Coinbase Defines Its Role in a Free and Open Metaverse

Coinbase

cryptocurrency exchanges last week Coinbase published a blog post In which she shares her thoughts and defines her role in the metaverse.

Since Facebook changed its name to Meta in late October, the term Metaverse has hit the headlines.

But crypto projects like Enjin, Decentraland and The Sandbox to name a few have been working on the concept of Metavers for many years. However, their efforts have failed to achieve the same recognition as Meta to date.

Still, with the data privacy scandal not going away, many people have already left the meta behind. Philip DuttonThe co-founder of tech company Solidatus said Meta’s collection of large amounts of data was problematic.

, Regulators and the public demand transparency so that they can ensure that their data is being properly used and protected. ,

Many influential people still view the metaverse as a natural evolution of the Internet. coinbase thinks that the metaverse can be a place of faith by its contribution.

What is Metaverse?

The convergence of Blockchain, NFT and Augmented Reality technology will usher in the metaverse.

programmer Eric Elliot described it Like a digital world where only our own imagination will be the limit.

, The metaverse is, in essence, the digital world, where everything we can imagine can exist. Eventually, we will be permanently connected to the metaverse, expanding our senses of sight, sound and touch… ,

True, the level described by Elliot is still far from being reached. Still, when/if that moment comes, he predicts it will become a giant economy – estimated to be worth 10x more than the current global economy.

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There will be competing metaverses, each tackling different groups of immersive experiences. Coinbase classifies them into three broad categories Protocols such as virtual worlds or assets, games, and basic levels or transactions.

What is the role of Coinbase in all this?

Like cardano, which works on digital identity through its Atala Prism solution, sees Coinbase identity as an essential component of its contribution – in fact, it handles entry into the metaverse.

coinbase mention that she cooperates withEthereum Name service to support your plans and make this project a reality.

, That’s the idea behind our work with ENS, which creates a unique NFT username that resolves to a wallet. Ultimately, this will allow users to carry a unique identifier across different metaverse worlds. ,

The company immediately explained that it was not motivated by financial reasons. Instead, they say it’s about building a core of the metaverse and driving crypto adoption the right way.

, Our goal is to make it easy for anyone to establish their identity and access these worlds in a simple, reliable and decentralized manner. ,

They conclude by saying that achieving this goal will maximize the potential of the Metaverse and keep it free and open to all.

About the author: Seth Grace

Seth is an all-around geek who loves learning new stuff every day. With a background in Journalism and a passion for web-based technologies and Gadgets, she focuses on writing about on Hot Topics, Web Trends, Smartphones, and Tablets.

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