Original Author: RT Watson
Compilation: Odaily Planet Daily, Katie Koo
After more than a year’s notice, the technology giant Amazon’s NFT platform has officially entered the countdown.
According to foreign media reports on Monday local time, Amazon is preparing to sell about 15 series of NFTs on its website. According to reports, Amazon announced that it may launch its NFT platform “Amazon Digital Marketplace” on April 24, which will first provide services to US customers and then gradually expand to other countries. Executives from Blur, OpenSea, Orange Comet, and Magic Eden are generally bullish on the big plan of “Amazon selling NFTs.”
Market Speculation About Amazon’s NFT Plans
When the world’s largest retailer hints that it might get into the NFT game, it’s hard not to spark buzz. On the surface, many of today’s top players in the NFT space are also curious about how the biggest success stories of Web2 can be replicated or extended to Web3.
“Amazon’s NFT platform will be a game-changer for NFTs and Crypto collectibles,” said Dave Broome, CEO of Orange Comet, a Web3 entertainment service provider. Intellectual property rights such as Oscar-winning actor Anthony Hopkins, NBA legend Scott Pippen and AMC’s “The Walking Dead” TV series. Dave Broome believes: “A company like Amazon entering the market will not only help to legitimize NFT, but also provide an opportunity for the masses to enter Web3.”
While much of the early hype surrounding the Crypto asset market came during the bull market bubble, with traders buying and selling pricey artistic NFTs from favorites like CryptoPunks, Bored Ape Yacht Club, and Doodles, established players like Starbucks and Reddit appear to be attracting first-time blockchain adopters Chain people are at the forefront of joining web3. Given that Amazon has more than 300 million active users worldwide, few companies have the potential to attract more new users to the blockchain than Amazon.
Speculation about Amazon’s NFT plans began as early as last year, after Amazon CEO Andy Jassy said the company might consider selling NFTs. Since then, independent reports have emerged outlining how Amazon’s NFT platform will work, where it will initially offer its services, and the types of Crypto assets it may offer.
Part of the Anthony Hopkins NFT Collection
However, Amazon has not officially confirmed this speculation. The company also declined to comment when asked about a report that Amazon was preparing to launch an NFT platform next month. For many leaders in the NFT industry, it was only a matter of time before Amazon (a commerce giant where consumers can buy almost anything) officially began trading NFTs. NFTs have generated tens of billions of dollars in transactions in recent years. According to The Block Research, OpenSea is the world’s largest NFT market in terms of dollar trading volume, and since its inception in 2017, nearly 12.8 million ETH (over $20 billion) has been traded.
Veteran Web2 Company Amazon Enters Web3, Injecting Confidence in the Blockchain Field
Blur founder Tieshun Roquerre said he thought Amazon’s entry into the NFT space was “positive”, but when asked about the possible impact, he disagreed, “Whenever there is a new paradigm, it is difficult for established institutions to Navigate them effectively. Non-tech companies are not winning because of the appeal of the web. I would be surprised if Web2 companies do something compelling in Web3.”
Blur is already ahead of the one-time NFT market leader OpenSea. According to data from The Block Research and current ETH prices, Blur has processed more than $3 billion in transactions since its launch in October. Shiva Rajaraman, chief business officer at OpenSea, is optimistic about Amazon’s foray into blockchain and Web3. He believes: “We are excited by the momentum of leaders such as Amazon and look forward to seeing which use cases they focus on. It is important for all of us to learn more about what works and what scales through more experiments.” beneficial.”
As the NFT market matures, its use cases are rapidly multiplying, including customer rewards programs like Starbucks, or concert-goers with “Crypto souvenirs” like ticketing site Ticketmaster, to be issued by event organizers. However, for many leaders in the Crypto asset space, gaming holds greater revenue-generating potential than any other vertical. Given the size of the video game market, gamers buy and sell Crypto goods that can be worth billions of dollars each year. Amazon is well placed to capitalize on any NFT gaming craze. The company owns Twitch, a streaming platform popular among video game enthusiasts.
Chris Akhavan, chief gaming officer at Magic Eden, said: “Given Amazon’s deep connection with games through Twitch, we can see a huge win for Web3 games.” Magic Edin is an NFT marketplace that currently plays a key role in Web3 games. Helps facilitate in-game NFT transactions.
Summarize
Use cases aside, Amazon’s biggest contribution may be in building credibility for Web3.
In addition, Broome of Orange Comet, a Web3 entertainment service provider, said that Amazon’s entry method also helps to distinguish NFT from cryptocurrencies. According to Broome: “The only way to grow the Web3 gaming and NFT, Crypto collectible space is to appeal to the masses.”