There are reports suggesting that Amazon will be launching its own NFT marketplace next month, allowing customers to purchase fashion-oriented NFTs linked to physical clothing such as trainers, jeans, sweatshirts, and other items. This would require dynamic NFTs, and the best way to do that in the industry is with Chainlink oracles. Further, there are hints of connections to crypto project Avalanche. Amazon has been moving into the blockchain arena for some time, with AWS having a specific section catering to blockchain tech. Reports suggest that Amazon’s NFT Marketplace could be called either Amazon NFT Marketplace or Amazon Digital Marketplace.
After a depressing speech about the economy by Jay Pal, the crypto markets need a catalyst to get the bullish rocket thrusters ignited. Without something big happening, the markets will continue to fall flat. Will there be something that can ignite the market? We’ll find out in about 10 minutes, as it’s time for Chico Crypto.
The Amazon NFT Marketplace
The seven day chart of Bitcoin looks depressing, but what could get the price moving on a different trajectory? What if a major household name enterprise went all in on crypto, NFTs, and their blockchain technology, launching their own marketplace? What if that enterprise was Amazon?
There are reports in the news cycle saying Amazon will launch their NFT Marketplace next month. From the Yahoo article, we can see that it says Amazon is set to launch its own NFT Marketplace next month. The marketplace will have 15 NFT collections available on launch for US-based customers before expanding worldwide. The Amazon NFT Marketplace could be called either Amazon NFT Marketplace or Amazon Digital Marketplace.
It’s not just speculation – the CEO of Amazon, Andy Jassy, was interviewed on Squawk Box. In April of last year, he spoke about how crypto is an emerging area, and nfts have really started to take off. He expects NFTs to continue to grow very significantly, and it’s possible that they could sell NFTs down the road.
Amazon and Blockchain Technology
Amazon has been moving swiftly into the blockchain arena for some time. Amazon web services (AWS) has a specific section on their website titled “Amazon manage blockchain.” This is a fully managed service that makes it easy to join public networks or create and manage scalable private networks using the popular open-source frameworks hyperledger Fabric and Ethereum.
Amazon Manage Blockchain has a specific section on creating a Chainlink node on AWS. This is a partner solution created in collaboration between Chainlink Labs and AWS teams. AWS is integrating their services with Ethereum, the most dense and numerous blockchain user base in all of crypto.
Chainlink and Amazon Collaboration
It doesn’t stop there. AWS has already been playing around with mainly functions. Chainlink just released the beta of something last week – Chainlink functions. This is a serverless developer platform that empowers anyone to easily connect a smart contract to any web 2 API and run computations using Chainlink’s highly secure and reliable network. Leading cloud and web 2 platforms such as AWS, Meta, and Google Cloud have collaborated on use cases to showcase how developers can use Chainlink functions to easily connect web 2 APIs and cloud services in their smart contracts.
The Amazon NFT Marketplace requires dynamic NFTs, and the best way to do that in the industry is with Chainlink oracles. NFTs can be especially useful in tracking physical assets such as luxury items, rare artifacts, and products in a supply chain. Companies using smart contracts as part of their global trade processes can use Chainlink to interconnect payment systems, provenance blockchains, and existing back-end systems. This creates a highly transparent and fully integrated process where goods and verified payments are made and each company’s back-end systems are automatically updated.
Collaboration with Avalanche
Shy Parent Nick is the Global Tech and Segment Lead of Web 3 at Blockchain at AWS. He is helping pick what blockchain technology will be used. AWS has collaborated with Avalanche on building application-specific blockchains with AWS. They even had a webinar about this. Both sides will benefit a lot, and they have many things coming down the pipeline, including collaboration products that could send Avalanche flying. Brad Feinstein, AWS’s Senior Web 3 Team member and head of go-to-market partner development, said that this is a true partnership, not one of the fake ones we’ve seen so much in the crypto markets.