Arslan Butt
Coinbase is a regulated exchange that intends to concentrate on long-term cryptocurrency strategies and Web3 investments. The most important aspect of Web3 is ownership. Web3 provides consumers with complete ownership of their content, data, and assets through blockchains.
However, the original commercial internet, Web1, was read-only for users, whereas Web2 enabled them to read and write on centralized platforms. It gives readers, writers, and owners more power.
Let’s look at how Coinbase uses Web3 to connect customers to the entire crypto-economy.
Coinbase is a Gateway to Web3
Coinbase acts as a bridge to web3 by providing its customers with access to the entire crypto-economy. The platform focused on accelerating key web3 building components such as self-custody wallets, NFTs, developer tools, and technological advancements such as MPC.
JUST IN: @Coinbase will focus heavily on #Web3. pic.twitter.com/RrDdagB4OG
— Coingraph | News (@CoingraphNews) December 26, 2022
Web3 does not exist without self-custody. As a result, the platform has made significant investments in Coinbase Wallet. For the past five years, it has been the most popular mobile self-custody wallet and dApp browser in the United States.
Furthermore, the platform recently released tools for managing spam tokens and dApp block lists for Coinbase Wallet. It allows users to report suspicious tokens in the wallet and hides dangerous holdings from the home screen.
Earlier this year, the platform also launched cb.id. It is a subdomain system developed in collaboration with ENS that provides free human-readable addresses. Cb.id makes it easier for everyone to send and receive cryptocurrency by eliminating the need to copy and paste long sequences of letters and numbers.
As a result, you can transfer cryptocurrency by simply entering a username. In the first six months, over 1.3 million cb.id usernames were claimed at no cost to the user.
NFTs to Make Web3 Participation Easier
NFTs provide a simple way to validate the ownership of digital assets. They are simple to use, practical, and widely available, making them ideal for a thriving Web3 creative economy. Coinbase wants to handle all Web3 tooling so that artists can focus on what they do best: community building.
#NFT helps verify ownership of books when they are published as digital assets because #NFT does not create a copy of the work; it is an attestation of ownership of a digital copy of the work.#WeAreRealBookers #PublishEcosystem #NFTBooks #BookSwarmArmy $NFTBS pic.twitter.com/IHrLE4Xb6g
— NFTBOOKS (@nftbstoken) February 15, 2022
The Coinbase Wallet allows users to buy, sell, and manage NFT collections and dapps on the Ethereum, Polygon Solana, and Gnosis Chain.
Users can instantly check offers on NFTs, explore every major NFT marketplace using the in-app browser, and accept an offer on NFTs without leaving Coinbase Wallet.
4. Coinbase#Coinbase released a browser extension in 2021, making it easier for users to use their wallet across devices to purchase #NFTs and use other #dApps.
One unique advantage is the ease of transferring #tokens to others by using user instead of public addresses. #nft pic.twitter.com/XhRode07al— nftartcollection (@IFBG_nft) November 30, 2021
Coinbase NFT is a web3 marketplace where fans can find the best deals from their favorite artists while maintaining Coinbase’s simplicity, dependability, and security. Users can browse listings from LooksRare, OpenSea, and other Ethereum-based NFT providers.
In the coming months, the platform will also allow users to buy and sell Polygon NFTs. Due to dapp wallet sign-in, users can log into Coinbase NFT using their primary Coinbase app and make payments with their existing ETH balance. Users will soon be able to use their Coinbase balance to purchase NFTs from LooksRare and OpenSea on Coinbase NFT.
The Next Stage of Cryptocurrency
Coinbase will continue to work to establish a link to web3 because it believes in an improved on-chain future. Because it will take millions of developers to build and innovate for Web3 to reach a billion people, the platform believes that empowering developers is the quickest path to innovation.
Proud to see @coinbase heads-down building real crypto utility at a time when the frauds and fakers have owned the headlines@CoinbaseWallet, @CoinbaseCloud, and @CoinbaseInsto advancing the Web3 ecosystem, bit-by-bit, with real innovationhttps://t.co/npk7Nujh5L
— Max Branzburg (@maxbranzburg) December 22, 2022
It makes it easier to create Web3 social networks, the best experiences, games, and decentralized apps. Furthermore, the platform has the potential to broaden access to the financial independence that Web3 provides.
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This article was written for Business 2 Community by Arslan Butt.
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