1. What is Metamask?
Metamask is a crypto wallet. It is like your purse but virtual. Crypto wallets are needed when you want to connect with various crypto apps. There are many crypto wallets. Metamask is one of the most often used crypto wallet.
3. What are different type of crypto-wallet?
Crypto wallets can be categorised into 5 categories as shown below:
Some of the famous crypto wallets are listed here:
- Coinbase Wallet – Best for beginners.
- Electrum – Best for Bitcoin.
- Mycelium – Best for mobile.
- Ledger Nano X – Best for offline crypto wallet.
- Exodus – Best for desktop.
- MetaMaske – Best for Ethereum.
- Crypto.com – Best deFi wallet.
3. Why Metamask?
Metamask is needed for making crypto transactions on various connected apps. It is currently available as a browser extension and as a mobile app on both Android and iOS devices.
MetaMask was created to meet the needs of secure and usable Ethereum-based web sites. In particular, it handles account management and connecting the user to the blockchain.
4. How to invest in metaverse projects through metamask?
Suppose there is a new crypto project. For example, there are many metaverse theme projects being launched which are based on blockchain technology and use either Etherum network or Binance Smart Chain ( BSC). Any such projects would be based on these blockchains, would be having a token currency at its heart and then will launch certain projects in meta verse. To illistrate the point, take example of Shibaverse. Apart from shiba coin there is a separate metaverse project called shibaverse which uses verse coin as a token currency and has many real esate projects in metaverse.
Get details about this project here (http://www.shibaverse.io)
To invest in such metaverse projects you need to buy their token currency. In case of shibaverse project you need to buy shibaverse coin ( Get details of this coin at Coin Market cap, link given below).
https://coinmarketcap.com/currencies/shibaverse/
You will not get this cryoto currency at Wazirx, Binance or other traditional crypto market exchange because they have not been launched yet on these exchanges. Thus, for an early investment in such budding metaverse projects you need to buy their tokens on etherum network or BSC network. To do that you need a crypto wallet. Hence the need to have a metamask account.
5. Some Practical tips
1. There will be a key which will be your way back to your metawallet account. Make sure you preserve your key properly. They key is in a long textual sentence form and hence need proper storage for your security.
2. You can have chrome extension for metamask. This way you will be able to see all your crypto currency in the wallet by a simple click.
3. Chrome extension of Metamask also enables you to connect your crypto wallet to the crypto blockchain where the metaverse projects are being launched. You will be able to see and buy the tokens and thus can invest in metaverse projects.
NOTE: This article is only supposed to be informational in nature and is not intended to advise you for investment in any particular project. Readers are expected to do their own analysis before investing in any such projects.