Vault is a new crypto startup, and they have many new developments. More specifically, they have created a wallet that is specifically meant for crypto collectibles, like non-fungible tokens. Though this project is still in progress, they have managed to secure a place on the App Store for Apple.
The co-founder of this endeavor, John Egan, noted that this company wants to make blockchain technology into something easier for consumers to use. For anyone that has not used the technology before, they will now be able to hold onto collectible purchases. One of the problems Egan saw with other wallets is the fact that they target developers, instead of the everyday user. By offering better decentralized apps, new users can become more comfortable and attracted to the space.
When discussing this new option with CoinDesk, Egan said,
“The motivation here is no one wants to build in an ecosystem that customers can't get access to, so it's really important to build those on-ramps … [Vault] doesn't present them with a lot of technical information, just gives them a way to start using [dApps].”
To make the wallets more about their function than trading, Vault has no plans to provide users with trading services or information about token prices. He said,
“It's like the early days of baseball cards, you didn't buy them to make 50 [times] their value later, you bought them to own them or trade them with your friends. I think that's the big opportunity with collectibles … you want to have these things because you want them, not because you're chasing [prices] … I think that's what the future is, the utility is coming.”
Adding to this sentiment, he said, “You can kind of see it in the [user interface] … the application doesn't attempt to encourage this idea of profit-seeking, it encourages this idea of holding things because you believe it has intrinsic value.
Egan compared the way Vault will work like the way that the iOS for Apple does. Developers work on apps for smartphones like the iPhone, which opened the door with an ecosystem that can be used to share and create apps. The mission, Egan says, is
“to be the most used crypto wallet and sort of knock down barriers in terms of getting into the space.” He also said, “I think collectibles have the best chance of bringing us out of the early adopter phase and moving into mainstream use, because most people are excited about these games.”
One of the benefits of this wallet will be the ability to add their friends and family as contacts on the wallet, rather than having to remember their wallet address. Egan wrapped up this discussion with CoinDesk by saying,
“We're not a trading desk, we're not a Coinbase, we're not a Gemini, we're trying to be a utility. I think if we're successful long-term, you'll begin to see this ecosystem flourish like you saw the web flourish.”