MetaOneVerse Launches Dapp Wallet; Will Allow Users To Store Tokens, Purchase NFTs

Dapp wallets help users log in to decentralised apps, and offer secure storage of tokens.

The MetaOneVerse wallet will support Ethereum network, among others. ( Image Source :Getty )

MetaOneVerse, the hyper-deflationary token, has launched its first Dapp wallet. Able to support a wide array of blockchain networks including Ethereum (ETH), Binance Smart Chain (BSC), and others, MetaOneVerse’s new Dapp wallet has been launched in three stages that the company says will create and scale multiple wallet integrations. Dapps, also stylised as DApps, refer to decentralised applications. Just like any other app, Dapps also offer various services and functionalities to users. Dapps are divided into a wide array of categories, from finance to gaming.

Dapp wallets are used to access a Dapp. In simple terms, a wallet is your ‘login’ for a Dapp. Apart from a Dapp wallet, you will need a supported crypto token to pay for any transaction fees as needed while using the Dapp. And just like any other wallet, MetaOneVerse’s Dapp wallet will “allow users to securely and easily store all of their tokens in one place,” as per the company’s Chief Marketing Officer Abhay Sharma. “MetaOneVerse hopes to create a productive user acquisition funnel through Dapp integration in order to multiple user engagement on the platform,” said Sharma.

As mentioned earlier, MetaOneVerse’s Dapp wallet has been unveiled in three phases. The first stage involves capturing and supporting multi-chain networks such as ETH and BSC. This phase also includes other necessary facets such as biometric authentication on login as well as every transaction. It also involves allowing users to buy tokens by swapping Binance Coins (BNB).

Purchase and staking of NFTs will be added to the new wallet in the second phase. After purchasing, the staking of NFTs helps users earn passive income. The third phase will eventually offer Web3 products that the company claims “will also help users secure a massive passive income as well.”

In other crypto-related news, Bitcoin price has taken a major tumble on Tuesday, dropping below $30,000 for the first time since July 2021. Separately, a report on May 9 claimed that the GST Council is considering imposing a tax of 28 percent on cryptocurrencies and all related services. The proposal is said to be tabled at the next council meeting.