Metamask's Transition from Wallet to Wallet-as-a-Platform

Will Metamask continue its dominance? Or will it fade to obscurity?

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Overview of MetaMask’s performance & market share

A crypto wallet is essential for every individual in the crypto realm, as it serves as a vital portal to the blockchain. 

According to CoinGecko, MetaMask is the leading wallet platform by far, with over 23 million downloads or 30% market share of the wallet space. This figure eclipses that of its closest rival, the Coinbase Wallet, by more than double

One of MetaMask’s standout features, MetaMask Swaps, allows users to swap tokens within the MetaMask extension directly. Since launching approximately 3 years ago, it has raked in over 228 million revenue and was the 10^th highest revenue-generating dApp over the past 30 days. 

MetaMask’s dominance is indisputable. However, history reminds us that even titans may fall to obsolescence one day - as we’ve seen with Microsoft Internet Explorer and Nokia – and I was of the opinion that MetaMask was on a path similar to theirs.

However, the recent introduction of MetaMask Snaps may have helped MetaMask avoid the fate that befell Internet Explorer and Nokia. 

This post shall:

• Why Metamask was losing market share

• What is Metamask Snaps and how it affects the wallet landscape

• Highlight the critical takeaways for builders and investors in the crypto wallet sector

• Showcase 3 interesting wallet projects