Amazon NFTs Coming Soon?: What Could It Mean For The Sector And Investors

[Hydrogen]

One of the largest retailers in the world could soon be among the companies exploring the world of non-fungible tokens. A new report pointed to an NFT initiative from Amazon.com, Inc. (NASDAQ: AMZN) coming this spring.

Here are the details and what it could mean.

What Happened: A new report pointed to Amazon exploring interest in digital assets and NFTs. The news came after it was recently announced Amazon’s cloud segment Amazon Web Services was partnering with Avalanche (CRYPTO: AVAX), a layer-1 blockchain.

A report from Blockworks said Amazon was exploring interest in layer-1 blockchains, blockchain-based gaming companies and digital asset exchanges. The sources told Blockworks NFTs could be a big part of the new initiative that could launch in the spring of 2023.

One example in the report saw Amazon offering games to customers that would offer free claimable NFTs.

A source told Blockworks that Amazon was entering the crypto and NFT space was big “for many different reasons.”

“We knew it was possible, but now it seems like it’s really happening. That’s going to affect the existing players in the space — if they execute and do this right and are smart about it,” the source said.

Why It’s Important: The NFT market was booming in 2021 and saw many players enter the sector, including some big names like Nike Inc (NYSE: NKE), Anheuser-Busch Inbev (NYSE: BUD) and PepsiCo, Inc. (NYSE: PEP).

Nike made a big splash in the NFT market with the acquisition of RTFKT, a digital sneaker company and owner of the CloneX NFTs.

Retailer Walmart Inc (NYSE: WMT) also put forth aggressive plans for the metaverse that included shopping in virtual stores and the launch of a dedicated themed area inside the Roblox Corp (NYSE: RBLX) game.

Shopify Inc (NYSE: SHOP) also launched NFT integration that allowed merchants to create their own NFTs and sell them.

The report said the new NFT initiatives for Amazon would be separate from its Amazon Web Services business, but the possibilities should be considered for the company. Like Shopify, Amazon could offer NFT integration for its website partners. The company’s AWS has an NFT explainer listed on its website.

Amazon has a massive customer base, including its Amazon Prime members who pay an annual or monthly membership fee for access to free shipping, a video streaming platform and other perks.

The report did not indicate if Amazon planned on launching an NFT marketplace, which could become a competitor to market leader OpenSea.

The most likely NFT initiatives from Amazon, as mentioned above, could center around gaming and be similar to what GameStop Corp (NYSE: GME) previously launched. GameStop used its expertise in the gaming sector to launch an NFT marketplace and to partner with gaming companies for NFTs.

Amazon purchased game streaming platform Twitch in 2014, which along with Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL)-owned YouTube, is one of the largest video game streaming platforms in the U.S.

Along with Twitch ownership, Amazon has also released several hit games including “Lost Ark,” which could give the company an opportunity to launch games that have NFTs integrated in them.

The ownership of Amazon Prime Video and MGM Studios also offered the company the chance to make NFTs and digital assets based on hit movies and shows it could also use to promote upcoming series and season premieres.

Amazon CEO Andy Jassy has been open to the idea of the company selling NFTs in the future.

“I expect that NFTs will continue to grow very significantly,” Jassy told CNBC in April 2022. “I think it’s possible down the road on the platform.”

Jassy also said Amazon was not close to adding cryptocurrency as a payment option for its retail business. The company had been rumored to be exploring more possibilities for cryptocurrency integration at the time.

Last year, Amazon.eth Ethereum Name Services (CRYPTO:ENS) domain received a $1 million offer from an anonymous wallet. The ENS was purchased for 33 Ethereum (CRYPTO: ETH) over a year ago. With news of more NFT initiatives, Amazon could look to purchase the desirable ENS domain.


https://www.msn.com/en-us/money/news/amazon-nfts-could-be-coming-soon-what-could-it-mean-for-the-sector-and-investors/ar-AA16Oyob

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Amazon. NFTs.   

Could there be a resurgence of NFTs? What is happening here?

Interestingly enough, it appears that most of amazon's proposed NFTs are related to in game assets. Which could remain a viable market, despite the massive crash in NFT values.

The mobile gaming market has taken off in recent years with micro transaction based revenue of in game assets being touted as the surefire method for game developers to boost profit margins beyond the meager 5% industry standard found with triple A gaming titles requiring millions of dollars of investment.

NFTs could represent the next evolution of in game assets and micro transactions. Minting limited edition game assets with their own unique ID and serial number of a known quantity allows game developers to capitalize upon the in game assets they produce.

In which case, I think this could actually be a good move by amazon. There are some P2E (play to earn) games which are known to retain decent stability and price inflation of in game assets due to them being blockchain based and limited if not deflationary in quantity.

[avikz]

I don't think Amazon will enter into this market. They are probably exploring the opportunity but they will eventually back out due to the questionable nature of the market. They will definitely not sell the random jpg images even if they decide to enter.

What could happen is that Amazon probably will create a marketplace to sell in game NFTs which has certain legal bases. But they won't create anything similar to Opensea. Zeff Bezos won't gamble with reputation.

[The Sceptical Chymist]

Retailer Walmart Inc (NYSE: WMT) also put forth aggressive plans for the metaverse that included shopping in virtual stores and the launch of a dedicated themed area inside the Roblox Corp (NYSE: RBLX) game.

This is probably the stupidest part of the article by far.  I don't know, maybe kids are going to grow up in a world where they don't simply just order things on Amazon or wherever but strap on VR goggles to go shopping in a virtual mall, but I'd say the chances of that happening are slim to none.  Meta's metaverse doesn't seem to be gaining much traction, so all of these goddamn brilliant ideas about what can be done in a poorly-rendered VR environment are just public displays of masturbation for the press.

And aren't NFTs just about dead by now?  It seems really weird that Amazon is just now announcing this; it's as if they're so late to the party that there are only passed out drunks sleeping on the floor, and all the furniture in the party house is destroyed beyond repair.  NFTs were never anything other than highly speculative....things.  I hate to call them pieces of art, because the only thing I think of when I hear about them is that they're a cash-grab for some celebrity or corporation. 

All of these companies that jumped on the retarded NFT bandwagon did so because NFTs were hot and presumably were cheap to produce.  They didn't get involved because they believed they added any value for consumers, believe me.

[o48o]

Retailer Walmart Inc (NYSE: WMT) also put forth aggressive plans for the metaverse that included shopping in virtual stores and the launch of a dedicated themed area inside the Roblox Corp (NYSE: RBLX) game.

This is probably the stupidest part of the article by far.
-cut-

I guess they count on the fact that if players hang around more in a virtual game then in real life or browsing their pages, they need to get ads on where they live. That actually makes lots of sense. I was more confused about their free nfts to gamers. That's just too vague to understand what their point is and frankly seems unnecessary. It's not like people want more worthless junk nfts to their wallets without any utility. Even skins on the guns in the game as nfts would make more sense.

[Yogee]

The next thing you read or hear....Amazon denies the rumor on partnership with AVAX or launching their NFTs hehe. Whoever wrote that report may have some decent source but I'd rather wait for an official statement so as to avoid wasting time speculating on this. We've seen a lot of rumor before and it ended up just like that....a mere rumor.

[NFTmetria]

Amazon's NFT Marketplace is an innovative platform that allows anyone to create and sell digital assets, non-fungible tokens, and unique art. It offers the opportunity for artists, gamers, collectors, and businesses to engage in the rapidly growing NFT industry. With its intuitive interface, secure payments, and built-in fraud protection, Amazon's NFT Marketplace provides a safe and secure way to monetize digital assets. Whether you are a newbie or a long time NFT enthusiast, Amazon's NFT Marketplace offers something for everyone, making it the perfect place to buy, sell, and trade digital assets in a secure and reliable environment.
The NFT Marketplace is expected to continue its rapid rise in popularity and value in 2023. The cryptocurrency market is predicted to take center stage and investors are increasingly exploring NFTs as an investment opportunity. Because of the unique characteristics of NFTs, they offer a more secure way to invest and trade than traditional forms of cryptocurrency. In addition, NFTs are secured not only by a blockchain-based system, but also offer true ownership of digital assets compared to other forms of digital assets like virtual currencies. This makes them an even more attractive investment option for those interested in the crypto-sphere. As the technology continues to evolve, the NFT Marketplace is expected to further expand its user base and the value of its offerings in 2023.
NFT marketplace Amazon expected to take significant market share from OpenSea.

[flying_bit]

This is possible with AWS partnership with Avalanche but I will not gonna believe this until it actually happens.

Amazon diving to web3 and NFT market is currently all speculation and cryptodom were good in making up and selling news like this, anything to make people make interested again in crypto.