Coinbase is in the process of cementing its European strongholds as we speak, with France looking like its beachhead. They imagine a future brimming with crypto innovation, economic freedom, and a flourishing web3 community. Is this really a dawn for all artists, or just a strategic land grab for big crypto, leaving smaller players and emerging talents in the dust? Are we really creating a decentralized utopia, or merely recreating the current power dynamics in a high-tech package?

Innovation For Whom, Exactly?

France’s “proactive” crypto regulation, along with the soon-to-be-arrival of MiCA, are being celebrated as drivers for future growth. Coinbase often uses phrases like “real-world impact,” “stablecoin adoption,” and “infrastructure breakthroughs.” Sounds fantastic, right? More importantly, who is benefiting from all this innovation? Will these advances trickle down to the underfunded creators in Southeast Asia who wish to launch their careers in the competitive European web3 market? Or will they just serve the interests of crypto incumbents and smart money investors?

We’re led to believe that 12 million French people own crypto, and that 40% of them got on the bandwagon in just two short years. That's great for adoption numbers. How many of those new users are artists adopting crypto to truly free themselves from gatekeepers? How many are just gambling, contributing to the crypto ecosystem’s market-destabilizing speculative frenzy?

Southeast Asia's Forgotten Web3 Voices

Let's talk about the elephant in the (decentralized) room: the perspective of artists from emerging markets. Second, I think of Nandar, a digital artist from Myanmar whom I encountered at a recent web3 conference. Her practice is awe-inspiring, intensely personal and remarkably timely. She dreams of showcasing her art across Europe, reaching a larger audience, and establishing a sustainable career. The reality is harsh. Visa complications, cultural contact obstacles, and an absence of economic help are huge obstacles. Walking through the European art world landscape is a task, crypto art or not.

Is Coinbase actively addressing these challenges? Are they taking the step of making their European strategy work specifically to support artists like Nandar? Or are their eyes really on buying up established European web3 companies to add to their platform? I suspect it's more of the latter.

  • Challenges for Southeast Asian Artists:
    • Visa restrictions and travel costs
    • Language and cultural differences
    • Limited access to funding and resources
    • Navigating complex legal frameworks
    • Potential exploitation by unscrupulous actors

Coinbase talks about "economic freedom." Freedom without opportunity is no freedom at all. For the majority artists across Southeast Asia, the web3 promise remains just that—a pipe dream. It’s lost in the shuffle of their daily lives’ real challenges as they’re just trying to get through a world that seems rigged without you.

Crypto For Everyone… Or Just The Few?

Coinbase has long been a proponent of economic freedom and the belief that crypto can open access to financial tools. President Macron urges Europe to embrace innovation. The introduction of a strategic Bitcoin reserve in the US. The narrative is compelling: crypto is the future, and everyone should be on board.

Let's be real. The crypto landscape remains very much in the hands of entrenched deep-pocketed incumbents. Unlike previous waves of innovation, venture capitalists, corporate investors, and established crypto companies have written the playbook and are guiding the narrative and determining who gets what capital. While this isn’t inherently a bad development, it raises important issues of equity and access.

Is Coinbase’s European expansion providing more transparency and making the crypto economy more open to anyone, anywhere. Or is all that just accruing more power to the usual elite few? Are they really doing anything to help the little guy and make things easier for up and coming artists? Or are they merely surfing the tsunami of enthusiasm, waiting for the spoils to rain down upon them?

The future of web3 depends on inclusivity. Meeting those expectations It’s not enough to wish away any unintended consequences or just build new technologies. We have to make sure these new technologies are implemented to benefit the many artists rather than the lucky few that get to ride this wave. Otherwise, Coinbase's European plan risks becoming just another example of big crypto furthering its dominance, leaving the voices of emerging artists unheard and their dreams unfulfilled. Let's not let that happen.

  1. Targeted Support Programs: Coinbase (and other crypto companies) need to create specific programs designed to support emerging artists from underrepresented regions, including mentorship, funding, and access to resources.
  2. Community Building: Focus on building genuine communities that foster collaboration and knowledge sharing, rather than simply marketing platforms to artists.
  3. Transparency and Education: Provide clear and accessible information about the risks and opportunities of web3, helping artists make informed decisions.
  4. Ethical Standards: Establish ethical guidelines and best practices to protect artists from exploitation and fraud.

The future of web3 depends on inclusivity. It's not enough to simply build new technologies. We need to ensure that these technologies are used to empower all artists, not just the privileged few. Otherwise, Coinbase's European plan risks becoming just another example of big crypto furthering its dominance, leaving the voices of emerging artists unheard and their dreams unfulfilled. Let's not let that happen.

Let's make awe inspiring art, not anger inducing corporate greed.