The NFT bubble has popped, but that doesn’t mean it’s over for non-fungible tokens. A new rumor suggests that Amazon has plowed ahead with NFT integration and will soon launch an NFT art gallery.
NFTs exploded in 2019 before NFT sales crashed 92% last year, but many artists involved have been happy to see the bubble burst, citing that NFT art now has room to grow and reinvent. If you’re still in the dark, read my “what are NFTs” guide and check out my guide on how to make an NFT for free to try making your own.
So NFTs haven’t gone away, and according to a report on NFT site CoinDesk (opens in a new tab) Amazon is on the verge of launching its own NFT art gallery to enable customers to buy, collect and sell art and tokens. An email sent to CoinDesk’s managing editor for global policy and regulation, Nikhilesh De, apparently (accidentally) confirmed that the integration of NFTs is happening.
This is not as surprising as you might think. Back in April 2022, Amazon CEO Andy Jassey told CNBC, “NFTs will continue to grow very significantly”, adding how crypto integration could be “possible down the road”. (See the full exchange on Twitter below.)
“I expect #NFTs to continue to grow very significantly. We’re probably nowhere near adding #crpyto as a payment mechanism to our retail. But I think over time you’ll see crypto stay and it’s possible. .. it’s possible down the road,” says $AMZN CEO @ajassy. pic.twitter.com/6q6HVolzgU14 April 2022
The email from Amazon, which they published on CoinDesk, says that a digital token was inserted into a gallery hosted on Amazon, but the link is not working yet. This email receipt appears to have been sent in error after you subscribed to an Amazon Prime Video channel. What does it all mean?
There has been speculation for months that Amazon is setting up its own NFT marketplace and token integration, and it makes sense for the world’s largest online marketplace to want to offer a way into cryptocurrencies and NFTs. While Amazon has yet to publicly comment on its full NFT plans, I expect this to include NFT gaming as well as NFT music, NFT photography, and general crypto wallet use.
There has been speculation for months that Amazon is setting up its own NFT marketplace and token integration
In recent months, rumors of Amazon launching an NFT marketplace have grown louder, and crypto website Blockworks wrote in January about how four sources confirmed that Amazon’s NFT plans were still ongoing. Interestingly, the Blockworks report suggests that Amazon’s NFT support will link physical objects with tokenization. More up-to-date is The Big Whale website, which pre-dated Amazon’s NFT launch on April 24 and will officially be called “Amazon Digital Marketplace”.
It’s not surprising to me that Amazon is still, possibly, moving forward with its NFT and crypto integration as Web3 grows. Being able to buy and sell digital art, comics, movies, music, books and photography and resell these using tokenization would make sense.
As predicted, now that the speculators have left the NFT space and the innovators are taking over, we could finally start to see new uses for non-fungible tokens. Especially since this could mean access to your NFT art collection on any device that supports Amazon Prime. This, if true, could be a real breakthrough for NFT usage.
Read more:
