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U.S based, Nasdaq-listed cryptocurrency exchange Coinbase has shared its future roadmap for upcoming metaverse-related projects.
According to a new blog post from Coinbase chief executive Brian Armstrong and Alex Reeve, the company’s identity product lead, the exchange aims to develop an “identity on-ramp” into the metaverse. The blog post says:
“But unlike today’s internet, there won’t just be one Metaverse. There will be many Metaverses, and they’ll be interconnected. That’s why it will be important for any Metaverse to be trustless — meaning people can interact directly without going through an intermediary — and permissionless — meaning anyone can participate without authorization from a governing body.”
The on-ramp’s development is driving Coinbase’s work with the Ethereum Name Service (ENS), an open-source, blockchain-based identity protocol.
ENS allows people to mint username non-fungible tokens (NFTs) that can be linked to Ethereum addresses and web domains, enabling wallet names to become significantly less complicated.
Eventually, Armstrong and Reeve say, people will tap ENS for a unique ID across different virtual worlds throughout the metaverse. The ENS governance token got listed on Coinbase last month.
The exchange also has other ideas for its metaverse presence that it is looking to execute, according to the Coinbase duo.
“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 [Ethereum/Coinbase], which could allow users to sign into every app in the Metaverse.”
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The blogpost ends with a promise:
“If we succeed, it will allow the Metaverse to reach its full potential — and keep it free and open to everyone.”