Coinbase Team Shared Their Thoughts on Metaverse and Web3!

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Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase, and Alex Reeve, Product Leader of Coinbase Identity, shared their ideas about Metaverse and Web3, which has been talked about a lot lately.

Coinbase: Metaverse, the Future of the Internet

In a blog post published yesterday, the Coinbase team defined Metaverse as “The future of the Internet: A massively scaled, persistent, interactive and interoperable real-time platform of interconnected virtual worlds where people can socialize, work, transact, play and create.” used the phrases.

The team also touched on the concept of Web3, along with a narrative that briefly summarizes the history of the Internet:

“Web1, the oldest version of the Internet, was limited to accessing static web pages. Web2 created interactive, social experiences within closed ecosystems. Web3 will be about digital ownership in an open, decentralized environment.”

A Series of Interconnected, Decentralized, Virtual Worlds

Saying that Metaverse is the distant evolution of Web3, the Coinbase team explained their thoughts with the following statements:

“The metaverse is the distant evolution of Web3. In its most complete form, it will be a series of decentralized, interconnected virtual worlds with a fully functioning economy, where people can do almost anything they can do in the physical world.”

The team emphasized that there will be many interconnected metaverses and the importance of blockchain technology to transfer identity and ownership between virtual worlds, to authenticate them, make them available for trading and generate revenue on these platforms.