Coinbase Could Build Identity Tools To Access The Metaverse

Coinbase could build identity tools that will ease the access to the Metaverse but it could have to be careful that it’s not portrayed as a Facebook-like platform of Web3 so let’s find out more in today’s Coinbase news.

Coinbase’s CEO published a blog post outlining the vision of the company for the metaverse. Coinbase wants to help the users manage their metaverse identity with avatars and NFTs and now Coinbase could build identity tools to let people access the metaverse. The CEO of the exchange Brian Armstrong and Alex Reeve published a blog post that shows the company’s vision of the metaverse and the plans to operate there. The most important part of the blog post comes where they describe the plans to provide the users with NFT-based identity tools to enter into the realms of the metaverse:

“At Coinbase, we want to help pull all the pieces of identity together—essentially creating an identity on-ramp into the Metaverse. That’s the idea behind our work with ENS, which makes it possible to create a unique username NFT that resolves to a wallet. Eventually, this will allow users to carry a unique ID across different worlds in the Metaverse.”

Armstrong and Reeve added in their blog post:

“We’re also working on technology that will allow you to purchase your avatar, define and maintain your public profile, and establish trust. And we’re working on features like Sign in with [ETH/Coinbase], which could allow users to sign into every app in the Metaverse.”

Coinbase’s mention of ENS is a reference to the Ethereum Name Service which renders the complicated group of characters that are making up a wallet address into a simple word. Coinbase was heavily involved in a DAO and got associated with the ENS project which is regarded as a key step to making the metaverse even more accessible and user-friendly.

If the crypto exchange becomes a popular option for people to access the metaverse and to manage their identity, it could have a similar role as Facebook where people used their accounts as a key to accessing a wide variety of other websites. This provided Facebook with a huge amount of power over the internet and a lot of other controversies over privacy and censorship. For Coinbase things are different because the metaverse Is built as a decentralized platform where no entity or central authority has control. Its CEO has been a huge proponent of decentralization as a way to give people freedom over their lives.
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If the exchange emerges as a top go-to service from where the people will access the metaverse, his company has to make sure not to exert power over those that inhabit the metaverse or bring Web2-style gatekeeping to Web3.