Coinbase Founder Brian Armstrong is seeing immense interest from the crypto community with over 150 project applications in response to his call for innovative ideas. Armstrong tweeted, “We’ve gotten more than 150 applications so far! Awesome to see.”
Among these ideas, Armstrong hinted at introducing an eleventh startup concept that has sparked much curiosity—a web3 version of LinkedIn.
Revolutionizing Projects on Web3
In his tweet, Armstrong elaborated on the idea of LinkedIn in web3. He emphasized the potential for companies to issue “soulbound NFTs to verify employment or credentials.”
He notes that a decentralized LinkedIn would include an interface for exploring employee and employer profiles and help tackle the challenge of establishing a network effect. Armstrong suggested that enabling users to mint their NFTs by verifying their .com email from the company can be one of the techniques.
Read more: Web3 Jobs: How to Get a Job in Crypto Sector
Armstrong’s consideration of this web3 LinkedIn concept comes during his recent encouragement to developers to prioritize decentralization. He recently asserted, “Bear markets are the best time for building – why not start today?” Last week, he shared a list of ten crypto ideas he’s most excited about, emphasizing that exchanges like Coinbase only cover a handful of possibilities in the crypto space.
Brian Armstrong envisions a future where developers can monetize their work through meaningful engagement and greater decentralization. But can he truly revolutionize LinkedIn on web3?
Several Startups Lost Steam After Implementation
LinkedIn operates as a centralized platform for professional networking. It is a platform largely for job seekers and credential verification by employers.
A decentralized web3 version will have to change how LinkedIn functions fundamentally. Instead of relying on a central authority to verify credentials, a web3 LinkedIn would use a blockchain. This means users could own data and securely store it as NFTs. Employers can also issue these NFTs, which will ensure authenticity.
Read more: A Comprehensive Guide to Starting a Career in Web3
Interoperability on web3 will allow users to share this data across various platforms and services without an intermediary.
However, Armstrong’s vision faces the challenge of execution. Numerous innovative concepts have lost steam after an initial excitement. Recently, the crypto community saw a shift from Friend.Tech to CyberConnect (CYBER), a social media network focused on content and digital identity.
BeInCrypto recently noted that Friend.Tech generated buzz with community tokens, but CyberConnect’s user engagement has been gaining traction now.
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