Internal equity exposure: what does Coinbase's metaverse look like?

Recently everyone has been talking about the meta world.

The Meta Universe platform sells virtual land for millions of dollars, and thousands of dollars have been invested in Meta Universe startups. Mark Zuckerberg recently changed his Facebook name to Meta to focus on creating a meta world.

The term "meta-universe" has not been coined recently. Author Neal Stephenson first spelled the word in his 1992 novel "Avalanche". However, advancements in technology have allowed us to spend more and more time online, and more and more people are starting to think about what's going to happen next and how. The digital and physical worlds will change in the future.

Recently our team wrote an internal report on the metaverse. This includes who made the Metaverse and how cryptocurrencies will help make the Metaverse a reality. This internal interaction seems to have gone really well, so I wanted to share the details of the show.

Definition of the meta-universe

Our take on the Coinbase metaverse has been greatly influenced by market capitalization and author Matthew Ball (you can find his work here). Like Matt, we define Metaverse as:

The Future of the Internet: A stable, interactive, large-scale, real-time interactive virtual world platform where people can communicate, work, exchange, celebrate wonder, and create.

At the origin of the Internet, Web1 is about accessing static web pages, Web2 is about relationships in a closed ecosystem, and Web3 is about digital members in an open and decentralized environment.

After a long change, Web3 will become a meta-world.In its fullest form, the meta-world would be a process of distributed and interconnected virtual worlds with a well-functioning economy that would allow human beings to do whatever they can do in the physical world.

It is important to note that the Metaverse is not a game (a game is just a game that you can play on the Metaverse), it is not a reality (VR is only a way to play with the metaverse), not Web3 (Web3). It's just an early metaverse.)

Below, we apply the meta world context to the real world situation.

Metaverse Points

The whole meta-world is still a long way off, but it will be built on the foundation that we are currently building.

A "group" of uncertain future meta-worlds

As of today on the internet, the metaverse will depend on hardware and architecture, equipment, design and management processes, many of which have yet to be finalized.

But unlike today on the Internet, there is not a single metaverse. There will be multiple meta-worlds and they will interact. This is why every meta-world has to be unreliable (meaning people can be directly affected without going through a middleman) and unauthorized (meaning anyone can join without board approval. 'administration).

To achieve this goal, Metaverse will leverage the blockchain to transform characters and members of the virtual world, identify it by authentication, and create payment gateways. The right for people to buy, sell and earn. business is not seen.

Who creates the meta world?

We can't make something close to the global meta yet, but we are experimenting with different content from different companies and organizations. Most fall into three categories:

The meta edge ecosystem is still in its infancy. occurs, but has not yet been defined. It is also its charm. Nowadays, people pay a lot of money for games, mainly because they are easy to recognize. But we are starting to see what the future holds.

personnel

You personally decide who you are, what you can meet and do, and how you are represented in the metaverse world.

In the metaverse, we must personally include a simple login, a unique identifier, an avatar to represent us, metadata that follows us, and proof to prove who we are. The current improvement steps for each segment are as follows:

Where Coinbase comes in

At Coinbase, we hope to collect all of our symbols. Most of all, it creates a personal portal to the meta world.

This is the concept of working with the ENS. ENS can create a name using a special NFT, which can be defined as a wallet. Finally, users will be able to retrieve identifiers from other worlds in the meta-universe.

We are also committed to developing technology that enables consumers to purchase avatars, translate and manage public data, and build trust. We are developing features such as login with [Eth / Coinbase], which will allow users to access any application in the meta edge.

concludes

Ultimately, it's not about expanding our business or profit, but creating a vital part of the global meta-edge ecosystem and helping cryptocurrencies improve the way.

We know that there is a meta-world, and we know that it will be an integral part of the virtual world. Our mission is to enable everyone to develop and enter the world in a simple, reliable and distributed way.

If we are successful, the Metaverse will reach its full potential, keeping its status free and open to all.