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Amazon NFT Enters Web3 Crypto Jungle
5 min read
Last week, Amazon AWS inked a partnership with Ava Labs, the company behind the Avalanche blockchain.
A few days ago, according to online sources, Amazon will launch an NFT initiative in the spring as you can see below:
Amazon has been shopping the digital collectibles effort to no shortage of power players in the industry, per multiple sources. Said to be among those entities are layer-1 blockchains, blockchain-based gaming startups and developers and digital asset exchanges. There’s a focus on blockchain-based gaming and related NFT applications, two sources said.
One example in the works, per one source: getting Amazon customers to play crypto games and claim free NFTs in the process.
Amazon's Web3 Presence
Having the world's largest retailer enter the crypto space is huge because crypto-onboarding hasn't been easy up till now. With Amazon's presence, onboarding could now become a no-brainer for many customers who are still skeptical about this nascent industry.
Here are just a few reasons:
Amazon is uniquely positioned to offer a hassle-free, simplified onboarding process that could offer users the ability to buy everyday household items with a click of a crypto button.
Amazon could provide education about the benefits of using crypto. Better education will make customers more comfortable transacting with cryptocurrency.
Amazon recently announced the end of its philanthropic Smile program. Crypto can be an easy alternative for customers who want to support their favorite charities.
Amazon blockchain-powered identity verification is by far the most promising aspect for Amazon venturing into the crypto and blockchain arena. By using distributed ledger technology, it'll be possible to securely store user identity data and prevents hacks.
What is an NFT?
An NFT, short for a non-fungible token, is a unique digital asset or collectible that is stored on a blockchain. NFTs have a unique history that can be tracked and verified, and they often represent ownership of a digital asset, such as artwork, music, or even virtual land. NFTs are not interchangeable. This makes them a unique and secure way to own digital assets. They are truly one-of-a-kind.
How NFTs Are Created
NFTs are created by using a blockchain that can store digital information securely. When an NFT is created, the artist or creator of the asset will add digital information to the blockchain, such as a copy of the artwork or the audio file. This digital information is then stored and protected on the blockchain, which acts as an immutable ledger. The digital asset can then be sold and traded, with ownership being tracked on the blockchain. This is how the authenticity and uniqueness of each NFT is ensured.
Benefits of NFTs
NFTs provide several benefits that traditional digital assets can’t match. First, NFTs are unique. Each NFT is stored on a blockchain and is assigned a unique ID that can’t be changed or replicated. This makes them difficult to counterfeit, giving collectors and investors added peace of mind. Second, NFTs are easily transferable. Owners can simply transfer their NFTs from one wallet to another in a matter of seconds without needing to go through a hassle-filled paperwork process. Finally, NFTs are backed by blockchain technology, which makes them more secure and easier to track than traditional digital assets.
How to Buy an NFT
First, you’ll need to find a platform where you can buy the NFT. Popular platforms include OpenSea and on the DeSo Blockchain, NFTz. I recommend NFTz because, unlike other blockchains, all DeSo NFTs have primary and secondary sales royalties built into the NFT. A couple of examples are CrypticStonks and CloutWomenUnite.
Courtesy of CloutWomenUnite
Once you’ve selected a platform, you can browse the available NFTs, pick the one you want, and make the purchase. Keep in mind that NFTs are typically sold in a digital currency, so you’ll need to set up an account with the platform and deposit funds to buy the NFT. On the DeSo Blockchain that is super easy, you can set up an account with a one-click Google login and then purchase DeSo with fiat currency. After the purchase is complete, you’re now an NFT holder.
NFT Use Cases
NFTs are powerful tools and have a wide range of potential uses. Here are five potential uses of NFTs:
1. Digital Art: Artists can create unique digital artworks and sell them as NFTs. This allows the artist to attach certain rights to their artwork, such as limiting its redistribution or reuse.
2. Collectibles: Creators can create limited-edition NFTs as collectibles. This would allow for a whole new level of supporter engagement.
- Digital Assets: Creators can tokenize digital assets such as websites, songs, and videos. This would enable individuals to buy, sell, and trade these assets.
4. Amazon Games: Getting Amazon customers to play crypto games and claim free NFTs in the process.
- Digital Identity: Companies can use NFTs to store and secure digital identities. This could provide a secure way to store personal information and verify identities.
NFTs are a revolutionary way of buying and selling digital assets. As more people and brands adopt the technology, the possibilities for how NFTs can be used are limitless. They offer a secure and reliable way to prove ownership and authenticity of digital assets. Thanks to Amazon, more and more people will now be exposed to this technology which will allow for wider adoption of crypto going forward.
New to web3? Learn how to leverage DeSo.
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