, a听non-custodial crypto wallet, grew 1,800% in terms of monthly active users this past year, with 20% of its 10 million user听base听coming from the Philippines.听听
The surge in Filipino users is buoyed by the popularity of NFT (non-fungible token)-based online video game听Axie Infinity, which allows players to earn cryptocurrency.听听听
A cryptocurrency (or 鈥渃rypto鈥) is a digital currency that can be used to buy goods and services. Cryptos, which include Bitcoin, Ethereum, and听Binance听Coin, use an online ledger to secure online transactions.听听听
Crypto users can either keep their cryptos on a听crypto exchange听(similar听to keeping one鈥檚 stocks with a stock broker), or in crypto wallets (see sidebar).听
鈥淯sers who hold funds in听MetaMask听can do much more than hold those funds as an investment. They can use those funds to interact with countless numbers of decentralized protocols and smart contracts,鈥 said Jacob Cantele,听MetaMask鈥檚听lead of operations, in an e-mail to听大象传媒.听听
鈥淭hey also have custody over their funds. Self-custody is an important step towards freedom, security, and censorship-resistance,鈥澨齢e added.听听
MetaMask听is both a mobile app and a browser extension that functions as a crypto wallet for the Ethereum blockchain as well as any Ethereum-compatible network like Polygon,听Arbitrum, and Optimism.听听
The company’s growth 鈥 from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021 鈥 has tracked closely with that of Ethereum, which supports a decentralized finance (DeFi) ecosystem with over听.听听听听
MetaMask听is run by ConsenSys, a global Ethereum software company,听and听was founded in 2015 with the aim of making Ethereum usable through web applications.听听
The 鈥渕eta鈥 part of the company name, Mr. Cantele shared, refers to how the wallet allows people to access the decentralized web and control their data and funds. The 鈥渕ask鈥 part, meanwhile, refers to how the wallet allows users to control which sites can control which accounts, making access to the decentralized web safer.听听
USER GEOGRAPHY
In the Philippines, the popularity of the crypto wallet is due to the rise of play-to-earn games like听Axie Infinity.听听
Per a B-Side episode in July, the play-to-earn movement helps meet the demands of an unemployed or underemployed player base. Players collect rewards in the form of NFTs within a game, and convert these to real cash.听听
MetaMask, however, isn鈥檛 confined to a single game or a single use case.听听
鈥淚t lets players access thousands of games, to collect art, to engage in commerce, and so much more,鈥 said Mr. Cantele. 鈥淢etaMask听allows gamers to carry their accounts and NFTs across thousands of applications and sites. A gamer can earn an NFT in one game, and then carry that NFT over to another video game or sell it on an online marketplace.鈥澨听
Apart from the Philippines, the top 15 countries using听MetaMask听are the United States, Vietnam, United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain. Asia is the top region in terms of users鈥 growth.听 鈥斕Patricia B. Mirasol
SIDEBAR | Custodial wallets versus non-custodial wallets听听
Custodial wallets are crypto wallets in which the private keys are held by a third-party custodian. Operating like digital banks, these custodians have full control over user funds, with users only able to give permission to send or receive payments. Examples听include听听听and听听听
Non-custodial wallets, on the other hand, allow users to hold their private keys, giving them full control of their funds. Examples听include听,听, and听.听
