By
Chimamanda U. Martha
April 17th, 2024
MetaMask foreshadowed NFT integration to its browser extension in the near future as it tries to rise ahead of its competition.
Software crypto wallet MetaMask has disclosed plans to soon add a non-fungible token (NFT) section to its browser extension. MetaMask, a leading non-custodial wallet application with millions of active users, said its development team is almost done with this feature. Regarding the development, the Web3 wallet provider released a statement on Twitter which read:
“NFTs on MetaMask Extension? Coming Very Soon! The elves in our workshop are putting the finishing touches on the collectibles feature on Extension to be at parity with our mobile app.”
However, there are no further details on when the release will become available.
MetaMask’s integration with the extension will permit users on desktop devices that utilize Chrome and Brave browsers to interact with decentralized applications. In addition, this also implies that said users will no longer have to access other NFT marketplaces, such as OpenSea, to view their NFTs. Furthermore, mobile users of MetaMask are already privy to this NFT feature via their mobile wallet. Some of the NFT offerings they can currently view include prominent brand collectibles like Bored Ape Yacht Club and CryptoPunks.
MetaMask NFT Aspirations Is in Keeping with the Times
MetaMask’s decision to expand and enhance user experience with regard to NFTs is hardly surprising. This is because NFTs have become the rave in recent months, cutting across several sectors. Various entities, from individuals to organizations, are leveraging the seemingly boundless opportunities offered by the NFT space. For instance, the recent play-to-earn model currently taking the video gaming industry by storm channels the power of NFTs.
MetaMask currently has a massive user database of about 21 million people and is at the epicenter of the prevailing DeFi boom. Bringing this NFT service to many users will potentially consolidate the Web3 wallet provider’s status as the most popular of its kind. Developed in 2016 by leading blockchain software company ConsenSys Software Inc, MetaMask interacts with the Ethereum blockchain. Using MetaMask, users can store and manage account keys, send and receive Ethereum-based digital currencies, and broadcast transactions. In addition, users can also securely connect to decentralized applications via a compatible web browser. Users can also use the one built into the mobile app.
Competition, Diversification, Expansion
In recent months, MetaMask has seen new competitors such as Coinbase Wallet and XDefi rise to challenge its dominant position. A popular way competitors thrive in the blockchain and Web3 space is to undercut service prices. Another way is to diversify and broaden service offerings to cover more needs. For instance, MetaMask is looking to appeal to institutional investors who hope to invest in crypto – through MetaMask Institutional. The wallet provider is doing this by positioning itself as the go-to option for safer, easier, and more regulated access to NFTs and DeFi. Last month, MetaMask institutional’s head of product Johann Bornman spoke extensively on this in a media session. Among other things. Bornman said of MetaMask Institutional’s global reach:
“We very much see ourselves as a bridge for all organizations on planet Earth to be bridged into Web3, and that includes the crypto fund today, but also the NGOs tomorrow.”
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