The Future of Assets Experiences in Crypto Wallets | Albert Feng - MetaMask

[Music] hey how's everyone doing well thanks for taking the time I'm Albert I'm a product manager here at metamask and I'm here to talk to you about assets experiences so who here uses a crypto wallet just raise your hand awesome okay what do you like about your crypto wallet just shout it out cuz apparently this is not great engagement but shout it out security okay what else multi-chain oh I heard multi chain great anything else UI okay anything else Brit Bridges bridges great Bridges so some of the answers I expect are you know it's secure it's easy to use connects to the adaps I use right I can see all my assets and how much they're worth etc etc what if I asked you what you like about your credit card so shout out why you like your credit card all right money back what else rewards I love my rewards anything else I didn't hear that but yeah speed speed speed is an important one so I would expect something more like hey it saves me on international fees I literally get money back for paying rent that's a new one that I using I get points back when I travel and all the things I usually pay for I get you know the right experience and the best experience so as you can see these two answers have quite a lot of division right like they're very different in the web 2 world these would be a given you expect your credit card to be secure right that's not why you choose a particular credit card in other words infrastructure is no longer the reason or the level that we talk about in the web 2 world right framed another way in web 3 we're still working on an infrastructure problem so there's you know we want to get accurate real-time data there's a lot of scam airdrops I am a proud board ape holder but I've lost a lot of other community members through malicious links right transaction simulations and on and on but what if we solved web 3 infrastructure let's just take a moment not in a moment let's take 20 minutes imagine if we solved web infrastructure we solved all these issues then what is the future of assets experiences once we solve all these infrastructure issues to really get into this we need to understand what the future of assets experience is in general so let's start by examining the history of money so this is really interesting for me to do research on um because to understand what could be in the future it's important to look at the past so the the the first sign of money was actually not money it was bartering I had a cow I want some tea I change one cow for two barrels of tea right we started documenting them on you know clay tablets at some point we had coins to carry out fractional money which was actually money then we had cash paper currency we created Banks so that you could exchange currencies from different countries the gold standard came in Europe so that we could actually have real value credit cards were introduced so that you could not only buy fast but also borrow Bitcoin obviously everyone here knows about Bitcoin I assume and finally Apple pay Ali pay because of the digital and mobile Revolution that we have today if you look at history there's a reason why every single time we have a technological Revolution it came to be right for clay tablets we wanted to document like a ledger what happened for coins it became an easy way to fractionalize value no longer did I have to trade a single cow I canot I didn't have to cut up my cow in half to get only half a barrel te right then I had cash carrying with me all this coin is really heavy so cash helped it be a lot lighter and a lot more you know transportable then Banks made it easy to exchange right if my friend didn't have what I wanted then I had no luck Banks made it easier um at some point we knew that with cash you could print unlimited cash so you would go and actually use gold as a stable value uh Peg we introduce credit cards debit cards because we want money now also cash is a lot so I just want to carry a single piece of plastic obviously Bitcoin introduced decentralization and finally Apple pay alip pay introduced a way to pay with the mobile devices that we use every single day in summary there's five main money Trends I've seen in the past first is fractionalization of money we went from Trading whole cows to cents on the dollar second we have it much EAS easier access and use we had Banks we have places and places that swap money we have easy ways to just tap and go we have money now that's a really big one right in the recent days there's a lot of payday loans a lot of ways you can just borrow pay L pay now like buy now pay later right that's a huge Trend that we've seen and that obviously is amounting to a lot of credit card debt it's a whole another issue and then four is we get money back right you have experiences that you want to do no matter of the form of payment it just happens that this payment gives me 4% back so I'm going to choose this one and five looking at all these types of money we actually are really good at accepting new forms of payment right now in this world it seems like it's going to take ages for crypto to be accepted as a payment method but looking at what we've done in the past it's very feasible and it's going to happen so how does crypto tie into these Trends right when you're building a product or you're solving a problem you know the problems that we have as people haven't changed in the last thousand years so here are the money trends that apply to crypto right with fractionalization we can now fractionalize and digitized physical assets on chain we can have ease of use because we have fewer middlemen fewer government oversight to how we want to use our money money now defy enables instant borrowing no more long approval processes right money back we get to generate yield at any asset and five is just a totality of everything here which is with crypto it's a new form of payment so now if you haven't been paying attention this is the time to pay attention this is the future of assets experiences in crypto as everyone knows crypto is a borderless digital money system or actually more specifically crypto is a borderless digital assets system and that word assets is super important here because no longer do we have to look at just single dollar values right we actually can look at assets as anything that has value and we also support the fractionalization of that particular piece of asset and assuming you know in the next 15 minutes we're assuming that the infrastructure is in place anyone with an internet connection can participate and that's huge so it starts where does the future of crypto where do the future of assets experiences start it starts with the unbanked can anyone guess why the unbanked in the US are unbanked just shout out answers cuz again I can't hear you uh sorry can you say kyc okay kyc that's a great reason any any other reasons poverty great reason any other reasons all right so according to FDIC study you know 29% cited not having enough money to make the minimum bank requirements that's huge right A lot of them just distrust Banks largely because of the last reason which is Bank fees right so in the US there's a huge problem with the unbanked but it's more than just the us all right another guessing game how many Americans do you think in in the US are unbanked at least this is just some query some amount of number how many how many Americans it's probably more than zero okay I heard no answer so I'm just give you the answer 6 million Americans 6 million Americans are unbanked it's at least also cuz this it's hard to report this number so it's at least 6 million and then how many people in the world do you think are unbanked 1 billion oh I heard 1 billion How any other guesses two billion oh hey let's actually go right down the middle it's 1.5 billion people great great guesses right so the market is huge and the final you know Trend that we're seeing is Emerging Markets are adopting crypto so last Q&A for this whole session I promise why do you think Emerging Markets are adopting crypto inflation okay inflation is actually probably the biggest reason so it's a hedge against inflation in 2023 turkey had turkey's currency haded 50% inflation Argentina suffered 104% so their crypto growth rate naturally was higher than the global average because citizens there are seeing that crypto is potentially the only way that they can keep the money that they have further there's more reasons like you know restrictions on buying f foreign currencies you're going to go and you know you want to send money to your friend in another country wire fees May up be up to 7% right those are huge numbers and so crypto actually makes it easier and faster and cheaper all right so said all this what is the future timeline for crypto first as we've seen the unbanked and the Emerging Markets will adopt crypto as their money system because they have nowhere else to turn to and we're actually as a pause we're actually seeing this today there are actually a lot of businesses international business businesses supporting stable coins as the speaker before was talking about um to actually run their businesses because their local currency is so inflated all right so second to unlock these Global customers and crypto customers vendors are going to support crypto payments that's because they're Pro crypto they're Pro money they're Pro business they're Pro Tam right if you include the amount of people who just take cash people are like oh I can't you know go to your business cuz you don't take credit card so now people have to take credit card and then now the number of people are like hey I only have crypto now they're going to have to take crypto right so it's not that they're Pro crypto they're Pro business uh and then prominance and asset verification which are some some things that are purely uh sorry baked into crypto will start inre introducing new financial instruments and new experiences and finally crypto becomes as commonplace as cash and credit cards so finally going back to the original purpose of this whole talk what does this mean for the future of assets experiences in crypto wallets first we're going to have integrated e-commerce experiences similar to shop or Amazon checkout right you can sometimes you know we started with stripe where you just enter your your credit card information now it's just oneclick checkout now it's going to be oneclick check out with your crypto wallet second it's going to be a seamless identity and asset verification no longer we're once we have the infrastructure right there's legal there's government but assuming all that it's going to be super easy to buy a house take out loans on that house it's going to be easy to interent events like e Denver with token proof and assets don't just sit there right today our money since are high yield savings account gets 4% 5% you know we to do the same thing not just with our money but also with our assets and then finally there's also or actually second to last there's going to be a digital access layer you can think of this as gamei right there's their experiences are unlocked through only the digital world that we have and finally loyalty like being a whale having you know a th000 eth in your wallet different wallets are going to compete for your business and so we're going to unlock lower swap fees just for that whale Customer because we know that that customer is extremely valuable so back to the beginning back to the first questions I asked here in the future you know showing blockchain data in a secure manner that's going to be table sticks that's going to be expected to even have a crypto wallet that's even competitive but when we ask we are asked why we choose a specific wallet crypto wallet will say hey this wallet I choose this one because it unlocks the most money for me it's the most yield this wet integrates with the most places I shop with this W allows me to borrow against my house and one click right no longer do have to wait many many months for approvals and you know lawyers functionality uh loyalty I get to unlock specific experiences because I've been a customer of this wallet for five years and then finally ease of use this was just so easy to set up and pay with in the real world thank you [Applause]