Coinbase founder Brian Armstrong has announced that the company received an overwhelming response of more than 150 project applications in response to their call for promising crypto ideas.
In a recent tweet, Armstrong revealed his intention to add an 11th startup idea to the mix, and it’s nothing short of groundbreaking – a Web3 version of LinkedIn.
The innovative twist in this proposed Web3 LinkedIn is using soul-bound NFTs (Non-Fungible Tokens) to verify employment or credentials. While traditional LinkedIn relies on textual claims, this new approach aims to introduce blockchain technology to professional networking.
In his tweet, Armstrong outlined the vision for this Web3 LinkedIn, stating, “It would be great if companies could issue soul-bound NFTs to verify employment or credentials.” It implies that users’ professional profiles will be anchored to NFTs, ensuring authenticity and trustworthiness.
Additionally, he highlighted the importance of building a user-friendly front-end interface and mechanisms to bootstrap the network effect, possibly by allowing users to mint their NFTs upon verifying their company-issued .com email addresses.
This ambitious venture by Coinbase adds another layer to the rapidly evolving landscape of blockchain technology, emphasizing the potential of NFTs beyond the realm of art and collectibles.
The Coinbase Ventures Initiative
The call for project applications was part of a broader initiative by Coinbase Ventures, which, on August 30th, shared the “10 ideas I’m most excited about in crypto right now,” as Armstrong put it. The company believes these ideas are essential for the crypto space to nurture the next generation of startups.
Armstrong also emphasized the significance of bear markets as an opportune time for innovation and development. Coinbase is actively building various products and services internally but acknowledges an abundance of untapped potential in the crypto sphere, hence its call for external contributions.
Furthermore, Coinbase Ventures has announced its inaugural Coinbase Ventures Summit, scheduled to take place in Los Angeles this October. This event will assemble top aspiring builders in an intimate setting to facilitate discussions on advancing the crypto space.
It offers a unique opportunity for crypto enthusiasts to interact with Brian Armstrong and the Ventures team and contribute to the evolution of the cryptocurrency industry.
However, Coinbase’s foray into Web3 LinkedIn with soul-bound NFTs indicates a promising future where blockchain technology underpins professional networking and credential verification.
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