Fractal, an NFT platform focused on gaming, is releasing a non-custodial wallet to help new members who don’t know much about cryptocurrencies join.
Due to how hard it is to manage cryptocurrency wallets and take custody of assets, cryptocurrency and NFT platforms have a hard time getting new users. Fractal, a platform for NFT games made by Solana, thinks it has a solution that uses users’ existing Google accounts.
On Friday, the startup announced Sign In With Fractal, a new feature that lets users quickly build a cryptocurrency wallet by logging in with a Google account. The process makes a non-custodial portfolio, which means that Fractal does not keep the Tokens non-fungibles (NFTs) or user assets. The wallet’s private key is then split between the user’s device and Fractal’s servers.
Kan talked about how annoying it is to have to set up a self-custody wallet like Phantom or MetaMask, put cryptocurrency in it, and keep that wallet safe. Even though people who believe in decentralization to the max might not trust a digital giant like Google, regular gamers might prefer a simple, familiar login process.
A new Fractal feature will put user safety first.
Logging in with Fractal is meant to make it easier to set up the wallet by using an existing Google login. It is also meant to make it less likely that users will fall for phishing attacks by linking the wallet to an account they already know. The company thinks that if a user is asked to log in to a fake website that looks like Fractal, they will be able to tell it is not a real Google login request because they are already logged in.
The new login method, according to Fractal, splits the private key into two “secret shares”, one held on Fractal’s servers and the other connected to the device used to log into the wallet with a Google account. If a user’s Google account is compromised, the attacker will not automatically gain access to the Fractal Wallet without the original device.
During the process of making a wallet, users are given a start phrase to write down and keep safe, just like when they use MetaMask or another service to make a wallet. The first sentence lets users get a Fractal Wallet back on a new device if the original device is lost, broken, or hacked.
An increase in Web3 games
The launch of the Fractal wallet is not limited to players. Kan has seen more traditional game developers switching to Web3 games. He says that developers are “obsessed” with getting users and integrating them into their games. He thinks that with social login, it will be easier for them to switch to NFT, which is how it should be.
An NFT is proof that you own a digital property, which in the world of video games can be things like avatars, weapons, clothes, and virtual terrain. Axie Infinity, a game based on Ethereum, has had more than $4 billion in NFT trading volume alone, and its meteoric growth over the past year has led to a boom in the creation of new NFT-powered games.
Magic Eden is the biggest NFT market on Solana in terms of total trade volume, but Kan wants to keep Fractal’s focus on the gaming sector of the NFT market.