The term metaverse has been creating many ripples since its initial mention. The word was mentioned in the 1992 novel Snow Crash by Neal Stephenson. As blockchain technology grew parallelly across the years, metaverses’ entry was round the corner. Still, the first real metaverses were released much later, albeit as play-to-earn games. The evolution of blockchain applications was instrumental in the formation of these metaverses. Particularly, non-fungible tokens (NFTs) played a crucial part in determining those platforms’ functionality. Today, metaverses have grown to become communication forums in some capacity. This blog talks about the process behind creating a metaverse wallet.
The Metaverse in Detail
Metaverses are platforms where people can virtually interact with each other as digital avatars. Social gatherings such as meetings, concerts, and exhibitions can be held on these platforms. Currently, the popular metaverses are Decentraland, the Sandbox, Axie Infinity, and Illuvium. Most of these platforms are based on the play-to-earn mechanism in gaming formats. Metaverses, as we imagined, are still in evolution, although some facets have been revealed. Users can access metaverse platforms through desktops, mobile phones, and AR/VR headsets. According to statistics, the sales of AR/VR headsets have increased since the pandemic. Firms such as Meta, Google, and Microsoft have already invested in creating metaverse projects.
What is a Metaverse Wallet?
A metaverse wallet is a crypto wallet that has additional functionalities. A normal crypto wallet can help receive, store, and transact cryptocurrencies. But, in the case of a metaverse crypto wallet, one can do much more. One can create and transfer metaverse smart assets and can choose their features. The wallet owner can select the assets’ names, amounts, and issuers. Wallet owners can also hold ETP (Exchange-Traded Products) to earn interests. Holding ETPs work similarly to bank deposits in the real world. These wallets give the key to the metaverse through some advanced features as given above.
Top Metaverse Crypto Tokens
$MANA – Decentraland
$MANA is the native token of the interactive gaming platform Decentraland. The market cap of $MANA was US$1.87 billion at the time of writing. This token can be used to buy virtual land, denoted by $LAND.
$AXS – Axie Infinity
$AXS is the native token of the battle-based game Axie Infinity. The market cap of $AXS was US$ 1.15 billion at the time of writing. This token can be used for governance for making major decisions inside the game.
$SAND – The Sandbox
$SAND is the native token of the metaverse game The Sandbox. The market cap of $SAND was US$ 1.65 billion at the time of writing. This token can be used for staking, utilities, and governance inside the Sandbox world.
$ENJ – Enjin Coin
$ENJ is the native token of the Enjin Ecosystem, consisting of many games. The market cap of $ENJ was US$ 566.7 million at the time of writing. This token backs every non-fungible token minted inside the Enjin Ecosystem.
Types of Metaverse Wallets
- Desktop wallets store the private keys on the desktop. The wallet-containing desktop should have enough storage and processor power to be efficient.
- Online wallets store your private keys online, which is not a suggested option.
- Mobile wallets are a mix of desktop and online wallets. They use little power from smartphones by implementing external security protocols for safety. This has been the popular option for firms looking to build metaverse wallets.
- Hardware wallets are exclusive devices that store private keys/seed phrases.
- Paper wallets store the wallet information in the form of a document. However, keeping these wallets safe is a matter of concern.
Salient Features of a Metaverse Wallet
- Log in – Any metaverse wallet should have a secure login portal. Features such as verification and authentication should be included to ensure security.
- Transaction Processing – Your metaverse wallet should be able to process transactions within a little time. This is since the system is decentralized and no intermediaries are involved.
- Intense Security – Your metaverse wallet should be highly secure since crypto transactions are irreversible. Once a change is made in the block, it can never be reversed. Such nature invokes the necessity to protect the metaverse wallet from malicious actors.
- Mark as Favorite – Your metaverse wallet should enable users to bookmark favorite wallet addresses. This feature eliminates the need for a user to enter public keys repetitively.
- Transparent – The metaverse wallet’s source code will be open in nature. This enables one to view and test the wallet software easily.
- Encryption – Since private credentials are encrypted, no one can have unauthorized access to the wallet. Although public keys will still be visible, they cannot grant access to anyone.
- Non-fungible Tokens – A metaverse wallet should be able to hold NFT assets from various blockchains. Popular standards include ERC-721, ERC-1155, BEP-721, TRC-721, BEP-1155, NFT Cosmos, and dGoods.
- Alerts – Notifications for your metaverse wallet play a major role in updating your users. Transaction status, app updates, deposits and withdrawals, and suspicious activity can be updated.
Steps to Create a Metaverse Wallet
- Firstly, you should draw the plan to create your metaverse wallet. Decide on the technology, design, features, target audience, and blockchain integration, among others.
- Research on the market for metaverse wallets. You should find the audience, competitors, and the market for your project. This will help you understand the market needs and their current flow.
- Now, finalize the main features of your metaverse wallet and start initial designing. Prototypes are created, which will be taken further based on approval and feedback.
- Afterward, back-end tasks, including integration of various applications, will be done by skilled developers.
- Then, testers can test the wallet platform for any deficiencies. If errors occur, they will resolve them until no more errors occur. Various test cases will be used at this stage.
- Lastly, release the metaverse wallet for public use. Ensure that you update your application frequently to stay on the top.
How Can Blockchain App Factory Help You Here?
As far as creating metaverse wallets is concerned, Blockchain App Factory excels in the process. Our experience in the industry for nearly a decade has taught us valuable lessons. Our talented teams across various development areas can help you create a metaverse wallet. You can also have the luxury of having all your needs fulfilled. Also, our metaverse wallet creation services come quickly at affordable prices. Talk to one of our experts now if you want to create a metaverse wallet.