Amazon Expands Its Ambition Into Encryption And The Launch Of NFT. Spring Is Coming?

Blockworks exclusively reported on Amazon’s specific plans to enter the encryption field this spring, based on information released by “informed sources.” Amazon may officially disclose its encryption ambitions this spring.

In July 2021, the London business newspaper City AM released news claiming that an anonymous insider revealed that the e-commerce giant Amazon plans to accept encrypted payments before the end of the year and may launch its own native token.

Combined with Amazon’s just-released recruitment information for the person in charge of digital currency and blockchain, the news immediately caused a sensation. The carnival and joy of the encryption community led to an increase in the price of Bitcoin, which once rose by as much as 14.5%. But after Amazon came forward to clarify this false information, it quickly fell by 7% within an hour.

For Americans, Amazon seems to be synonymous with online shopping, with 300 million active users worldwide and more than 197 million monthly active users (MAU). Amazon is one of the few large technology companies that has not yet taken major steps in the encryption field. Its official attitude towards cryptocurrency is rather ambiguous.

It has never announced a clear plan related to Web3 and encryption, which led to community curiosity. After the “anonymous insider” of the traditional paper media City AM was cracked down, the new financial media Blockworks exclusively reported Amazon’s specific plan to enter the encryption field on January 26 based on the news released by “informed sources.”

Amazon may launch the NFT program in the spring

Blockworks said in the report that four people familiar with the matter disclosed that Amazon is launching a digital asset business, and they also said that they expect it to launch an NFT plan in the spring.

According to multiple sources, Amazon has been working hard to acquire digital collectibles, mostly with powerful veteran players in the industry, including Layer 1 blockchain, blockchain-based game startups and developers, and digital collectibles. asset exchange. While Amazon’s focus is on blockchain-based games and related NFT applications, Amazon may let users play encrypted games and make them earn free NFTs in the process.

Amazon has planned to go public with its bold crypto ambitions in April, and at least one family office has been contacted by Amazon executives spearheading the move in recent months, according to people familiar with the matter. In addition, it was revealed that Amazon’s NFT plan was to conduct at least one NFT airdrop with a well-known encryption artist in the early days, but then its Web3 strategy seemed to have undergone major changes, and it has been exploring other possibilities.

It is difficult, to tell the truth from the news of people familiar with the matter, but Amazon is optimistic about the development prospects of NFT. In April last year, Amazon CEO Andy Jassy said that he expected NFT to continue to grow and looked forward to the company’s future NFT sales. He also said that as cryptocurrencies become more and more important, it is possible to use them in the future and integrate them into the company’s operations, but adding cryptocurrency as a payment method is still a bit far off at the moment.

In addition, Amazon’s documentary “NFTMe” also shows its openness to NFT. NFTMe was established as a project as early as 2019, and it premiered on Amazon Prime at the end of last year due to the impact of the epidemic. A documentary about daily life, a total of 6 episodes, 30 minutes each.

NFTMe invited more than 50 guests related to the NFT field and filmed in Europe, the Middle East, Asia, and the United States. The series of episodes range from NFT and blockchain technology, digital cultural journey, tokenization of music, The subversion of the metaverse, the role of NFT in giving voice to artists, and how to apply NFT to companies, etc., demonstrate the diversity and broad influence of NFT and blockchain technology.

AWS Blockchain Service

Although Amazon has not launched any NFT or cryptocurrency-related businesses, its cloud computing division, Amazon Web Services (AWS), has many proven blockchain solutions from partners, providing support for all major blockchain protocols, including Hyperledger, Corda, Ethereum, Quorum, etc.

Among them, Amazon Managed Blockchain is a fully managed service that allows users to easily join a public network or create and manage a scalable private network using the popular open-source frameworks Hyperledger Fabric and Ethereum.

Amazon Managed Blockchain allows the rapid creation of blockchain networks that span multiple AWS accounts, enabling a group of members to execute transactions and share data without resorting to a central authority. There is no need to manually provision hardware, configure software, or set up networking and security components. It is also scalable and secure, making it easy to expand the blockchain network.

Additionally, its ordering service is built using Amazon QLDB technology, a fully managed ledger database with an immutable change log that accurately maintains the complete history of all transactions in the blockchain network, ensuring this data is persisted.

Earlier this year, AWS formed a partnership with Ava Labs, the parent company of the smart contract platform Avalanche, to help expand blockchain adoption by businesses, institutions, and governments.

The partnership aims to make it easier to launch and manage nodes on Avalanche while giving developers more flexibility and more. AWS will support Avalanche’s infrastructure and dApp ecosystem through its marketplace, as well as one-click node deployment. Ava Labs plans to add its subnet deployments to the AWS marketplace as a managed service.

Conclusion

We have inquiries. Again, considering the current status of both the general cryptosphere and the NFT market in particular, this is a rather odd decision on Amazon’s part.

You did not travel back in time to January 2021, I assure you. In 2023, both the NFT bubble and the cryptocurrency market have all but collapsed.

However, despite the fallen price floors, legal actions, and the widespread resurgence of mistrust around the pricey JPEGs, the company has determined that the moment has come to enter the market head-on.

At present, Amazon’s market value is $1.04 trillion, which is basically the same as the entire cryptocurrency market value of $1.08 trillion. As the most active application and platform, if the NFT plan, which has not yet been officially refuted by the government, is truly implemented, its effect on attracting traffic from the crypto community is certainly worth looking forward to, and Coincu will continue to follow up on relevant reports.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News