> Blog > What is MetaMask and How Do You Use It?

Published November 8, 2022

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MetaMask is one of the most popular cryptocurrency wallets today. It includes a secure identity vault, which provides a simple interface for users to authenticate transactions and login credentials across a variety of decentralized applications. This functionality garnered MetaMask the nickname “The Gateway to Web3,” but many people today still don’t fully understand what it does. 

This article will explore how this powerful software could be your key to the next generation of the internet.

What is MetaMask?

MetaMask mimics the functionality of a typical fiat wallet. But unlike your physical wallet, MetaMask is a digital wallet that stores cryptocurrencies.

Unlike custodial wallets that come with centralized exchanges, MetaMask is an independent cryptocurrency wallet that users can connect to any Ethereum-based decentralized application (dApp), as well as dApps residing on many other blockchains besides Ethereum.

Users can either add the wallet as a web browser extension or install the app on their smartphone. It can also synchronize with dApps, including non-fungible token (NFT) marketplaces that require integrating an independent wallet system.

What is Web 3.0?

Web3 is often described as the next generation of the internet: a decentralized, permissionless web experience powered by distributed ledger technology (DLT) and cryptocurrency. Web 3.0-enabled applications and websites might ask users to authenticate transactions by signing their credentials during a blockchain transaction. This is a useful process for verifying ownership of a particular cryptocurrency or NFT before completing a transaction.

After installing the MetaMask plugin, the platform will ask users to sign each transaction and will add them to the blockchain.

Is MetaMask a Hot or Cold Wallet?

MetaMask is a hot wallet, which means it does not have hardware storage and functions entirely online. Cold wallets often are separate physical devices, and are kept offline with optional online functionality.

Is MetaMask Free?

MetaMask is free to install and doesn’t cost anything to connect it to web browsers or dApps. In order to support the project’s continued development, the wallet only charges service fees for its in-app coin-swapping function that typically range from 0.3% to 0.875% of the transaction amount, depending on the token.

How Do I Pay With MetaMask?

MetaMask functions like most other non-custodial wallets. You can send and receive funds from any address. When you want to make a transaction, you’ll need to ensure you have enough funds in your account to cover gas fees. To add funds to your MetaMask account, you can either buy coins or tokens directly through the MetaMask dApp, or you can transfer from fiat gateways such as FTX Exchange.

Which Blockchain Should I Use?

MetaMask can store cryptocurrency on several blockchains and switch between them easily.
Which blockchain you use depends on what you are trying to accomplish, but MetaMask can secure your tokens from a variety of different protocols.

Features of MetaMask

How to Install and Use MetaMask

  1. Open MetaMask on your web browser or mobile app store.
  2. Look for the “Download” button located in the site’s main navigation and click it.
  3. The website will redirect you to a download screen where you can install the program on your phone. When installing on browsers, the search engine will redirect you to add it as an extension.
  4. Once you have downloaded or successfully added the MetaMask extension, you can set up your wallet. There will be two choices for this, the first is to ‘import wallet’ while the second is to ‘create a wallet.’ Importing a wallet will require you to enter a secret recovery phrase and then have your information linked.
  5. If you create a new wallet, MetaMask will require you to create a new password to secure your MetaMask plugin. Be sure to choose a secure password that you aren’t using elsewhere. Also, be aware that a compromised password manager account would expose your MetaMask wallet information.
  6. After your password is created, the platform will prompt you to write down the secret backup phrase that appears on your screen in a secure location. Keep in mind that this backup phrase is the only option for recovering a wallet if you forget your password.
  7. Confirm your backup phrase. MetaMask will redirect you to the final page, where you will finalize the setup.

Using MetaMask

MetaMask on a mobile phone

Setting up MetaMask is as simple as syncing your wallet with an Ethereum or other compatible blockchain networks and using the software to store your assets. As a noncustodial wallet, you can send, receive, and swap cryptocurrencies without providing any personal details.

MetaMask gives investors control over their assets, which helps many feel more secure with their cryptocurrency.

The Future With MetaMask

MetaMask is one of the most popular wallets for Ethereum and the growing Web 3.0 ecosystem. Its user-friendly interface and wide range of features make it a great choice for those looking to dive deeper into the world of blockchain technology.

Looking to the future, MetaMask is planning to add support for more blockchain networks and tokens with highly customizable wallet experience. They’re also working on integrations with popular applications, and with more widespread adoption, MetaMask may become the go-to wallet for Web 3.0 interactions. Time will only tell how this software might shape the future of the web as we know it.

To learn more about crypto resources for navigating this digital landscape, check out the FTT DAO blog, and be sure to follow FTT DAO on Twitter and subscribe to the FTT DAO Youtube channel to keep up with the latest developments in blockchain.

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