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Coinbase Exec reveals company’s plans for Web3 in 2023

One of the most popular cryptocurrency exchange sites, Coinbase, has been mentioned in recent metaverse news. Jessica Wilmes, who works for Coinbase, talked to Boardroom about the company’s Web3 plans for 2023. 

Coinbase wants to get more people to use its easy-to-use cryptocurrency exchanges and self-custody wallets as the Web 3 business grows.  Every day, Web3 builders find new ways to use bitcoins.  Even with the recent turmoil market and the longest crypto winter outside of Westeros, Coinbase is still optimistic about the future of crypto.

Is Coinbase optimistic about web3?

Coinbase Exec reveals company's plans for Web3 in 2023

Jessica Wilms, the head of brand partnerships at Coinbase, told the boardroom that cryptocurrencies can be used in the Web3 ecosystem as a way to store value or make transactions.

Willems pointed out that “Cryptocurrencies will continue to be an important part of Web 3 as they are an integral part of many decentralized applications and blockchain-based protocols. As Web 3 technologies mature and become widely adopted, cryptocurrencies will likely play a significant role in their development and use.”

Coinbase put out a report about its predictions for the cryptocurrency industry this year. In 2023, there are three main ideas at the crypto exchange:

-Institutional investors selling off high-quality assets creates opportunities
-Key changes to get the next cycle going
-Fundamental reforms that start the next cycle

Games and Cryptos

Sports, bitcoin, and Web 3 all have things in common that could help each other grow. Williams suggested token gating, fan participation, and POAP as ways to use cryptocurrency in sports.

Williams said that combining sports and crypto could have many benefits, such as new ways to connect with fan and team communities and make things more efficient, safe, and easy to use.

Williams suggests some ways the games industry could use Web3:

-Token gating: Using tokens to get in can help promote or improve sports events. More teams and players will sell NFTs for VIP experiences, meet-and-greets, and other ways to improve the fan experience.

-POAP: Proof of presence on blockchain will grow in sports as teams and leagues encourage fans to get involved and collect POAPs for later use. We do.
-Crowdfunding projects made possible by Web3 technologies let sports fans directly help their teams.

-Social media: Fans can have more control over their data and talk directly to their favorite athletes and teams through decentralized social media networks that are powered by Web3.
-virtual reality: Fans of sports can have a fun virtual reality experience thanks to Web3 technologies.

-virtual reality: Fans of sports can have a fun virtual reality experience thanks to Web3 technologies.

Gaming industry and web3

Coinbase Exec reveals company's plans for Web3 in 2023

Last year, Web3 investors put most of their money into gaming companies, so it will be interesting to see how they respond. The people who made Web3 use NFTs in games. Players can buy, sell, trade, and take care of NFT player cards in Sorare’s fantasy football game. DraftKings, SimWin Sports, and World Champion Fantasy all have similar business ideas and work with well-known NFT projects.

Williams said, “As blockchain adoption continues in the gaming industry, it has the potential to have a significant impact on the future of gaming, with gaming NFTs becoming a widely marketable and valuable asset. Web3 will completely change the profit model for both game developers and game players.”

Williams said that Coinbase Pay, Wallet, and Node could be used to make NFT assets in games.

“Blockchain, as a decentralized and robust Web 3 platform, offers many benefits to game developers, such as better security, better ownership and control of in-game assets, and easier and more secure implementation of in-game transactions, ” they said.

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About MahKa

Coinbase Exec reveals company's plans for Web3 in 2023MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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