A Definitive Guide To Metaverse Wallet Development
Posted By : Priyansha Singh | 01-Aug-2022
Metaverse Wallet Development: Here's What You Need To Know
The world has indubitably witnessed the power and potential of virtual technologies amid the chaos of the global pandemic. Next-gen technologies backed by the notion of massive digital transformation served as the primary solution for communication and interaction in remote working scenarios alongside empowering many other business workflows and conventional processes. One such mainstream concept is the metaverse – a ground-sweeping phenomenon that has captured the likes and attention of everyone in the tech world.
Many experts reckon the metaverse to be the next iteration of the internet, powered by futurism technologies such as blockchain, NFTs, AR/VR, and 3D modeling. With a plethora of use cases pertaining to metaverse development services, it is only a matter of time before the concept of metaverse becomes an everyday problem-solver and tech-enforcer.
However, if you are looking to traverse the borderless metaverse, you will typically need a solid, trustworthy, and dependable metaverse wallet. These wallets typically assist in ownership management and offer control over the assets created, owned, and traded on any metaverse platform such as Decentraland, Sandbox, OpenSea, and Roblox.
In this blog, we will shed some light on why metaverse wallets are crucial for navigating different metaverse platforms, elucidate the benefits of metaverse wallet development, and discuss its core features. However, let’s get started with understanding what metaverse wallets actually are.
What Is A Metaverse Wallet And How Does It Work?
Metaverse wallets are fundamentally similar to any other blockchain-based wallets, but with some more additional features. The wallet enables users to receive, store, and transfer digital assets and NFTs whilst also allowing them to create and issue smart assets. Users can select the issuers, asset name, and amount. They can also use ETPs (Exchange-traded products) to garner interests in the same manner that physical bank and money deposit wallet functions. It is needless to say that the concept of building a metaverse wall is still evolving and continuously augmenting to optimize its services and fuel new use cases.
Moreover, on blockchain app development networks such as Ethereum and BSC, you can not actually reverse any unauthorized or erroneous transactions so there is no way to recover money in case it is stolen. This ultimately creates the direst need to create a metaverse wallet that is protected from phishing, hackers, and user errors. Also, the encryption technology used in metaverse wallet development protects user data from unapproved or hidden access. In such scenarios, even if someone somehow knows the public key, the related credentials will still not be available.
NOTE: If you want your metaverse wallet to work with NFTs, it must additionally support and work with ERC721, ERC1155, NFT Cosmos, TRC-721, BEP-721, BEP-1155, Composables, dGoods, and others.
Here are some of the prominent features that you can consider implementing into your metaverse wallets:
- Safe login with wallet access keys
- Cost-effective and swift international transactions
- Increased security
- Favorite or starred addresses
- NFC support
Also Read: An Overview of ERP-Based Travel Management Solutions in The Metaverse
How To Create A Metaverse Wallet?
Predominantly, the metaverse wallet development comprises several stages and workflows. However, in this section, we have listed a high-level overview of building a custom metaverse wallet for your project.
- Choosing The Type of Wallet
For creating custom metaverse wallets, start with determining the target audience first. It is because these potential users enable you to emphasize design, tech stack, features, and custom integrations. On top of this, you also need to choose the type of metaverse wallet that you intend to create. Usually, there are five types of metaverse wallets – desktop wallet, mobile wallet, online wallet, paper wallet, and hardware wallet.
- Audience, Market, and Competitor Analysis
Before developing any application or software project, we highly recommend conducting in-depth analysis and market research including the target audience and competitors. This research will enable you to understand and decide what type of product people wish to see in terms of design, features, and integrations, and what solutions can potentially be embraced for becoming widespread and successful.
- Selection of The Main Characteristics
Once you know what your potential users needs, the next step is to find and identify the core features of the metaverse wallet. You can find some of the feature highlights in the above sections.
At this stage, you will incessantly need a template where you can define the orientation of your metaverse wallet as well as the related user flows. Next, the designer will architect the prototype and layout and the developer will start working on it, once they are approved.
- Technology Stack Selection
Now that the functionalities and features of the metaverse wallet are finalized, the next process necessitates the selection of the right tech stack for the project. Here, we have recommended some of the most sought-after technologies and blockchain networks that you can consider opting for in your project.
âœ” Blockchain: Ethereum, BSC, Cosmos
âœ” Token standard: ERC721, ERC1155, BEP-721, BEP-1155
âœ” Smart contracts: Ethereum Virtual Machine, BSC Virtual Machine
âœ” API: Web3
âœ” MEAN stack
âœ” Cloud: Google Cloud Platform, AWS, MS Azure
âœ” Push notifications: Amazon SNS, Twilio, MAP
âœ” Databases: Amazon SNS, MySQL, Redis
- Metaverse Wallet Development
Blockchain, back-end, front-end, web, and mobile app developers work on the design and features of the wallet along with all crucial and custom API integrations.
- Product Testing
After the beta version of the metaverse wallet has been developed, the QA team will examine the codes for any problems, bugs, or errors. Additionally, they will also check the security, functionality, usability, and the system as a whole in a multitude of workload scenarios.
- Deployment, Maintenance, and Support
With a solid and effective end product in hand, you can finally launch the solution. A trusted metaverse wallet development company offers additional support and maintenance to its clientele even after the release of the product.
Also Watch: Exploring Metaverse Solutions For Businesses With Oodles Technologies
Looking For Enterprise Metaverse Solutions For Your Project?
At Oodles Technologies, we provide all-inclusive metaverse platform development services to businesses across various industries such as real estate, eCommerce, education, finance, travel & tourism, media, entertainment, gaming, and more. Over the years, we have gained extensive experience and hands-on expertise in architecting custom metaverse solutions powered by intuitive technologies such as blockchain, augmented reality, virtual reality, edge computing, and Non-Fungible Tokens, just to name a few. As an established metaverse development company, we cater to varied business requirements and leverage new-age blockchain networks like Cosmos, Ethereum, Solana, Polygon, Theta, IPFS, etc to build hyper-realistic, secure, decentralized, and interoperable virtual worlds. Our team is skilled at building metaverse wallets, metaverse NFTs, NFT marketplaces, and enterprise-grade metaverse platforms in accordance with industry requirements and demands. If you are looking for custom metaverse development services, feel free to drop us a line. Our experts will get back to you within 24 hours.
Her expertise lies in creating insightful and engaging content for the readers and has worked on multiple projects such as Blockchain, IT, Marketing, Home Decor, AI, and many more. She is a trained pianist, painter, and an avid reader.