Amazon bullish on NFT
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On January 27, Blockcworks, a leading research and news provider in the crypto space, wrote an exclusive article that Amazon plans to launch its own NFT marketplace in April. Last year, Amazon CEO Andy Jassy hinted that he sees crypto becoming bigger over time and that he could see the company selling NFTs “down the road” in a Squawkbox interview on CNBC. With a lot of speculation circling the past couple of days, we’re looking at the possibility of Amazon launching an NFT marketplace in April.
What do we know so far?
There is no official announcement yet. However, many leading crypto daily like coingape, bitcoininst and Benzinga, four to five internal sources have confirmed that the NFT initiative is expected in the spring, probably in April. According to thebigwhale.io, the marketplace is set to launch on April 24 to be exact.
By the way, there is a NFT explanation page in the amazon web service portal. Benzinga reported that the NFT marketplace will be called either “Amazon NFT Marketplace” or “Amazon Digital Marketplace” and will have 15 NFT collections available upon initial launch in the US before expanding to other countries. These collections can be purchased using customer’s amazon accounts through all payment methods.
Partnership
Amazon has been busy in the web3 space with several partnerships with leading blockchains and below is their list of partnerships so far.
In January, Amazon Web Services partnered with Ava Labs in an effort to accelerate the adoption of blockchain technology. Ava Labs is the company behind the leading tier-1 blockchain Avalanche with their token (AVAX). Following the announcement, the AVAX price rose briefly by 26%.
Amazon also has an integration with Chainlink (LINK) for node creation solutions. According to the chainlink ecosystem, “with this integration, node operators and data providers joining the Chainlink ecosystem can start connecting to blockchains within minutes or hours instead of weeks or months.”
Amazon Web Services had also tied up with public blockchain VeChainThor (VET) for blockchain-based carbon management services.
All of these tokens have seen a mild increase in price over the past 24 hours according to Coinmarketcap at the time of writing.
- • LINK: +1.17%
- • AVAX: +3.5%
- • KNOW: +3.66%
Remove
Few of the experts believe that Amazon, with its ownership of live-streaming gaming platform Twitch, could also look towards gaming-themed NFTs. On the other hand, as the owner of MGM, which includes a catalog of video and TV content, can become early test cases for the launch of new digital assets.
Although Amazon has not made any official announcement regarding its entry into the NFT market, its entry into the space could be a significant game changer for the entire NFT industry. We are already seeing a monumental change in Opensea’s dominance as Blur (BLUR) is breaking all records by concentrating on professional traders and has put an end to Opensea’s monopoly.
The NFT market has started picking up again, following Yuga lab’s recent launch of the Twelvefold collection through Bitcoin subscriptions which generated ₹135 Crores yesterday. Amazon’s entry could also be a use case study to see if it brings more people to the Web3 space, as users will have the ability to buy without crypto assets, and their entry could push the NFT markets into the next bullrun.
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Disclaimer: This article was written by Giottus Crypto Exchange as part of a paid partnership with The News Minute. Investments in cryptoassets or cryptocurrency are subject to market risks such as volatility and have no guaranteed return. Do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
