Amazon’s Entering the NFT Space: A Game-Changer for Mass Adoption of Web3?

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According to a report by TheBigWhale, Amazon says it is ready to launch its NFT marketplace precisely on 24 April. 🤯

This isn’t going to be your typical NFT marketplace launch.

Amazon’s entrance into the NFT space is set to revolutionize the industry. Rather than a typical marketplace launch, Amazon plans to connect NFTs to real-world objects, leveraging their existing strength of delivering physical products quickly and efficiently. This move will allow them to track and deliver experiences enabled by NFTs and is an exciting development for the overall mass adoption of Web3.

With an estimated 148 million Amazon Prime rewards members in the US alone, and around 200 million Prime subscribers worldwide, Amazon will help connect “real people” to web3 technology and help them see the value in a much bigger way than even big brands like Starbucks have managed to.

NFTs linked to physical goods delivered to doorsteps

The company is planning to notify every Amazon Prime customer about its digital collectibles initiative once it goes live. This means that Amazon shoppers will be able to purchase fashion-oriented NFTs, such as a pair of jeans, and pay for them with a credit card, just like any other purchase. By focusing on utility, Amazon will cater to its existing audience and make NFTs a value-add rather than an added complexity.

The move is similar to Starbucks’ loyalty program with Polygon, as Amazon can onboard millions of users without educating them about self-custody or how to set up a MetaMask wallet. This could be a game-changer for the mass adoption of Web3, as it offers a seamless onboarding experience for users who may not be familiar with cryptocurrencies or blockchain technology.

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Moreover, Amazon’s entry into the NFT space is significant as it provides a new platform for creators and collectors to showcase and trade their digital assets. This move could potentially pave the way for other e-commerce giants to enter the Web3 space, making it more accessible to a wider audience.

According to reports, Amazon’s representatives have contacted layer-1 blockchains, blockchain gaming companies, and other types of emerging and established digital asset projects. Additionally, the company is planning to hire or partner with dozens of Web3-oriented developers to create some type of private blockchain. Although it’s not clear whether an Amazon token would be part of the deal, this move shows that Amazon is taking the NFT space seriously and is willing to invest in the necessary infrastructure to support it.

What if Amazon would integrate NFT rentals into its marketplace? While their initial focus seems to be on connecting NFTs to physical objects, the popularity of NFT rentals is growing. This could provide an additional revenue stream for Amazon and a unique offering for its customers. By offering NFT rentals, Amazon could potentially allow customers to experience the value of NFTs without having to make a full purchase, making the technology more accessible to a wider audience. 💡

📣 Hey Alexa, if you’re reading this, hit us up! At reNFT we’re spearheading the adoption of Web3, and as the leading protocol for NFT rentals we’ll be happy to support you with this new challenge! 😉

An NFT platform... and after?

Amazon’s entry into the NFT space is a significant development for the mass adoption of Web3. Shopify and thirdweb are already breaking into Web3 e-commerce by enabling entrepreneurs to create Web3 sales funnels that leverage Web2 fundamentals. With Amazon joining the space, the rules are about to change, and it will be exciting to see how these big brands embrace and incorporate this new technology.

By offering a seamless onboarding experience to millions of users worldwide, Amazon could potentially pave the way for other e-commerce giants to enter the Web3 space. As a result, this could lead to the increased accessibility of crypto and blockchain technology to a wider audience, ultimately benefiting the overall growth and development of the Web3 ecosystem.

One thing is sure, this NFT platform is just the beginning. It’ll be interesting to see how Amazon approaches this new venture, and we’ll be keeping a close eye on any further updates and developments in this area.

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