The massive opportunities embracing the Non-Fungible Token (NFT) metaverse is turning things around for Metamask, a wallet service provider. The firm announced that it has surpassed 10 million Monthly Active Users (MAUs), placing it on the most active wallets in use in the digital currency ecosystem.
When put into proper perspective, the news is even more significant, seeing the wallet’s parent company, ConsenSys, unveiled just three days ago that the MAUs for the wallet has topped 5 million, up from 1 million users as of October 2020. The MAU figure of 10 million unveiled implied that the wallet’s users grew by almost the same percentage in 3 days as it did from October to April.
NFT and Swaps Powering the Metamask Growth
NFTs are undoubtedly the next major force in the cryptocurrency ecosystem and are responsible for the bulk of the growth recorded by Metamask, which follows Swaps in terms of use cases.
“The recent mainstream craze over NFTs has attracted a much larger audience to the Ethereum ecosystem,” ConsenSys stated in the earlier report issued on April 27. “Google searches for “NFT” are more than four times higher than for DeFi. Furthermore, on-chain data indicates that Users across the Ethereum ecosystem widely embrace NFTs. In fact, accessing NFTs is now the second most popular use case for MetaMask, only behind swaps.
The NFT mania has caught up with retail and institutional investors, most of whom connect to decentralised NFT marketplaces like OpenSea and Rarible through Metamask. With a well-built security and wallet infrastructure to power the growth of the decentralised web, Metamask has found itself as a dominant force for most DeFi protocols.
With the latest milestone, the way up for Metamask is still very steep, and brighter days seem to be ahead for the swallet.
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