Ethereum (ETH) wallet MetaMask now has five million monthly users due to explosion DeFi and NFTs

MetaMask has grown tremendously over the past six months. The crypto wallet now has more than five million active users per month. Developer Consensys announced this yesterday via Twitter:

MetaMask is a wallet for cryptocurrencies that run on the Ethereum (ETH) network and is a so-called gateway for decentralized applications (dApps).

Via the mobile app or the browser extension of MetaMask, one can use, for example, non-fungible token (NFT) marketplaces and decentralized finance (DeFi) products on Ethereum. Consider, for example, decentralized cryptocurrency exchanges, or DEX, such as Uniswap.

The number of users on MetaMask quadrupled between October 2019 and October 2020 to one million per month. Since then, the number of users has even increased fivefold in six months to five million.

This growth initially coincided with the explosion of the DeFi market in mid-last year. Lately we have seen the DeFi market recover, but especially the new NFT market seems to be contributing to the growth of MetaMask:

“The recent mainstream craze about NFTs has drawn a much wider audience to the Ethereum ecosystem. In fact, Google searches for “NFT” are more than four times higher than for DeFi. In addition, on-chain data clearly indicates that NFTs are widely embraced by users in the Ethereum ecosystem. In fact, access to NFTs is now the second most popular use case for MetaMask, after swaps. ”

Furthermore, the press release reports that more and more people in the southern hemisphere are using crypto and MetaMask. Countries such as India, Indonesia, Vietnam and Nigeria are even high in the top 10 in terms of user numbers on MetaMask.

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