The NFT bubble may have burst, but the world of non-fungible tokens is far from over. In fact, there are rumors that Amazon is now poised to bring NFTs back to the forefront of the market. Reports suggest that Amazon has been working on NFT integration and is set to launch an NFT art gallery soon.
NFTs rose to prominence in 2019, only to see sales plummet 92% last year. But many artists are still excited about the potential of NFT art and believe that the bubble bursting has given it more room to grow and innovate. For those who are still unfamiliar with NFTs, there are guides available online that explain what they are and how to create them.
According to a report on CoinDesk, Amazon is on the verge of launching its own NFT art gallery. Customers will be able to buy, collect, and sell art and tokens. An email sent to CoinDesk’s managing editor for global policy and regulation seemingly confirmed the integration of NFTs on Amazon.
This development isn’t surprising, given that Amazon CEO Andy Jassey stated in April 2022 that NFTs would continue to grow significantly, and that crypto integration could be possible in the future. There has been speculation for months that Amazon was planning to set up its own NFT marketplace and token integration.
While Amazon has not yet commented publicly on its full NFT plans, it is expected that the marketplace will include NFT gaming, NFT music, NFT photography, and general crypto wallet use. There are even rumors that Amazon’s NFT support will link physical items with tokenization.
It’s not surprising that Amazon would want to offer a way into cryptocurrencies and NFTs. With the ability to buy and sell digital art, comics, films, music, books, and photography, and resell them using tokenization, Amazon’s NFT integration could be a real breakthrough for NFT use.
Now that the speculators have left the NFT space and the innovators are taking over, we could finally see new uses for non-fungible tokens. If Amazon’s NFT plans are true, it could mean accessing your NFT art collection on any device that supports Amazon Prime. This could help bring NFTs back into the mainstream and kickstart a new bull market for non-fungible tokens.
Five Reasons Amazon entering NFTs is a big deal.
- It could help bring NFTs back into the mainstream: NFTs were all the rage in 2019, but the hype died down last year. Amazon’s entry into the NFT market could help reignite interest and bring NFTs back into the mainstream.
- It could make NFTs more accessible: Amazon’s reputation for making online shopping easy and accessible could help bring NFTs to a wider audience. With Amazon’s vast customer base and user-friendly interface, buying and selling NFTs could become more accessible and convenient than ever before.
- It could help legitimize NFTs as a form of art: There has been much debate about whether NFTs are a legitimate form of art or just a passing fad. Amazon’s entry into the NFT art market could help legitimize NFTs as a legitimate form of art and help establish a market for NFT artists.
- It could open up new opportunities for artists and creators: NFTs offer a new way for artists and creators to monetize their work. With Amazon’s entry into the market, NFT creators could potentially reach a larger audience and have more opportunities to sell their work.
- It could signal a broader shift towards blockchain-based marketplaces: Amazon’s interest in NFTs could be a sign of a broader shift towards blockchain-based marketplaces. As more companies explore the potential of blockchain technology, we could see more blockchain-based marketplaces emerge in the future.