Oasiis Insights is an app for brands and merchants that boost engagement, sales and AoV by creating personalized campaigns from customer wallet data.
Amazon’s announcement of its new NFT marketplace last week has caused a stir in the web3 space.
Set to launch next month (April 24th), the platform will be hosted directly on the Amazon website, accessible via the user-friendly “Digital Marketplace” tab. At the beginning just 15 NFT collections should be available there.
With over 310 million active customers in 180 countries, Amazon’s foray into the NFT market could result in significant growth for the industry: even just the 0.1% of Amazon's customers would make the NFT space grow substantially, bringing 3+ million new users in the space. That would be 3x increase overnight, as according to Statista there are roughly 1.3 million NFT holders worldwide.
We also must bear in mind that past onboarding events have shown, the hype doesn’t always live up to the reality. Coinbase NFT marketplace was previously touted as the hero of the NFT space, but it ultimately failed to achieve significant onboarding of new users.
Nonetheless, the Amazon Digital Marketplace could be different. Amazon is renowned for its customer-centric approach, making the buying process intuitive and secure. Moreover, Amazon's reputation as a trusted retailer could help to legitimize NFTs, especially for average online customers who are unfamiliar with legacy NFT marketplaces.
Morevover Amazon CEO, Andy Jassy, has recently expressed confidence in the potential of NFTs and even hinted at the possibility of integrating crypto payments.
With events like this that have the potential to increase web3 adoption, itshows that now is the time for brands and merchants to be thinking about how best to enter the web3 space. As more wallets come online and more people start to transact on chain, it gives companies huge potential to unlock whole new audiences.
Even if there aren’t drastic changes overnight, we firmly believe that, in the long run, Amazon’s entrance into the NFT space will provide immense benefits to the web3 industry overall, making it more accessible and trusted by users globally.
Oasiis Insights is an app for brands and merchants that boost engagement, sales and AoV by creating personalized campaigns from customer wallet data.
We do this through a no-code, AI driven, product recommendation widget for online stores, which integrates with Shopify.
Interested? We’d love to chat.
elliot@oasiisinsights.com