The mobile market size is projected to experience 18.25% growth in 2032, according to reports by Global Market Insights. With a present CAGR of $318 billion, more advancements are being pushed to accommodate this ever-growing market size. Today’s trend is all about mobile accessibility. From social media to finance, accessibility has become a trend for tech-savvy users, hence the need for mobile wallets.
Launching your brand’s mobile wallet requires expertise and planning. For a successful launch, a mobile wallet, particularly a web3 wallet, requires a collaborative effort, which is not readily available for many business owners. But what if it is? What if business owners can have a uniquely customized mobile web3 wallet?
What is a Mobile White-Label web3 Wallet?
A white-label web3 wallet is a ready-made, customizable waller solution that can send, store, and receive crypto, NFTs, and other forms of digital assets. The process of white-labeling involves creating multi-tested solutions for business owners, allowing for quick customization and deployment.
Web3 wallets are often confused with traditional digital wallets, as they are both used as storage for digital assets. Yet, they differ in various ways: one is that web3 wallets are supported on the blockchain, while digital wallets are supported by enterprise integrations. In addition, web3 wallets are decentralized, allowing for full user ownership and promoting financial liberty. Digital wallets depend on the centralized financial institutions they are tied to.
Web3 wallets support different asset types, while digital wallets handle fiat-related translations. When it comes to interoperability, the Web3 wallet stands out as it can interact with different decentralized applications across multiple on- and off-chain networks. The ability to fully develop a fully functioning wallet can be quite difficult for many business owners; hence, white-label serves as an alternative that accomplishes this vision at a cost. PTPWallet is the best white label web3 wallet in the market.
Types of White-Label Web3 Wallets
The advancement in the web3 industry has allowed for the development of unique wallet types like:
Custodial wallets
Custodial wallets are usually web-based wallets provided by centralized cryptocurrency exchanges like Coinbase. They are characterized by their user-friendly designs to ease navigation and operation. If you happen to lose your wallet, recovery is easy, as the exchange can send resources to retrieve your accounts and the funds in them.
Transactions in a custodial wallet are signed by the exchange provider. These wallets are easily connected to dApps and apps for staking and farming. However, custodial wallets are vulnerable to hacks as they are always online. These exchanges also require KYC or AML to verify the user’s identity.
Non-custodial wallets
Non-custodial wallets are also called self-custodial wallets; they depend on public and private keys for transactions. It provides users with maximum financial liberty, allowing them to control their funds with their private keys. It allows users to create new wallets easily, and the funds held within are safe from online hacks.
In addition, there is no need for a KYC or AML verification to create one, and the best part is that there are more advanced features than those found in custodial wallets. However, it requires users to have substantial knowledge to interact with the advanced features, plus losing your keys and losing your funds.
Smart contract wallets
At its core, a smart contract operates on the principle of the average blockchain smart contract. These wallets take advantage of the blockchain’s ability to create a self-executing contract that obeys the set conditions. Smart contract wallets rely on scripts with multiple functionalities that grant users access to greater control and security. Users get to access features like custom transaction logic.
Popular Web3 Wallets You Should Know
There are over 100 web wallets users rely on to conduct transactions; among these wallets are the following:
- MetaMask
- PTPWallet
- Coinbase Wallet
- Trust Wallet
- Phantom Wallet
- Kraken Wallet
- Argent
- Rainbow
- Exodus
Advanced Features of Web3 Wallets
web3 wallets have been fine-tuned over the past few years to be near-perfect. These wallets are being updated with advanced features to simplify transactions and asset ownership. Common advantaged features you can find in many web wallets are:
User-friendly interface
Many web3 wallets are being built or updated to suit a new market—the novice. Past wallet designs were too complicated for users, which reduced their desire to conduct transactions. With this new user experience, users can navigate the wallet interface and make more transactions daily.
Multiple network supports
web3 wallets now strive to interconnect with other networks; there is an increase in multiple blockchain support. This means you can transact with users on other chains with ease.
Detailed analytics and resources
Gone were blank interfaces showing only your assets; now web3 wallets are equipped with analytics that provide real-time information about the market. This readily accessible resource allows users to plan accordingly and make more profitable decisions within a short period of time.
NFT integration
Users can handle their digital assets and NFT at the same time without switching apps, providing a seamless environment for multiple trading.
Portfolio monitoring
For users with a diverse portfolio, it can be not easy to track all their assets. Web e-wallets have built-in yield monitoring resources that allow you to handle your portfolio performance.
web3 wallet future trends business owners should look forward to
For business owners looking to integrate Web3 wallet solutions into their platforms, PTPWallet is the right solution for you. PTPWallet offers all of the above mentioned features as well as the following:
Advanced security features
To safeguard the resources of each user, business owners should expect more advanced security features like encryption mechanisms and biometric authentication. The combination of multiple security mechanisms provides an impenetrable web3 wallet that can avert hacks and online theft.
Art
Web3 wallets have given past the futuristic look; business owners should expect to see more art and culture as web3 wallet service providers are looking to collaborate with artists and creatures to create unique pieces that can encourage the sales and purchase of digital arts.
User education
There is more focus on educating new users on how web wallets work. Hence, prompt customer service and user manuals will be a common trend in the future. This is believed to improve traffic and promote customer retention.
