Robert Steinadler, 2 months ago
Last weekend crypto media went wild. According to a report from Blockworks, Amazon is planning to launch its blockchain-based platform. This had a direct impact on the price of AVAX since Avalanche announced a partnership with AWS earlier this month.
Is Amazon launching an NFT marketplace and is Avalanche the designated layer-1 blockchain for the platform?
According to the report, Amazon could start its new platform as early as April. The company did not answer any questions from several crypto media outlets, which means that the whole story is unconfirmed at this point.
The focus of the alleged digital platform will be blockchain gaming and NFTs. This opens more room for speculation since it is not clear what kind of purpose the platform could serve. Is it a gaming hub, an NFT marketplace, both, or something entirely different?
Data suggests that the biggest NFT marketplace OpenSea lost a lot of revenue during the bear market. Still, the business is profitable since the platform itself is operating at a relatively low cost. Needless to say that Amazon already has the infrastructure that is needed to start its marketplace right away. More than half of all crypto projects are running on AWS and Google Cloud Services.
After the news broke that Amazon is looking into the blockchain space speculations were running wild. Avalanche accounted for a partnership with AWS earlier this month. Market participants started believing that this could hint at some sort of exclusive position for Avalanche. In effect, the price for AVAX rose over $21 once traders started buying the rumor.
It is not impossible that Avalanche could become part of the new platform, but it is also highly unlikely that it would be the exclusive partner for such a venture. OpenSea is supporting Ethereum, Polygon, Solana, and Avalanche for a good reason. Why would a marketplace exclude any successful chain and reject additional revenue generated by its NFT ecosystem?
Not only is the partnership between Avalanche and AWS trivial, but the report from Blockworks suggests that the platform will be run by Amazon itself and not by AWS, which is a subsidiary. Of course, should the rumors turn out to be true, then this would be super bullish news for AVAX. On the other hand, if the story turns out to be a nothing burger, then traders could potentially sell their positions.
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