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5 Takeaways About Amazon’s NFT Marketplace

Read this article in 8 Minutes

A booster for the NFT market?

Original Title: "5 Key Points About Amazon's NFT Marketplace"

Original Source: Crypto KOL Moritz, Twitter

Original Compilation: Odaily Planet Daily

Although the release was postponed because it was "not ready", if nothing else, the NFT platform "Amazon Digital Marketplace" owned by the technology giant Amazon will It will be officially unveiled on the 15th of this month.

Amazon’s entry from NFT is of great significance to the entire Web3 industry. This article will start with 5 related points to let you understand why this new NFT The market deserves more attention, but it needs to be explained in advance that because there is not much official information at present, some content may not have been 100% confirmed.

Okay, let's get to the point.

1. User experience

Amazon wants to simplify the purchase transaction of NFT, which means Users will be able to use credit cards to pay for fiat currency to purchase NFT, just like buying jeans on an e-commerce platform, and users will not need any technical knowledge about blockchain or self-hosted wallets at all, just need an Amazon platform account.

2. Combination of fiction and reality

There is no doubt that Amazon will not limit its business to In the virtual world, the physical experience will be integrated. In early March, it was reported that the NFT that Amazon plans to issue will be linked to real assets. This kind of NFT is more like a kind of digital ownership. For example, users can directly purchase a pair of jeans with a credit card. NFT, and Amazon will deliver the jeans straight to your door. . Amazon plans to notify every Amazon Prime customer via email subscription before or when its digital collectibles program goes live, and Amazon currently has approximately 167 M Prime Prime members in the United States.

3. Games

Amazon seems to be betting on the future of blockchain games, For many industry leaders in the digital asset space, gaming has the greatest potential to unlock revenue more than any other vertical. The NFT gaming craze is well-positioned by Amazon.com, which owns Twitch, a popular streaming platform among video game enthusiasts. Given the size of the video game market, the value of digital assets that can be used to buy and sell games could be in the billions of dollars per year.

4. Private chain

Amazon may launch its own private blockchain, But it's unclear whether this can be achieved through a fork of the existing protocol, and its backend blockchain technology is unclear. It is reported that since the launch of the NFT platform project, Amazon has been in contact with various digital asset projects such as Layer 1 blockchain and blockchain game companies, and has also cooperated with AVAX and Chainlink ; Reached a cooperation, and it is possible to integrate more blockchains in the future.

5. Additional information

The name of the NFT marketplace launched by Amazon is "Amazon Digital Marketplace ", which did not involve the three letters "NFT", perhaps considering that the public's understanding of NFT is not deep enough, so this name may be a good choice. It is reported that the platform will only be released in the United States initially, but will expand to a global scope in the future.

Amazon vs. Coinbase, OpenSea, Blur

Since Amazon launched the NFT market After the news came out, some people thought of the previous Coinbase NFT market, which fell into a downturn soon after its release, which made people suspect that there was speculation. However, there are still many differences in Amazon's entry this time.

Coinbase has about 9 million monthly active users, while Amazon has 197 million. Not only that, but the Coinbase platform is not easily accessible to non-crypto users, whereas the Amazon platform is already familiar to the general public. Amazon, on the other hand, not only has more users, but a completely different audience (Coinbase's existing users are basically saturated crypto users). More importantly, Amazon offers a solution that makes the user experience better (most people don't want to self-custody).

If the Amazon NFT market has certain advantages over the Coinbase NFT market, it remains to be seen whether it can surpass existing platforms such as OpenSea and Blur. OpenSea is currently the second largest NFT market, followed by Blur. Since its launch in 2017, this "OG" NFT market has sold more than $30 billion. Amazon's NFT Marketplace aims to simplify the NFT purchase process and provide users with Seamless experience. However, whether it can compete with existing platforms such as OpenSea in terms of functionality, user experience and sales volume is still unknown.

Rebuilding confidence

Since the collapse of FTX After the market plummeted, the reputation of the encryption industry was greatly affected. Leaving aside use cases, the entry of technology and e-commerce giants like Amazon is bound to give a shot in the arm to the encryption market in the trough, and will also make more Consumers and users have regained confidence in the crypto industry.

Today, more and more giants from different industries are turning to NFT to promote their sales, from sportswear companies such as Adidas, Puma and Nike to Dolce & ; luxury fashion houses such as Gabbana and Gucci have launched NFT collections and are making waves in the Web3 space.

There is no doubt that Amazon's entry into the NFT is definitely a happy thing for the Web3 world.