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Amazon onboarding million of its users to Web3 with new NFT marketplace

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@adedayoolumide
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Amazon, the tech giant, reports that it will launch a digital NFT marketplace on April 24 to expand its ecosystem into the web3 space.

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I think it's a good idea from the tech giant after the stock market crash last year which prompted the company to call for job cuts earlier in January 2023. Amazon has laid off more than 5,000 employees due to the downward market trend. The decline in the Amazon market allows Walmart to dominate, and the company faced difficult time. However, the company is committed to putting web3 in the hands of its users by building a digital marketplace that allows users to buy NFTs tied to the physical product. Amazon users purchasing NFTs will be tied to real assets, such as jeans, delivered to them to claim ownership of the NFTs on Amazon's marketplace.

Amazon wants to follow the steps of others like Nike to get users on board web3 before the collapse of FTX in November which affects several crypto projects. Nike introduces Move-to-earn, an NFT shoe paired with real pairs of shoes that allows users to mine while moving. The project will be available only for Users in the US same to Amazon.

Amazon's digital marketplace will first launch in the US and will be offered to more than 167 million Prime members before expanding across the border. Members will be notified via email as part of the promotion of the Marketplace campaign.

The company plans to launch NFTs on private blockchain such as Ethereum layer-2 protocol Polygon. This private blockchain is able to create an existing protocol with will help the project scalabilities.

In addition, the project will bring Amazon fully into the crypto world by launching its own crypto token, and in the future customers will be able to earn, buy and redeem the Amazon crypto token on the marketplace.

I don't know how this project is going to work perfectly, just looking at it, it's completely different. it doesn't require a wallet connection, it will be self-custody which will be a first of it. I don't know if the physical assets will come with chips that will be connected to a device so users can connect to their virtual assets the way Nike did. I keep wondering how the two assets will be connected if Amazon wasn't talking about wallet or chips. Well, I will be happy to see how well this program turns out.

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