Coinbase defines its role in the Metaverse, saying keeping it free and open is its goal

Coinbase defines its role in the Metaverse, saying keeping it free and open is its goal

The company, which has been plagued by high fees and transaction times that rival those of credit card companies like Visa, is starting a new crowdsale to fund further research and development. Experts say the goal should be to keep crypto out of Coinbase’s hands—and instead put it in the hands of gamers themselves

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Coinbase defines its role in the Metaverse, saying keeping it free and open is its goal

Coinbase, a cryptocurrency exchange based in the United States, published a blog post last week in which it shared its ideas and defined its position in the Metaverse.

The Metaverse concept has been catapulted into the popular limelight with Facebook’s rebranding to Meta in late October.

However, crypto initiatives like Enjin, Decentraland, and The Sandbox, to name a few, have been working on the Metaverse idea for quite some time. However, their attempts have so far failed to gain the same acclaim as Meta.

Nonetheless, many have already written Meta off, unable to overcome the prior data privacy concerns. The acquisition of enormous amounts of data by Meta raises issues, according to Phillip Dutton, co-founder of software startup Solidatus.

“Regulators and the general public are demanding openness so they can trust that their personal information is being handled and secured responsibly.”

The Metaverse is still seen by many powerful individuals as a logical progression of the internet. With its contribution, Coinbase believes the Metaverse can become a trustworthy place.

What is the Metaverse, and how does it work?

The Metaverse will emerge as a result of the confluence of blockchain, NFTs, and extended reality technologies.

Eric Elliott, a programmer, defined it as a digital universe where our only restriction would be our own creativity.

“In a sense, the metaverse is the digital universe, in which whatever we can conceive may exist.” We’ll eventually be constantly linked to the metaverse, expanding our senses of sight, hearing, and touch…”

To be sure, getting to the level Elliott outlines is still a long way off. Nonetheless, he forecasts that when/if that moment arrives, it will be a massive economy, with a total value 10 times bigger than the existing world economy.

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There will be competing Metaverses, as mentioned above, each dealing with distinct types of immersive experiences. Virtual world or ownership oriented, gaming, and basic or protocol level such as transacting are the three major categories utilized by Coinbase.

What part does Coinbase play in this?

Coinbase views identification as a critical component of its contribution — in effect, managing the on-ramping into the Metaverse – much as Cardano does with its Atala PRISM solution.

To support their objectives and make this a reality, Coinbase discusses cooperating with the Ethereum Name Service.

“That’s the concept behind our collaboration with ENS, which allows you to generate a unique NFT username that corresponds to a wallet.” Users will eventually be able to carry a unique ID across many realms in the Metaverse.”

The company was keen to stress out that they are not doing this for financial gain. Instead, they argue that it’s about creating a vital component of the Metaverse and properly supporting crypto acceptance.

“Our objective is to make it simple, trustworthy, and decentralized for anybody to establish their identity and obtain access to other worlds.”

They conclude by stating that accomplishing this would maximize the Metaverse’s potential while remaining free and available to everybody.

Posted in: Metaverse, Coinbase

Coinbase defines its role in the Metaverse, saying keeping it free and open is its goal

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