Coinbase’s New Browser Could Be The Answer To Blockchain Mass Adoption

October 19, 2022 John Coinbase 0

In May 2022, Coinbase
COIN
 launched its Non-Fungible Token product, allowing savvy web3 users to buy, sell and transfer their NFTs. But it was nearly dead on arrival with incredibly low usage and a market of early adopters who cared more about their privacy than ease-of-use. These early users were left confused as to why they would switch over to another platform, especially one that made them go through KYC (a process of providing identification as well as other legal information).

This flop was because Coinbase tried to capture a new demographic, one that stands for everything they are not. Decentralized, Anonymous, Self-custodying.

Coinbase’ current success is rooted in its crypto-trading product that is easy-to-use and has onboarded millions of people into web3 (the blockchain connected internet).

Now, finally, Coinbase has shifted towards building on what it has and added a browser to its mobile application.

If coinbase is your only window into crypto and you have strictly stuck with buying and selling different coins, this feature may seem out of place. But it’s actually a huge deal. A web3 browser in Coinbase is their path towards allowing true mass-adoption of blockchain technology.To interact with the many blockchain-enabled websites and applications (collectively, “web3”), you need a wallet application, such as Metamask, that has your crypto in it. Some web3 sites may also require that you own collectables or art to access them, NFTs.

Until a few days ago, this meant buying Bitcoin/Ethereum/Doge/etc in Coinbase, transferring it to your Metamask, then using Metamask to access a web3 site. A lot of work!Now with one of the best crypto offerings, and a way to connect, trade and interact with the rest of the blockchain powered web, Coinbase is poised to start what could be another leap forward in technical blockchain advancement. Their new browser enables companies and developers to create products powered by this new technology that can be used by a much broader audience.

What we have yet to see however is how brands, partnerships, and Coinbase’s own strategies will make this a success. At the moment their browser defaults to some of the most popular web3 apps/sites, but will their users know what to do with them?