Web3 Wallet is evolving, adding alternatives to MetaMask and allowing multiple SDKs for projects and games.
- Web3 Wallet SDK demand is a measure of new project growth in Q1 2023.
- The MetaMask SDK remains dominant despite unresolved attacks and wallet depletion.
- Web3 projects and games are exploring alternatives to wallet handling, such as account abstractions and shared key wallets.
Based on wallet SDK downloads, the Web3 space is growing. The 33% year-on-year growth in Q1 2023 was driven by continued interest in NFTs with free mints and additional game collections.
𝙒𝙚𝙗3 𝙬𝙖𝙡𝙡𝙚𝙩 𝙎𝘿𝙆 𝙞𝙣𝙨𝙩𝙖𝙡𝙡𝙨 𝙜𝙧𝙤𝙬𝙩𝙝
Web3 wallet SDK installs rose by 33% Q/Q in Q1 2023, with 438,500 weekly downloads.
Since Q1 2022, they have increased by over 350%.
Popular wallet SDKs like:
– Coinbase Wallet;
– Rainbow;
– Web3 Onboard;
– Web3 Modal. pic.twitter.com/vx0StQ8jTa— 《𝓥𝓵𝓪𝓭 》👽 (@TimeElder88) April 20, 2023
The Wallet SDK is a key ingredient for Web3 developers, with multiple options for providing a seamless end-user experience.
Web3 Boomed in Q1, Based on Project Data
Web3 shows growing developer interest, development of new projects, old projects, and recovery in token and NFT prices.
Alchemy, one of the top hubs for SDKs and other tools, also points to Web3’s growing trend in terms of wallet growth. MetaMask is still the most popular wallet and is integrated into different kinds of apps and games using Unity or Unreal engines.
https://twitter.com/MetaMask?ref_src=twsrc%5Etfw
Despite the popularity of MetaMask, an emerging trend is the abstraction of accounts and wallets where multiple parties hold some of the private keys. Currently, the Web3 space remains a mix of self-custody wallets and other types of tools such as wallets-as-a-service, account-based wallets, offline holdings, and multisig wallets.
Wallet Security Remains a Priority
Wallet security remains key in the Web3 space. One of the biggest problems is attempts to empty wallets via malicious smart contracts.
In April 2023, there were additional rumors that MetaMask was linked to an exploit of an unknown type that leaked wallets and stole up to 5,000 ETH. So far, the nature of the exploit is unknown, but it is speculated to be related to the ability to guess seed phrases. The best option for end users is to transfer NFTs and funds and use a separate wallet to store assets.
A rough estimate of the MetaMask exploit is around $10.5 million in token and NFT losses. While this exploit is relatively small compared to other crypto attacks, its ability to directly target wallets remains a concern.Tools for Web3 holds game assets and NFTs partially off the blockchain or , using the in-game marketplace to avoid exposure to external smart contracts and potential attacks.
🕵🏼♂️ Choose and check Play-To-Earn Games and Yield Guilds: HUB.UNITBOX.IO — the largest GameFi and NFT aggregator!
