Amazon NFTs: How Will It Impact the marketplace? 

Amazon is allegedly launching an NFT marketplace next month, largely applauded in the industry as it cements the growing acceptance of digital assets. The initiative resembles other prominent corporations dabbling in the industry, such as GameStop and Reddit.

Whereas Amazon is acknowledged for following in the footsteps of other prominent platforms, Meta, formerly Facebook, is taking a step back less than a year after pushing to accept digital collectibles on its platforms. According to an announcement on March 14, 2023, Meta intends to phase off NFT support on its platforms, Instagram and Facebook.

So while Meta opts out of NFTs, will Amazon’s plan to dive in impact the marketplace? Or will it be another platform that dipped its feet in the NFT world and went back? 

What Do Experts Say? 

According to Christopher Alexander, Liberty Blockchain’s chief communications officer, Amazon’s involvement in NFTs is noteworthy for two reasons.

“The first is tied to the brand,” he explained. “Amazon is well-known and trusted by more than 200 million Prime Members. Amazon can act as a trustworthy gateway for first-time Web3 users. Second, Amazon provides enormous lobbying clout to a crypto business waging many battles on Capitol Hill.”

GameStop and Reddit are two other companies that have entered the market. In October 2022, GameStop and ImmutableX Pty Limited created an NFT marketplace. According to a Hype Partners tweet, Reddit began collecting in July of last year and has already onboarded approximately 6.9 million visitors to Web3.

Furthermore, CJ Reim, a contributor at Core DAO, also stated that Amazon’s announcement shows how there is still momentum for other non-crypto technology corporations to experiment with NFTs and crypto in general.

Today, if you look at the NFT world, the NFT space has taken a beating — just like the crypto market in general — since the May 2022 collapse of TerraUSD/Luna, the accompanying platform collapses, and the famed FTX incident.

Yet, it appears to be on the mend. Therefore, it remains to be seen whether Amazon will compete with “pure” NFT marketplaces like OpenSea, although analysts think there is an opportunity for competition in a relatively new industry.

More About Amazon’s Marketplace: 

Amazon consumers can purchase NFTs linked to real-world assets, according to Blockworks. The business will notify US Amazon Prime users when the digital collectibles strategy goes live.

The marketplace, expected to launch on April 24, will initially offer 15 NFT collections, available on Amazon’s website and can be viewed by clicking the “Amazon Digital Marketplace” option, according to Coingape. Consumers will not require crypto wallets to purchase NFTs from Amazon.

A Guide on The NFT Marketplaces That Support Creator Royalties

Compensation for creative work: Like them or not, their importance to the creative community seeking to monetize their work on the blockchain cannot be overlooked. 

Artists receive royalties when their works are sold on any of the many NFT markets that populate the blockchain. 

In fact, many people in Web3, regardless of their standing, can now make it from one project to the next thanks to the creator royalties offered by such platforms. 

So what are these platforms that offer artists this space? Let’s explore a few below:

  • Ommniverse:

As the largest fractional NFT marketplace, Ommniverse allows artists to trade, sell, and manage their unique NFTs on the platform. The platform uses powerful smart contracts for creating and managing fractional ownership NFTs. 

Moreover, Ommniverse allows creators to mint, trade, and sell their NFTs, allowing them to readily obtain creator royalties while being completely in the power of the entire process of: 

  • First, the asset’s creator—such as an artist—determines its ownership terms, including the number of fractions and their prices.
  • Then the creator stores these ownership terms in an Ommniverse ERC1155 smart contract.
  • Afterwards, the creator mints NFTs by producing blockchain tokens for each fraction of the asset.
  • Finally, NFTs can be purchased through the Ommniverse fractional marketplace. And with the sale of each fraction, the creator gets his/her royalty.

Ommniverse Contact: Discord | Telegram | Facebook | Instagram | Twitter | Reddit | Medium

  • OpenSea:

OpenSea is largely recognized as the most extensive NFT marketplace. Since its inception in 2017, the platform has expanded rapidly to include a diverse range of photography, digital art, music, and other media. It also has several tools for both collectors and developers of NFTs.

In terms of royalties, OpenSea made headlines in November 2022 when it said it was considering cutting royalties entirely from previous collections. The decision sparked widespread outrage in the NFT community, causing the firm to reverse its vow and update the original blog post to indicate its continued support for creator payments.

On OpenSea, creator royalties are respected. They are still available at the platform level, as they have always been, and royalties established by creators on-chain are honoured and enforced on the marketplace.

OpenSea Contact: Twitter | Instagram | Discord | Reddit | Blog 

  • Atomic Hub: 

AtomicHub is a one-stop shop that enables users to generate, trade, purchase and sell non-fungible tokens (NFTs) on the Wax blockchain. This platform is designed to be an interface for the NFT standard AtomicAssets, developed by blockchain technology company, and is scheduled to be released in June 2020.

Because of the Atomic Asset standard, creator royalties are now being paid out on the platform on a contract level.

Atomic Hub Contact: Twitter | Discord | Telegram | Medium 

  • Rarible: 

Rarible is a non-fungible token (NFT) marketplace established in November 2019 based in Los Angeles. Rarible is regarded as one of the best NFT markets (especially when it comes to Ethereum-based collectibles), and it is home to various kinds of NFTs. This is because it has been operating in this industry for a long time.

The Rarible DAO manages the platform, and the governance token, $RARI, serves as the network’s currency. At the moment, the site does recognize and respect creator royalties. Rarible, much like other Ethereum-based marketplaces, honours royalties on-chain and allows customers to set royalties at the level of the platform.

Rarible Contact: Discord | Twitter | Instagram

Summing Up: 

Non-Fungible Tokens (NFTs) are widely popular in the niche markets of digital artwork and collectibles. Like no snowflakes are the same, each NFT is a one-of-a-kind digital treasure. Despite NFTs’ relative youth as a tool, the technology holds great promise. Most importantly, creators should be compensated through NFT royalties for their efforts.

As a creator, if you’re making efforts to use your creative craft to make it into the NFT world, you must choose the right platform that offers you a creator royalty that meets your demands. So make sure you pick the right platform!

Soul Bound NFTs by Vitalik Buterin

NFTs are, by definition, tokens that don’t have any value on their own but are assigned to valuable assets to facilitate trade. However, the founder of Ethereum, Vitalik Buterin, has announced the launch of an exciting new use case for the NFTs. 

Buterin recently co-wrote a 40-page paper to explain how Ethereum is going to revolve around a new ecosystem called Decentralized Society with souldbound tokens as one of the main attributes. 

Soulbound tokens are NFTs that a person can earn based in part on their education and job history. Unlike normal NFTs, these NFTs are non-transferable and represent the person’s reputation and accomplishments as a type of extended resume. 

The Real-Life Value of SBTs

Soulbound Tokens or SBTs are shareable as CVs or resumes while being attested to a soul or person. For example, one of the use cases for SBTs would be as a recommendation layer by a company for its employees. Buterin aims to use SBTs as degrees issued by universities, qualification verifications and more, making it difficult for imposters to impersonate anyone. 

The idea is to bolster people’s social identities by customizing them with unique, non-exchangeable badges. In theory, the tokens could help solve some of the problems ravaging decentralized finance, like scams and theft,” Buterin said. 

The SBTs will be stored in Soul wallets and can be easily recovered even if you somehow lose the key. The wallet would require consent from Soul community members, that would verify the user’s identity. These community members are called guardians, and the wallet owner can only select them to ensure security. 

The guardians can be close friends, family members, trusted institutions, etc. and can authenticate the owner of the soul through conversion, a face-to-face meeting and several other methods. 

The SBTs collection is meant to go live by the end of this year and will connect to Buterin’s larger plan to create a decentralized society by 2024. 

Spotify testing NFT galleries for Artists

The craze of NFTs has far surpassed the expected growth curve, with major artists and platforms embracing the era of digital assets. In the past few months, there have been several exciting developments where popular celebrities have launched exciting new NFT collections, and the art platform is incorporating these new demands.

Only recently, The Chainsmokers, a popular pop music creator, launched an NFT collection of 5,000 NFTs, which gives holders access to streaming royalties. In an exciting turn of events, the popular music streaming platform Spotify is also testing the NFT waters. 

Spotify X NFTs

Spotify is testing out a new feature where they will display NFT galleries on the artist’s pages. While this feature is currently limited to a small test with selected artists in the US, Spotify will launch full-fledged NFT integration soon. 

The test is being conducted for Android devices for now, and as a part of this test, users will be able to visit artists’ galleries on their pages. On tapping the NFT menu, the user will be able to see a large preview of the image, which will redirect them to the NFT landing page, where they will be able to purchase the artists’ NFTs. 

According to the publication Music Ally, Spotify will not collect a commission on the sales for now as it is just a test integration. Spotify also confirmed the test and mentioned that this update will “help a small group of artists promote their existing third-party NFT offerings via their artist profiles.”

They further added, “We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning,”

However, presently Spotify won’t support a video or GF NFT as the test is limited to thumbnail previews or images. Moreover, users won’t be able to see the NFT unless they click on the menu and visit the official listing platform out of the app.

However, this is great news for all the artists and fans as a major streaming platform is joining the NFT wave. 

Hollywood and NFTs, a Match Made in Heaven?

There have been a lot of controversial opinions related to the emergence of NFTs and digital currencies in Hollywood. While some are more than excited about this unparalleled new opportunity, naysayers believe it is a match made in hell. Regardless of personal opinions, there is no denying the fact that the NFT wave has been massive as it offers a wide range of opportunities for the creators and the fans. 

While proper education and awareness for celebrities and artists are important for them to safely navigate this space, the future looks promising already. There are several popular celebrities global and worldwide that have already entered the NFT space, and more are joining the hype as well.

Artists and NFTs

Several major celebrities such as Snoop Dogg, Matt Damon, and Eva Longoria have already entered the NFT space. While some of these NFT collections have been successful, others have failed to pique fans’ interest. However, the chance of success of an artist’s NFT is the same as the chance of success of their artwork in their preferred medium. 

Shaq, the famous NBA Hall of Famer, also raised a million dollars for his charity, Shaq Gives Back, by purchasing Creature World and Mutant Ape Yacht Club NFTs. While other celebrities, such as Brie Larson, the superhero Captain Marvel in Disney’s Marvel Cinematic Universe, failed to impress her fans with her introduction to the NFT space. 

An important thing to remember in NFT space, like any other trade is to know the tricks before jumping in. Considering Mark Zuckerberg’s plan to integrate NFTs with popular social media platforms such as Twitter and Instagram, the NFT wave is only going to get bigger in the future. 

Moreover, there are so many opportunities in the NFT space waiting for the artists to bank on. Snoop Dogg recently turned his Death Row Records into an NFT label to offer his fans exclusive opportunity to own his NFT tracks. 

The NFT wave is here to stay and with time Hollywood and NFTs will indeed turn out to be a match made in heaven.