Amazon is one of the world’s most recognizable and successful companies, and it’s easy to see why. The company, founded in 1994 by Jeff Bezos, has played a major role in shaping the way we shop and consume online. In fact, many would argue Amazon has played a key role in shaping the Internet we know today. What if they felt the same way about NFTS?
Amazon’s E-commerce platform undoubtedly changed the Internet. The company’s online marketplace, launched in 1995, was one of the first of its kind and helped popularize the idea of buying and selling goods online, eventually making this as easy as swiping a credit card.
This didn’t come without significant disruption issues though – people LOVED reading and buying physical books in bookstores, which was often as much fun to many as selecting videos in Blockbuster before Netflix changed that game all up on us too. Heck, Warner Bros even released YOU’VE GOT MAIL in 1998 to showcase the David (Meg Ryan) vs. Goliath (Tom Hanks) scenario of a high-power retailer overtaking small & cozy bookstores.
Today, Amazon is the world’s largest e-commerce platform, with over 2 billion products available for purchase.
This has not only made shopping more convenient for consumers but has also helped small businesses reach a global audience and grow their sales. You see, even though initially smaller shops let FUD win out, fearing their futures were to be destroyed, look at what happened LONG TERM – they can sell more, to incredibly larger audiences. And people read now more than ever – we just have so many more ways of accessing great writers, content, and formats we enjoy most, from anywhere on Earth!
Case in point – my kids even gifted me a Daredevil #1 / Origins physical omnibus for Xmas this year, knowing how much I enjoy this character, the Netflix/Disney+ series along with the fact I can’t take my original books out of their plastic covers to read for fear of devaluing them. Just another online purchase to Amazon from our house.
Another way Amazon changed the Internet is through its digital media offerings.
The company’s Kindle e-reader, which was first released in 2007, helped popularize the idea of reading books electronically. Today, Amazon offers a wide range of digital media, including books, movies, TV shows, and music, all of which can be purchased or rented through the company’s website and apps.
This made it easy for people to access & consume media and has also helped independent creators reach a wider audience.
This is similar to my previous mentions about platforms like Marvel Unlimited, offering their comic book fans an easy way to access more comics, more artists, and more options for how the consumer chooses to read or engage their brand. And of course, my favourite Digital Collectible marketplace, VeVe, along with DC Comics entering the field of play to allow their fans to actually own their assets through blockchain technology.
Now, Amazon is turning its attention to the world of NFTs (Non-Fungible tokens) as they look to bring this new and emerging technology to the mainstream. NFTs are a type of digital asset that are unique and can’t be replicated. They are typically used to represent digital art, collectibles, and other forms of digital content. NFTs are also stored on a blockchain, which makes them verifiable and secure.
Amazon has already started to explore NFTs through its Amazon Web Services (AWS) division.
AWS offers a suite of tools and services that can be used to create and manage NFTs. However, the company has not yet released a marketplace for buying and selling NFTs.
It’s likely that Amazon will eventually launch its own NFT marketplace, which will likely have a huge impact on the industry. Amazon’s platform is one of the most widely-used and trusted e-commerce platforms in the world, and its reach and scale would give NFT creators and buyers access to a huge new audience. Further, Amazon’s reputation for security and customer service should give buyers and sellers confidence in the authenticity and value of the NFTs on their platform.
Moreover, Amazon’s existing relationships with artists, content creators, and other media companies could help it secure exclusive NFTs and other digital assets for its marketplace.
This could give Amazon a competitive edge over other NFT marketplaces, which are still relatively new and niche, but could also EXPLODE the opportunity potential for those products to enhance their distribution capabilities. Think about the potential here for licensed IP or historically-significant brands that are well known and highly sought after!
Think of this for VeVe. Amazon.ca alone has over 100,000 “DISNEY” items listed, so could a case for interoperability between VeVe & Amazon/Disney be made? Do you think Disney wouldn’t want this to happen? IMHO, VeVe still maintains a KEY position as the original developer of Disney’s first blockchain-minted NFTs, and it’s likely that could continue. Add Star Wars, Movie Posters & Comic Books and suddenly there is no limit to the potential.
Disney still sells their own branded t-shirts to popcorn buckets on their website & park / retail locations but chooses to also list on Amazon for the simple reason of increased distribution. Some just like buying on Amazon…some can’t get to a Disney theme park…some like to buy from brands direct off of their owned & operated websites. Why should VeVe’s assets be any different in a few years?
Yet a word of optimistic caution – remember it took Amazon ~SIXTEEN YEARS to go from market-to-mainstream. Do I think it will take (VeVe) / NFTs this long? No – we have the technology and basic understanding of Internet commerce to go on, along with “routine connectivity” from email & social media we didn’t have back in the 90’s as we roll into Web3.
The web didn’t really exist as we know it when Amazon came to be, so I feel the learning curve will less steep this time around, but it doesn’t mean VeVe & Digital Collectibles will be blowing up in popularity overnight. Like all good things, a little patience and positive outlook may be all we need to relax in knowing we are this early to a potential whale of an opportunity. There was a time too, when roughly 860,000 people had no idea how important Marvel Comics #1 would be.
Overall, Amazon has already played a major role in shaping the Internet we know today. The company’s e-commerce platform and digital media offerings have made it easier for people to shop and consume media, and its focus on NFTs could help bring this new technology mainstream. As NFTs continue to gain popularity, it will be interesting to see how Amazon’s marketplace develops and how it changes the way we think about digital assets.
For a speculative fun historical review, check VeVe Investment’s great YouTube comparing Amazon to VeVe. I witnessed the intro of the Web, then Amazon’s entry and disruption to existing ecosystems. The parallels IMO are quite similar, so it wouldn’t surprise me in the least to see Amazon dip its toes (and more) into NFTs.
From my perspective as a long-time digital marketer though, this is an enormous good-news milestone in the development of the NFT / Digital Collectible and blockchain/crypto-assets space. It kicks the “NFTs are a Scam” mentality to the curb, and why I continue HODLING as many of my beloved VeVe Digital Collectibles as I can today – take that FUDDERS, but make sure to Do Your Own Research / NFA!
*Any perceived investment advice is that of the freelance blogger and does not represent advice on behalf of GoCollect.