The decentralized Internet, or Web3, exists on the foundation of cryptocurrencies as well as decentralized applications (dApps). However, an interface is required to use them. MetaMask is one of these interfaces. This digital wallet relies on browser integration and a practical design to serve as one of the main gateways to the world of Web3, decentralized finance (DeFi) and NFTs.
Simply put, MetaMask is a browser plugin that serves as an Ethereum wallet and is installed and used like any other browser plugin. After installation, it allows users to store Ether (ETH) and other ERC-20 tokens, which enables them to transact with any Ethereum address.
If users connect MetaMask to Ethereum-based dapps, users can spend their coins in games, stake tokens in gambling applications, trade them on decentralized exchanges (DEXs), etc. Furthermore, it gives users an entry point into the decentralized finance (DeFi) world, which in turn offers a way to access DeFi apps such as Compound and PoolTogether.
Decentralized Applications (dApps)
Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or peer-to-peer (P2P) network of computers rather than a single computer. Therefore, DApps cannot be under the purview and control of a just single authority. DApps are often built on the Ethereum platform, and due to the wide usage of Ethereum in Web3, they can be developed for a variety of purposes, including gaming, finance, and social media.
It is worth noting that, in the context of cryptocurrencies, a dApp also runs on a blockchain network in a public, open-source, decentralized environment; it is still free from control and interference by any single authority. Think of Twitter as an example! Twitter runs on a computer system owned and operated by an organization. And the organization has the full authority over the app and its workings. There are users on one side, though a single organization is in charge of total control of the activities. Now, imagine that a developer creates a Twitter-like dApp and puts it on a blockchain so that any user can publish messages. The authority on activities changes in this case, and if a user posts a message, no one, even the app creators, can delete the message.
What is the Metamask Portfolio dApp?
In September 2022, the popular Web3 wallet MetaMask launched of a beta portfolio viewer for the wallet users. The Portfolio dApp is a new feature that seems to improve users experience in Web3. It enables users to view and connect not only all their MetaMask accounts but also their assets in only one place. It allows the aggregation of values from all accounts and shows the total holdings of a user. Thus, the Portfolio dApp makes it easier to get a quick summary of their value based on a chosen currency.
The Portfolio dApp is now available to extension and mobile users to respond to customer requests for dApps. The dApp fully supports Ethereum Name Service (ENS) addresses and wallets, which allows users to add their friends to their circle. The portfolio is also multi-chain and can be easily connected to various networks, including Ethereum, Optimism, BNB Smart Chain, Polygon, Phantom, Abritrum and Avalanche. The dApp also provides a non-fungible token (NFT) section that allows users to “get a holistic view” of their digital art assets. It seems that both Portfolio View and NFT View features are here to provide a link for users to propose a unique Web3 experience to all MetaMask users.
How to access Portfolio on mobile?
Users need to go to the browser within the MetaMask app, then choose portfolio.metamask.io from the screen. Users can connect their wallets only if they use the built-in browser.
MetaMask is designed as a passport to the decentralized web. As a result, a user’s portfolio can show assets held on different networks compatible with Ethereum networks mentioned above. Here are the steps to set up Portfolio dApp in your MataMask account:
- First, connect your MetaMask wallet
- Then, start exploring your portfolio
- You can choose to switch networks
- Explore details about your digital assets on a networks
- View your NFTs
- Find and watch additional tokens
- Add all your MetaMask accounts.
Considering the significant changes seen in the digital world, including NFTs and Web3 virtual life, it is essential for digital service providers to improve their users’ experience by providing new practical features in their services. Among all, MetaMask has been successful with its latest feature Portfolio dApp, which sure attracts more users to the digital wallet. Let’s wish them luck!
If you have further questions take a look at this metamask support document about the Portfolio dapp.