The NFT bubble has popped but that doesn't mean it's over for non-fungible tokens. A new rumour suggests Amazon has been ploughing ahead with NFT integration and will soon launch an NFT art gallery.
NFTs blew up in 2019 before NFT sales crashed 92% last year but many artists involved have been happy to see the bubble burst, citing NFT art now has room to grow and invent. If you're still in the dark, read my guide 'what are NFTs' and also take a look at my tutorial to how to create an NFT for free, to try making your own.
So NFTs haven't gone away, and according to a report on NFT website CoinDesk Amazon is on the verge of launching its own NFT art gallery to enable customers to buy, collect and sell art and tokens. An email sent to CoinDesk's managing editor for global policy and regulation, Nikhilesh De, seemingly confirmed (by accident) the integration of NFTs is happening.
This isn't as surprising as you would think. Back in April 2022 Amazon CEO Andy Jassey told CNBC, "NFTs will continue to grow very significantly", adding how crypto integration could be "possible down the road". (See the full exchange on Twitter below.)
"I expect that #NFTs will continue to grow very significantly. We're not probably close to adding #crpyto as a payment mechanism in our retail business. But I do believe over time you'll see crypto become and it's possible ... it's possible down the road," says $AMZN CEO @ajassy. pic.twitter.com/6q6HVolzgUApril 14, 2022
The email message from Amazon, that De published on CoinDesk, states a digital token was deposited into a gallery hosted on Amazon but the link doesn't yet work. This email receipt appears to have been sent in error after De subscribed to an Amazon Prime Video channel. What does it all mean?
There has been speculation for months of Amazon setting up its own NFT marketplace and token integration, and it makes sense for the world's largest online marketplace to want to offer a way into cryptocurrencies and NFTs. While Amazon has yet to comment publicly on its full NFT plans, I would expect this to include NFT gaming as well as NFT music, NFT photography and general crypto wallet use.
In recent months rumours of Amazon launching an NFT marketplace have grown louder, with crypto site Blockworks writing reporting in January how four sources confirmed Amazon's NFT plans were still happening. Interestingly, the Blockworks report suggests Amazon's NFT support will link physical items with tokenisation. More up to date is site The Big Whale, that dated Amazon's NFT launch as 24 April and will be officially called the 'Amazon Digital Marketplace'.
It's not surprising to me that Amazon is still, possibly, going ahead with its NFT and crypto integration as Web3 grows. Being able to buy and sell digital art, comics, films, music, books and photography and resell these using tokenisation would make sense.
As predicted, now the speculators have left the NFT space and the innovators are taking over we could finally begin to see new uses for non-fungible tokens. Particularly as this could mean accessing your NFT art collection on any device that supports Amazon Prime. This could, if true, be a real breakthrough for NFT use.