now, the project has been rumored to be considering its own token, with many users seeming to believe that it will pass it on to the community in Uniswap style.
Summary
Is the MetaMask token the next big news in crypto?
One thing that many in the industry, including Vitalik Buterin, the co-founder of Ethereum, have been talking about for some time is the concept of social recovery.
For example, with self-custody wallets like MetaMask, the way to access one’s cryptocurrencies is through the so-called seed phrase.
If this is lost, there are currently no ways to recover one’s assets. This is the main reason why experts are working to circumvent this problem, and one potential opportunity in this regard is the concept of social recovery.
Indeed, he stated on the subject:
“Let’s say instead of having a single source of failure (keeping the recovery passphrase in one place), what I really wanted to do is split it into three different fragments. I’ll keep one for myself. Then I will delegate the other two to, shall we say, two dear friends. I would therefore say that if I ever lose my portion of my recovery passphrase, I would reach out to those friends to reprint a portion of it so I could recover my account.”
Obviously, this is a basic breakdown of what the concept suggests, and it is entirely possible that it gets much more complicated. Also, one of the most salient topics when it comes to MetaMask is the planned token.
Last year, Joseph Lubin, CEO of Consensys, the company that runs MetaMask, confirmed that they will launch a token, but their chief operating officer confirmed that it will not be designed as a “money grab.”
Also speaking on the issue was Jupiter, who revealed a few more details about the long-awaited token and what it might look like.
Crypto news for MetaMask: the partnership with Unity Gaming
Unity Gaming, the gaming software company behind popular Web3 favorites such as Decentraland and The Sandbox, has partnered with MetaMask and Solana to integrate decentralized blockchain and wallet capabilities into the Web3 gaming experience.
MetaMask, ImmutableX, and Solana have joined a growing list of verified solutions, an umbrella term for approved in-game decentralized third-party plug-in applications on Unity. Currently, there are thirteen verified solutions on Unity, including blockchain-based projects such as Algorand, Tezos, Infura, Nefta, Aptos, Flow, Altura, etc.
With over one million Web3 players active every day, Unity and Metamask will tap into seamless Web2-Web3 connectivity, thus helping to integrate traditional Web2 players into the Web3 space.
MetaMask has already established a $100 grant program to support game developers seeking to make Web3 games.
Unity and MetaMask: a fruitful collaboration
Since its inception in 2014, Unity has continued to raise the bar for the 2D/3D gaming experience. The Danish company, now based in San Francisco, reported better-than-expected profits after grossing $451 million.
In November, the company announced a merger with Israel-based app monetization company IronSource to see how it can increase profitability using its mobile app development platform.
MetaMask, on the other hand, will prove a valuable partner for Unity with more than 20 million monthly active users. The world’s most popular mobile and browser-based wallet recently added phishing detection alerts to its mobile app to alert users of a connection to a suspicious wallet address.
The feature comes in the wake of growing competition from wallet service provider Frontier, which recently released a browser-based version compatible with more than 35 blockchains.
Such dual-typed wallets have increased in demand as a result of growing concerns about customer security after the fall of FTX.
Ethereum‘s CEO spoke on the topic in a recent blog, adding that wallet developers should start thinking much more explicitly about privacy.
While MetaMask SDK provides wallet integration, ImmutableX seeks to expand Layer-2 scaling possibilities for game developers and NFT creators leveraging the platform.
A similar scenario is planned for Solana, which recently proposed a network upgrade on the Hill after a series of outages in February.
