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Here's How Coinbase Is Planning To Join The Metaverse

The cryptocurrency trading platform plans to launch NFT-based usernames for Coinbase users to access and navigate in the metaverse.

As everyone from Meta ( (MVRS) - Get Meta Report) and Roblox ( (RBLX) - Get Roblox Corp. Class A Report) to Nike ( (NKE) - Get NIKE, Inc. Class B Report) expand into the metaverse, the latest company to lay out a plan for doing so is Coinbase ( (COIN) ).

Built through a combination of virtual reality, augmented reality and video, the metaverse is a broad word referring to an online world that is currently popular with streamers and gamers but is increasingly being adapted by the broader public.

In a Medium blog post published on Thursday, the cryptocurrency platform's CEO Brian Armstrong and Identity Product Lead Alex Reeve wrote that Coinbase is planning to launch username-based NFTs. 

They will then connect to individual wallets and allow users to do everything from interact with other users to make payments with cryptocurrency in the metaverse.

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"We know that the Metaverse will exist, and we know it will be a series of interconnected virtual worlds," Armstrong and Reeve write in the post. "Our goal is to make it easy for anyone to establish their identity and gain access to those worlds in a way that's simple, trusted and decentralized."

The post did not mention when such usernames would become available or extensive details on how it would work. But it would tie to a user's digital wallet through the ethereum token that governs the Ethereum Name Service.

"We’re also working on technology that will allow you to purchase your avatar, define and maintain your public profile, and establish trust," the blog post reads. "And we're working on features like Sign in with [ETH/Coinbase], which could allow users to sign into every app in the Metaverse."